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A report in MaltaToday told us last week that at least 10% of households in Malta can be classified as millionaires. The data came from the Household Finance and Con- sumption Survey carried out by the Central Bank of Malta. According to the survey, the median net wealth for the wealthiest 20% of households is €1.11 million. "Since the me- dian of the top 20% represents the 90th percentile of the entire population, this means that the top 10% of Maltese households have a net wealth exceeding €1.1 million," the report said. This story, unsurprisingly, created quite a buzz, ranging from scoffing disbelief to those who pointed out, quite logical- ly, that this refers to one's net worth, such as property and other assets, and not just mon- ey in the bank. It is a fact that as a culture, we Maltese believe in buying our own home, as opposed to other countries where people spend their whole lifetime renting and never give it a second's thought. When an inheritance comes through it is usually in the form of property so it is quite commonplace to have several generations who are reaping the fruits of their parents' and grandparents' canny decisions. Demographics also plays a large part in this. Families are getting smaller so whereas be- fore a property handed down through succession with each deceased person's will used to have to be divided between 13 cousins (for example) who each ended up with a laugha- bly small slice, nowadays an in- herited property is likely to be shared between three or fewer siblings, who obviously get a large chunk of the pie when the property is sold. If the inher- itance is in the form of a lump of cash, the advice is invariably, forget stocks and shares, invest in another property. There is no doubt that buying a house or (more realistically nowadays) a flat is the most profitable in- vestment one can make. Those who bought at affordable prices in the 60s, 70s and 80s are now sitting on a very valuable asset, so I believe the conclusion of that survey makes sense. However, there were also those who pointed out that if one's house is worth a pretty penny but you have no cash as- sets, then you cannot afford to live like a millionaire in the way that word implies. In fact, there is a segment of the population which can be described as as- set rich but cash poor, which is often the case with pensioners who continue to live in large homes which would fetch a very good price these days, but who don't want to move so they have to be frugal with their money. This is perhaps why that sto- ry created such a stir; after all, the common perception of real millionaires is those who trav- el round the world in first class and throw their money around without a second's thought. "Money no problem," as we jokingly like to say. Apart from their residence, they have a portfolio of more than one property which generates more income, and they make their money work for them through other sound investments. And let's be real… even if we did not have this report, the wealth of this country can be seen with our own eyes—al- though it is also obvious that not all of it has been obtained through lawful means. How can one explain our ma- rinas packed with fancy boats and yachts every summer, the expensive cars, over-priced restaurants where you cannot even get a table and a lavish lifestyle which is definitely not affordable on a normal wage? The 19-year-olds driving BM- Ws who are always in the news for crashing or running over people did not get that kind of car from working a summer job at McDonald's and putting their Junior College stipend in a savings account. Then there is the other side of the coin which was also re- flected in the comments—your Average Joe who reads such a report and laughs bitterly. The cynical remarks were under- standable coming from those who are struggling to keep their head above water no matter how hard they work. Unlike other parts of the world, where upmarket neighbourhoods and gated communities are at a considerable separate distance from everywhere else, here you can just turn a corner and blocks of flats suddenly turn into sprawling million dollar villas. The disparity stares you in the face even if you are not looking for it. The negative reactions to the "10% are millionaires" sto- ry were not driven by envy, as some might try to say, but by a growing realisation that where- as it used to be possible to live a decent life without working yourself to the bone, these days the middle class is just about making ends meet. Then there are the 'new poor', the TCNs who I see lining up to buy pastizzi, qassatat and slices of pizza at the nearby pastiz- zi shop because it's cheap, fast food which fills you up. I guar- antee, the longer they live here, the more we will see a growing rate of obesity even in the nor- mally rail thin Indian and Nep- alese nationals. Renting bed space rather than an entire apartment, wearing flip-flops and threadbare cloth- ing even in the middle of win- ter, they wait patiently in long queues for public transport to take them to menial jobs some- times on the other side of the island. They are a new faction of our society which raises the ire of so many who hate them, but who are in fact, propping up several of our most essential services. The growing gap between the rich and the poor is also seen among locals. While intergen- erational poverty is a reality there are key groups at risk, which include single-parent households, those over 65 with low pensions, and individuals with chronic health conditions or disabilities. In some cases, poverty can be a result of life's circumstances such as divorce which may leave one of the parties financially worse off, or bad decisions such as trying to live beyond one's means and getting into a pile of debt and eventual bankruptcy. Drug ad- diction, alcohol abuse or men- tal illness are also a downward spiral which may result in a person becoming destitute. However, unlike other coun- tries where homelessness is rife due to people losing their jobs and their homes, we have practically no experience of this among the Maltese population. We also have a very robust so- cial welfare state which acts as a safety net while there is no doubt that subsided fuel and electricity rates are preventing a lot of people from falling into the poverty trap. There will always be a chasm between the have and the have nots, because life is not fair that way. Now, whether the million- aires are actually happier than common folk… well, that is an entirely different kettle of fish. 3 maltatoday | SUNDAY • 22 MARCH 2026 OPINION Josanne Cassar She has worked in the field of communications and journalism for the last 30 years Who wants to be a millionaire?