The center of Madrid has many wealthy individuals permanently living there, but other areas such as Marbella, Ibiza, Mallorca or Tenerife have many rich foreign non-tax residents, owning property.

In Spain, "old money" (the alta aristocracia and established industrial families) is primarily concentrated in specific prestigious neighborhoods in Madrid, Barcelona, and the northern coast. In Madrid, the epicenter is the Salamanca district, particularly the streets around Serrano and Velázquez, known for elegant 19th-century architecture. Another bastion of tradition is El Viso, a quiet colony of luxury villas within the city. In Barcelona, the "old guard" resides in the hills of Pedralbes and the Sarrià-Sant Gervasi district, which offer privacy and proximity to elite private schools. For summer retreats, the historic choice has always been San Sebastián in the Basque Country, which became the summer capital of the Spanish monarchy in the 1800s. While "new money" often flocks to the glitzy gated communities of Marbella (like La Zagaleta), the traditional elite still favor these established urban enclaves and the rugged, green landscapes of the north, valuing discretion, historic real estate, and cultural heritage over modern ostentation.