Irish Wealth / net worth distribution

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SPC100

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www.irishexaminer.com

Ireland's hidden wealth: Who are our richest residents?

Not only do we have a large number of millionaires, but Ireland is ahead of its European neighbours when it comes to 'ultra-high net worth individuals' - those worth over $30m
www.irishexaminer.com www.irishexaminer.com

This is the summary

Irish adults net worth distribution in us dollars

Median 99k
Mean 266k
5 percent >1 million
1 percent >2.6 million
2479 people >30 million
9 people >1 billion

I've pulled out some quotes below
 
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The Credit Suisse Global Wealth Report 2021 : roughly 1% of the adults in the world are dollar millionaires.

in Ireland, 5% of adults have personal wealth of over $1,000,000
 
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About 3% of adults in Spain and Italy are millionaires.

Germany and the UK, they account for 4% and 4.7%
 
Credit Suisse further breaks down wealth per adult. In terms of mean wealth, Ireland ranked 17th globally at $266,150 per adult in 2020, a change of +$12,450. Broken down into median wealth we’re in 15th position with $99,030 per adult, a change of +$4,960.
 
In Ireland, it takes more money to join the wealthiest 1% than it does anywhere else in the EU. In France, you need €2.1m and in Germany €2m will grant you access to the rarefied club. In Ireland, you need €2.6m to reach the top echelons.
 
They also look at ultra-high-net-worth individuals, those with a wealth of more than $30m and in 2021 they found that there were 2,479 of them in the country, an 11% rise on the previous year.
 
according to the Forbes World’s Billionaire list we currently have nine Irish billionaires worth a collective $54.8bn.
 
aristotle said:
How do they value public sector pensions, I quite often hear things like you would need a private pension pot of €1m to match some public sector pensions. In that case we have many more millionaires than reported in the article?
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The average Garda pension is worth over €1 million (as they retire after 30 years rather than 40). Anyone with a pension of over €40k a year has a net wealth of over €1 million. That means that a person retiring at 66 with a house worth €500k and a pension of €20k a year is worth over a million.

Most wealth is held in pensions and property and it is overwhelmingly held by the old. Children are 4 times more likely to live in consistent poverty than those over 65.
We still have one of the most equal countries in the world, mainly because of our very high taxes on high incomes and very low taxes on low and middle income earners.

We do keep confusing income with wealth though, which is why wealth inequality is growing so much and as a society we are doing nothing about it.
 
One of news reports said pensions were included but it didnt say any detail about state pensions.
 
SPC100 said:
https://www.askaboutmoney.com/threa...on-consumer-debt-or-show-their-wealth.214753/ covered some past discussion on if db or DC pensions are included. Probably need to try and read the report to figure out. But I'm guessing db pension are not and DC pension is included.
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I googled the 60 page credit suisse report. Copy paste of a section below. Private pension assets are included. State entitlement are not. It's Not explicit on db pensions but the implication is they are not included, and that an annuity would not be included either.


Notes on concepts and methods
Net worth, or “wealth,” is defined as the value
of financial assets plus real assets (principally
housing) owned by households, minus their
debts. This corresponds to the balance sheet
that a household might draw up, listing the items
which are owned, and their net value if sold.
Private pension fund assets are included, but not
entitlements to state pensions. Human capital is
excluded altogether, along with assets and debts
owned by the state (which cannot easily be
assigned to individuals).
 
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How much of this is down to the property boom?. Is is possible people are asset rich and cashflow poor?
 
It would be very interesting to know how many of the billionaires live and pay tax here at the rates normal people pay and if they are squing the figures. Will the revenue get 33% of the billions when they pass. I guess not. Headline newspaper articles are usually lazily written and by people who do not dig deeper.
 
Nicklesilver said:
It would be very interesting to know how many of the billionaires live and pay tax here at the rates normal people pay and if they are squing the figures. Will the revenue get 33% of the billions when they pass. I guess not. Headline newspaper articles are usually lazily written and by people who do not dig deeper.
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They only pay tax on their billions if they turn them into income. The left wing parties want to remove the only wealth tax we have. The entitled "I worked hard all my life brigade" who are deluded enough to believe they actually earned their wealth are voting for them.
 
Peanuts20 said:
How much of this is down to the property boom?. Is is possible people are asset rich and cashflow poor?
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Wealth and income are two different things but yes, the property and equities boom fuelled by quantitative easing, is responsible for most of the wealth we see. QE nationalised the private losses made during the financial crash.
 
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