Why is Madeira so rich?

The favorable climate of the island also contributed to the land thrive, and wheat production has become one of the greatest wealth of the island. This cereal was exported on a large scale for the Portuguese possessions on the African coast, giving thus the first cycle of Madeira economic history.



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Currently the great engine of the Madeira's economy is tourism. Madeira is one of the most attractive destinations in Europe. In agriculture, banana production is mainly directed at regional and national consumption, flowers and the famous Madeira wine also make an important contribution to the regional economy.

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Madeira is renowned for its landscapes, lore—and its legendary wine, which graced the tables of America's Founding Fathers.

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Not only is Madeira an excellent choice for those seeking the ultimate luxury escape due to the fact that it is an island tucked amid the Atlantic, but it is also a winning bet because of its accessibility.

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Is it expensive to live in Madeira? Madeira in general isn't an expensive place to live. Housing, transport, and food are quite affordable for expats staying in Madeira longer term. On the other hand, if you're staying in Madeira short term (less than 6 months) then housing and renting cars can be quite expensive.

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Funchal is the most expensive place to buy property on the islands – given its higher demand and abundance of services.

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Domestic travel was responsible for the highest number of visitors in Madeira in 2022. Overall, almost 470 thousand Portuguese tourists visited the archipelago.

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Funchal – Madeira Island's capital A family of four estimated monthly costs are 1,943.8€ without rent. A single person estimated monthly costs are 542.5€ without rent. Funchal is 13.1% less expensive than Lisbon. Rent in Funchal is, on average, 32.4% lower than in Lisbon.

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Climate: Madeira enjoys a subtropical climate, characterized by mild temperatures throughout the year. The island experiences warm summers and mild winters, making it an appealing destination for those seeking a pleasant and comfortable climate.

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The average standard of living tends to be a bit lower than in mainland Portugal, and the local autonomous government gives generous subsidies coming from the tourist industry revenues and from the Portuguese national budget. Go where the locals go and everything will be cheap.

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Madeira – A Tax Haven Approved by the European Commission.

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Together with the islands of Porto Santo and Desertas and the Selvagens—Madeira forms an autonomous region of the country of Portugal.

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Although Madeira is a Portuguese archipelago, it is actually closer to Africa than Europe. Sitting 434 miles west of Morocco and 528 miles southwest of Portugal and mainland Europe.

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This is also the place where most expats and digital nomads live so people are more likely to speak English. With over 100,000 people living in Funchal, it is the main center of Madeira. The capital is known for its lively nightlife, incredible restaurants, and for having loads of cultural activities to enjoy.

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How about Madeira? Geographically (and weatherwise) it's closer to Africa than Europe… just 500km west of Casablanca in fact, though it's technically Portugal and about a three-hour flight from London. Funchal is the island's only real city.

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The cost of living in Madeira is generally lower than in mainland Portugal. Housing costs, utilities, and healthcare expenses are more affordable, allowing retirees to stretch their retirement savings further.

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If you don't already know, Funchal is the capital city of a magical Portuguese island archipelago in the middle of the Atlantic known as Madeira.

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If your definition of quality of life means safety, tranquillity, natural beauty and little traffic, then Madeira could be a good option. Far from the bustle of Lisbon and Porto, the island is calm and peaceful.

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