Madrid's rich could vote with their feet as wealth tax fuels electoral debate

FILE PHOTO: Cranes are seen at the site of an under-construction building in Madrid, Spain, February 15, 2022. Picture taken February 15, 2022. REUTERS/Juan Medina/File Photo

For serial entrepreneur Martin Varsavsky, the outcome of elections in Spain this year will determine whether he stays in Madrid.

The Argentine-born founder of five "unicorns" - start-ups worth more than $1 billion - is one of 27,000 millionaires or billionaires living in Spain who were blindsided by a "solidarity" tax on the wealth of the rich introduced in the final days of 2022.