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Wealthiest 10% of Irish households have as much wealth as all others

  • 08-03-2024 03:54PM
    #1
    aidanodr
    Registered Users, Registered Users 2 Posts: 2,147 ✭✭✭aidanodr


    Central Bank data found “extreme concentration” of wealth among homeowners, with 97% of total household wealth held by those with property

    The data shows the wealthiest 10 per cent of Irish households are more than five times as rich as those in the poorer half of the distribution, and they hold almost half of total net wealth in the country (€518 billion).

    The Central Bank noted that housing is the most important wealth asset for Irish households, accounting for 74 per cent of total assets for those in the bottom five and middle four deciles, and 44 per cent of wealth for those in the top decile.

    https://www.irishtimes.com/business/2024/03/08/richest-10-of-irish-households-have-almost-half-of-all-wealth/

    And this is the issue as with many other things in Irish stats. For example the GDP and GNP figures are completely skewed due to the FDI here, sometimes beyond reality if you remember the “leprechaun economics” thing back around 2016. So it sees the same here when particularly you use AVERAGES and MEAN statistics which can be hugely distorted upward based on a small bulge of higher end wealth.

    So on paper we are seen as an extremely wealthy country from the outside when in fact as this may seem to indicate WE ARE NOT. This then has all sorts of unintended consequences surely?



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