The number of millionaires in Poland is increasing. Most people with annual income above one million zlotys live in the Masovian and... Silesian Voivodeships. Only last year, 514 new millionaires appeared in Silesia, and since 2011 their number has increased by 100 per cent.
The Wielkopolskie, Malopolskie and Dolnoslaskie are also at the forefront of voivodships with the largest number of millionaires.
The smallest number of millionaires is in Opole.
Although entrepreneurs dominate among taxpayers with income exceeding one million zlotys, nowadays the list includes more and more employees who settle the PIT-37 tax return.
We will talk about the capital market, finances and the labor market during the European Economic Congress, which will be held from 13 to 15 May in Katowice under the patronage of WNP.PL.
The number of millionaires is growing every year. Based on the data obtained from the provincial Tax Administration Offices, we checked which regions of the country are usually chosen by very wealthy individuals as their place of residence. Any person who obtained an income above one million zlotys in 2017 was recognized by us as a millionaire. These are taxpayers who settle in PIT-37, PIT-36, PIT-36L, PIT-38 and PIT-39 tax returns.
Surprising result of Silesia
The data collected by WNP.PL shows that in 2017 there were 25 349 millionaires in Poland. Most of them lived in the Masovian Voivodship - 6 662. As many as 4 630 of them filed the PIT36L tax return. These are entrepreneurs have their incomes taxed according to the flat tax. In 2017, there were 877 millionaires in the Masovian Voivodship who received income from employment (PIT37).
The Silesian Voivodeship ranks second as far as the number of millionaires is concerned. In 2017, there were 2 809 of them. This is an increase of 514 people compared to 2016 and as much as 100% compared to 2011. At that time, there were around 1 400 people with an income above 1 million zlotys in Silesia.
- Most “millionaires” are entrepreneurs - i.e. people who file the PIT-36L tax return and have their incomes taxed according to the flat tax. In 2017, more than 80 percent of all millionaires were flat-tax payers. An interesting fact is that the most dramatic increase was recorded among people who obtained income above one million zlotys from employment and filed the PIT-37 tax return; a few years ago, there were only a few such cases, but this year and last year such income was shown by over one hundred people - says Michal Kasprzak, head of the Customer Service and External Communication Department of the Tax Administration Office in Katowice.
Most millionaires from the Silesian Voivodeship live in Bielsko-Biala (307), Czestochowa (284) and Katowice (244). The largest year-on-year increase in the number of millionaires was recorded in Myszkow. The number of people whose income exceeded 1 million zlotys has grown by 100% - from 43 in 2016 to 102 in 2017.
Wielkopolska in the top three
The third place in terms of the number of millionaires is taken by the Wielkopolskie Voivodship. In 2017, there were 2 709 people whose income exceeded 1 million zlotys. Most lived in Poznan and in the district of Poznan - 1 181. There were 100 in Leszno, 69 in Kalisz, 91 in Konin and 57 in Pila. More than 2 thousand millionaires are in the Malopolskie Voivodeship. In 2017, their number amounted to 2 400. Most of them are in Krakow (864) and in the district of Krakow (278). The situation is also interesting in Nowy Sacz and its district, with 195 millionaires, and in Tarnow and the district of Tarnow (136).
The fourth and fifth voivodships with the largest number of millionaires are the Lower Silesian (1 708) and Pomeranian (1 576) Voivodships. In Lower Silesia, the highest number of people with an income above 1 million zlotys lived in Wroclaw. In 2017, there were 894 of them. In the Pomeranian voivodship, the largest number of millionaires lived in Gdansk - 430. Gdynia came second with 223.
In 2017, the smallest number of millionaires lived in the Opole Voivodeship. Here, their number reached 410. A few more were in the Lubuskie (522), Warmian-Masurian (558) and Swietokrzyskie (605) Voivodeships.
There are more and more millionaires and everything seems to indicate that this trend will continue. - The millionaire club is going to expand. It is worth paying attention to global trends - the number of affluent people increases year to year. The latest data from Euromonitor shows that by 2023 all segments, i.e. in HNWI (High-Net-Worth Individuals - people with assets of at least 1 million american dollars - editorial note), Ultra HNWI (Ultra High-Net-Worth Individuals - people with assets of more than 50 million - editorial note) and affluent (people with assets of 0.1-0.5 million dollars), will record increases - says Professor Malgorzata Bombol, an employee of the Institute of Banking and Business Insurance at the Collegium of Management and Finance at the Warsaw School of Economics.
According to Professor Bombol, this trend will continue, especially since there is a group of people who aspire to become millionaires in the future. - There is a group of people with high value shares in companies, but quite moderate income. There are also start-ups, whose value is increasing, but they do not earn high incomes. This is a very interesting group. Americans talk about low-income millionaires. The value of their shares reaches up to several millions but they have only a few thousand in their bank accounts - he mentions.
Succession will verify fortunes
The second group, according to the professor, is compossed of those who, as a result of succession, will take over family businesses. Piotr Michalczyk, partner at PwC, leader of the Polish Private Business Practice, also sees their potential. - Given the lists of the richest people in the world and the stories of their brands, we are constantly wondering whether Polish entrepreneurs will join this group. Certainly, our domestic companies have all the attributes to maximize their value through international expansion. There are many strong brands in Poland that bravely expand on to other markets, even the most distant and exotic ones. Succession will be the factor influencing the success of many future millionaires. At present, Polish family businesses are in the phase of handing over the reins to the younger generation which, thanks to a better understanding of new technologies, has the chance to move their enterprises to the next stage of development - he says.
Although entrepreneurs dominate among taxpayers with income exceeding one million zlotys, nowadays the list includes more and more employees who settle the PIT-37 tax return. These are not only senior managers, directors in banking and finance sectors. Professor Malgorzata Bombol points out that attractive remuneration can also be obtained in new professions that appeared after 1989. I am talking mainly about the IT sector, but also advertising, market research and gaming sectors. However, employees will remain only a small percentage of millionaires. In order to achieve income in the amount of one million zlotys, one must earn at least 84 thousand zlotys a month. Such incomes are still unattainable, even in the IT sector. According to the data presented by the Wynagrodzenia.pl portal, people on the directorial positions in the IT sector could earn nearly 30 thousand zlotys in 2017. With the present monthly rates, there is still a long road ahead before employees achieve an income of one million zlotys.
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