There are an estimated 33,000 millionaires in Ireland, according to a report published today.
Bank of Ireland's annual Wealth of the Nationreport found that the country's net wealth grew by 19 per cent to €805 billion in 2006. The average wealth per head of population now stands at €196,000, compared to €168,000 in 2005.
The figures place Ireland in second place, behind Japan, in the OECD list of eight leading nations.
The report - which identifies the key drivers of the nation's wealth by measuring assets such as property, deposits and investment and pension funds - notes that residential property was the main driver of wealth creation last year.
It says there was a 10 per cent increase in the number of millionaires over the last year to an estimated 33,000 - up from 30,000 in 2005.
Of these, some 330 are said to have a net worth of over of €30 million A further 3,000 have a net worth of between €5 million and €30 million, with the remaining having a net worth of between €1 million and €5 million. The bank's definition of wealth is the sum of total assets - excluding the principal private residence.
The report also finds Ireland's household balance sheet to be in "very good health" with the country's household asset base dwarfing liabilities by a multiple of six.
Household gross assets are estimated to be €964 billion against household liabilities of €161 billion. The report sees an increase in net assets to €928 billion by 2010 and €1.2 trillion by 2015.
While identifying property as the main driver of wealth in this country, the report predicts that assets such as equity markets will become more prominent.
Personal disposal income doubled over the past ten years, according to the report, a figure that is forecast to double again over the next ten years.
The annual level of personal savings continues to outdo other OECD countries with €10 billion at the end of 2006, forecast to increase to €13.5 billion by 2010 and to €24 billion by 2015.
The 2015 estimate equates to 14 per cent of disposable income, which the bank says contrasts sharply with the recent averages of 1 per cent in the United States and 5 per cent in the United Kingdom.
Only Germany has a comparable attitude to savings, where it approaches 10 per cent of disposable income.