News Irish News

Monday 19 February 2018

Number of Irish millionaires soars

Ireland's millionaires' row bucked the trend of downturn last year as savvy investors used the stock market to boost their wealth, one of the world's biggest finance houses has claimed.

The number of big earners with more than $1m (€814,640) to spend increased by almost 2,000 to 18,100 by the end of the year.

It was the first rise in the number of super-rich in the country for two years.

According to financial giant Merrill Lynch and consultancy firm Capgemini, Ireland is still a minnow on the global scale with just 0.2pc of what the US bank calls the world's High Net Worth Individuals.

Nick Tucker, the bank's head of global wealth management, said the stock market had proved a big winner for game investors as it outstripped the failing economy and property slump.

"People have impressive investments in the stock market that when weighed up had a stronger influence than the negative influence of the GDP and house prices," he said.

"That was from a very low level in 2008. It decreased dramatically in 2008 and while it does not feel like it, there are more wealthy people now than there actually were then."

The study records the wealth of anyone who has more than $1m in cash and assets excluding their primary residence and jewellery, art or other collectables.

The number of millionaires in Ireland peaked in 2007 at 20,400 before falling by more than 4,000 in 2008, only to rise to 18,100 last year - about 1pc of the global total.

GDP contracted by approximately 7pc in 2009 and house prices by about 11pc, while the stock market soared by 24pc from a very low level after a damaging 2008.

Press Association

Promoted Links

Today's news headlines, directly to your inbox every morning.

Promoted Links

Editor's Choice

Also in Irish News