The article looks at how income and wealth were distributed in Spain throughout the 20th century. It found that income inequality was highest in the 1930s, dropped during the transition to democracy in the 1970s, and has been increasing since the mid-1990s. Wealth concentration has also increased, especially in financial assets, but real estate wealth is less concentrated. A tax exemption for stocks has reduced taxable wealth at the top, creating a significant loophole in the wealth tax system.