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12/02/2008
Irish Household Wealth Passes €1 Trillion Euros
Household wealth in Ireland has now surpassed €1 trillion euros, a report by National Irish Bank has revealed.
The study found that the average wealth of Irish homeowners totals more than €650,000.
However, the increase in wealth is slower than previous years, which has been attributed to falling property assets.
The report said that while the increase in wealth last year was slower than preceding years, it was still enough to push total household wealth above the magic one trillion euros for the first time ever.
NIB says the growing wealth is obvious from things like the preponderance of expensive cars, the growing popularity of exotic holidays and even the increasing ownership of private jets among the super-rich.
However, the report, The Emerald Isle - The Wealth Of Modern Ireland, warned that much of the wealth of the nation was tied up in housing.
Owner-occupied housing accounted for almost half of all wealth, while another fifth was housing held as an investment. Much of the remainder is accounted for by stocks and shares.
(KMcA)(BMcC)
The study found that the average wealth of Irish homeowners totals more than €650,000.
However, the increase in wealth is slower than previous years, which has been attributed to falling property assets.
The report said that while the increase in wealth last year was slower than preceding years, it was still enough to push total household wealth above the magic one trillion euros for the first time ever.
NIB says the growing wealth is obvious from things like the preponderance of expensive cars, the growing popularity of exotic holidays and even the increasing ownership of private jets among the super-rich.
However, the report, The Emerald Isle - The Wealth Of Modern Ireland, warned that much of the wealth of the nation was tied up in housing.
Owner-occupied housing accounted for almost half of all wealth, while another fifth was housing held as an investment. Much of the remainder is accounted for by stocks and shares.
(KMcA)(BMcC)
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