7,000 more Irish reach millionaire status as UK slumps
Published 23/11/2016 | 02:30
The number of dollar millionaires in Ireland has risen by 7,000 this year, according to a report by Credit Suisse.
The number of adults with wealth above the $1m mark here reached 110,000 over the course of 2016. Some 169,000 make it into the top 1pc global wealth bracket, meaning the amount they hold in assets and property, minus their debts, is at least $744,400.
Household wealth here is rising at the sixth fastest pace in the world, jumping by $38bn in the last year.
According to the report, wealth per adult in Ireland stands at an average of $214,589. That's up from $91,525 in 2000. Ireland now has a 0.3pc share of total wealth.
The report also found that the UK saw $1.5trn wiped off its wealth this year because of the Brexit vote.
Sterling has slumped about 16pc against the dollar since the referendum on June 23, meaning UK wealth expressed in dollar terms is sharply weaker.
The United States, the world's biggest economy, has continued its unbroken spell of gains since the financial crisis, adding $1.7trn to its stock of household wealth.
But like the world as a whole, this wealth increase merely kept pace with population growth, meaning wealth per adult was unchanged for the first time since 2008.
And the US failed to achieve the highest wealth rise among individual countries, with Japan seeing an increase of $3.9trn.
The report also found that the richest decile - the top 10pc of adults - own 89pc of global assets, and the top percentile alone accounts for half of total household wealth.
The bottom half of adults collectively own less than 1pc of the world's wealth.
Oxfam said the report once again exposed "shocking" inequality, despite political concerns.
"The Credit Suisse Global Wealth Report shows once again that economic inequality remains at shockingly high levels," said Max Lawson, Oxfam's head of policy on inequality.
"The richest 1pc now has as much wealth as the rest of the world combined. This huge gap between rich and poor is undermining economies, destabilising societies and holding back the fight against poverty."
Mr Lawson said political concerns about inequality were not being translated into action.
The Credit Suisse report also predicted that around 945 billionaires will be minted around the world in the next five years.