Ireland gains 5,000 millionaires as asset values rise

Almost 5,000 Irish people became millionaires last year, thanks to a combination of rising asset and property values.

And the rich are going to continue to get even richer – according to the Wealth Report 2017 from estate agent Knight Frank, which says some 24,900 more Irish people will be millionaires by 2026.

According to the annual report, there were 83,100 dollar millionaires – with investable assets of more than $1 million (€950,000), excluding their homes – in Ireland last year, up by 6 per cent on 2015.

The number of multimillionaires with over $10 million jumped by 160 to 2,760, while 50 Irish people entered the hallowed realm of the “ultra-high net worth” (over $30 million). That club now has 890 members.

Modest rise in global population of ultra-wealthy people

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There were, however, no new Irish billionaires last year, with the figure staying static at five. In the 10 years between 2006-2016, the number of Irish with “ultra-high net worth” grew by 25 per cent.

Looking specifically at Dublin, the report shows that the city is now home to a third of Ireland’s millionaire population, at 28,200, and 1,060 multimillionaires.

Some 370 ultra-high net worth individuals now live in Dublin, up by 6 per cent on last year, and this figure is expected to grow by 30 per cent to 481 by 2026 .

Comparison

As a comparison, Paris has 110,900 millionaires, Berlin has 32,800, Brussels is home to 34,700 millionaires, while Buenos Aires has just 15,400.

Overall, the study shows there was a modest rise in the global population of ultra-wealthy people in 2016, reversing last year’s decline. The data is compiled by market research firm New World Wealth.

However, it is not just the rich that are seeing their situation improve. Figures from the Central Bank show household net worth increased by 3.9 per cent in the third quarter of 2016, with average Irish household wealth now standing at €141,427, largely on the back of rising house prices.