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I UNDERSTAND
English Section

More Poles earning over PLN 1m a year: report

14.12.2019 12:30
The number of Poles earning over PLN 1 million a year (around USD 260,000, EUR 234,000) has shot up, according to a new report.
Image by Gorguy Kane from Pixabay
Image by Gorguy Kane from Pixabay Pixabay License

Last year, 32,100 Poles hit that magic figure, a hefty 38.4 percent more than in 2017, said the study by professional services firm KPMG.

Meanwhile, the number of Poles earning good, if not astronomical, money is also on the up.

“2018 turned out to be very good year economically for Poland. The second highest GDP growth in the EU, low unemployment and dynamically rising wages contributed to expanding the group of people on good incomes with monthly earnings above PLN 7,100 gross,” the KPMG report said.

And what do high-net-worth individuals splash out on?

They like luxury and premium cars, luxury clothing and accessories, and hotel and spa services, the report said.

This year the estimated value of the luxury goods market in Poland will increase by 5.4 percent compared to 2018 and will hit over PLN 25 billion, according to KPMG.

The average gross Polish monthly wage in October was PLN 5,213.27, the country’s Central Statistical Office said last month.

But according to survey by advisory firm Grant Thornton, it will take Poles 50 years to catch up with the EU average in terms of salaries if pay in the bloc grows at current rates.

(pk)

Source: KPMG