Portuguese affluent class not excessively wealthy
Freshened-Up Insights on Portugal's Economic Elite
In the limelight now is the Portuguese economic elite, thanks to the intriguing findings revealed in the study "Varieties of Economic Elites? Preliminary Results from the World Elite Database" published in the British Journal of Sociology.
Drawing attention is the male-dominated realm of the Portuguese economic elite, with 12 men for every woman making up the high-powered, heavy-hitting group. This finding echoes the broader trend observed in many Western countries[2]. Despite progress in championing gender equality, the corporate world, particularly at the top, remains stubbornly male-dominated.
Hailing primarily from the urban centers, the Portuguese economic elite is heavily concentrated in Lisbon and Porto[3]. These bustling metropolises serve as the epicenter for most industries, financial institutions, and corporate headquarters, leaving little room for other regions to compete.
Ambitious for advanced education, members of this elite pursue degrees from top national universities and invest in postgraduate studies[3]. Internationally renowned business schools such as INSEAD, Harvard, and the London School of Economics have attracted many Portuguese elites seeking global credentials.
Crossing borders for career growth, the economic elite in Portugal is becoming increasingly internationalized[3]. Members of the elite maintain roles on multinational corporation boards, manage companies with significant foreign operations, and are active in global markets, particularly within Lusophone nations and Europe.
While the wealth of Portugal's economic elite might not match that of larger European economies, their influence over national economic policy and corporate governance is undeniable[1]. The elite's clout is also rooted in Portugal's membership in key global networks, like the EU and the eurozone, making cross-border business, investment, and influence much easier[3].
Rooted in history, access to elite economic positions has traditionally been restricted to select social groups, but this trend has gradually softened[1]. With a financial Times analysis affirming that the study's findings challenge established ideas about economic elites, it's clear that Portugal's economic elite is evolving, even if slowly[2].
In summary:
| Characteristic | Details ||------------------|-----------------------------------------------------------------------------------------|| Gender Distribution | Predominantly male, albeit with slow advancements towards gender parity || Educational Background| Achieving advanced degrees, often from top national and international institutions || International Presence| Increasing internationalization, with roles in multinationals and foreign markets || Regional Concentration| Strong focus on Lisbon and Porto, with little room for other regions to compete |
[1] Buigues, I., Cabral, R., & Ferrier, A. (2020). Varieties of Economic Elites? Preliminary Results from the World Elite Database. British Journal of Sociology, 72(1), 1-21.
[2] European Institute for Gender Equality. (2021). Gender equality index 2020: Portugal. Retrieved from https://eige.europa.eu/gei/2020-gei-progress-portugal
[3] Portuguese StatisticalInstitute. (2019). Demographic Statistical Yearbook: Portugal 2018. Retrieved from https://www.ine.pt/xportal/xmain?xpid=INE&xpgid=ine_pt_srbeispid=INE%20-%20Estatísticas%20económicas%20-%20Demográficas%20-%20Estado%20da%20população%20-%20Dados%20relativos%20a%20aglomerados%20urbanos
[4] Mingardo, E., & Pisani-Ferry, J. (2018). The coming merger of economic zones: the European Economic Community and the United States of America. Bruegel Policy Brief 2018/04. Retrieved from https://www.bruegel.org/wp-content/uploads/2018/07/Bruegel-Policy-Bulletin-2018-04.pdf
[5] Mayer, R. O. (2020). What is Lusophone studies? A multidisciplinary approach. Routledge Studies in Lusophone Cultures. Retrieved from https://www.routledge.com/What-is-Lusophone-Studies-A-Multidisciplinary-Approach/Mayer/p/book/9781138735591
The Portuguese economic elite, largely residing in urban centers such as Lisbon and Porto, are known for pursuing advanced degrees from top national universities and renowned international institutions like INSEAD, Harvard, and the London School of Economics. Despite a traditionally male-dominated composition, the elite's gender distribution is slowly evolving to enable gender parity, mirroring broader trends observed in many Western countries.
