# Irish Wealth / net worth distribution



## SPC100 (20 May 2022)

Ireland's hidden wealth: Who are our richest residents?
					

Not only do we have a large number of millionaires, but Ireland is ahead of its European neighbours when it comes to 'ultra-high net worth individuals' - those worth over $30m




					www.irishexaminer.com
				




This is the summary

Irish adults net worth distribution in us dollars

Median 99k
Mean 266k
5 percent >1 million
1 percent >2.6 million
2479 people >30 million
9 people >1 billion

I've pulled out some quotes below


----------



## SPC100 (20 May 2022)

The Credit Suisse Global Wealth Report 2021 : roughly 1% of the adults in the world are dollar millionaires.

 in Ireland, 5% of adults have personal wealth of over $1,000,000


----------



## SPC100 (20 May 2022)

About 3% of adults in Spain and Italy are millionaires.

Germany and the UK, they account for 4% and 4.7%


----------



## SPC100 (20 May 2022)

Credit Suisse further breaks down wealth per adult. In terms of mean wealth, Ireland ranked 17th globally at $266,150 per adult in 2020, a change of +$12,450. Broken down into median wealth we’re in 15th position with $99,030 per adult, a change of +$4,960.


----------



## SPC100 (20 May 2022)

In Ireland, it takes more money to join the wealthiest 1% than it does anywhere else in the EU. In France, you need €2.1m and in Germany €2m will grant you access to the rarefied club. In Ireland, you need €2.6m to reach the top echelons.


----------



## SPC100 (20 May 2022)

They also look at ultra-high-net-worth individuals, those with a wealth of more than $30m and in 2021 they found that there were 2,479 of them in the country, an 11% rise on the previous year.


----------



## SPC100 (20 May 2022)

according to the Forbes World’s Billionaire list we currently have nine Irish billionaires worth a collective $54.8bn.


----------



## aristotle (20 May 2022)

How do they value public sector pensions, I quite often hear things like you would need a private pension pot of €1m to match some public sector pensions. In that case we have many more millionaires than reported in the article?


----------



## Purple (20 May 2022)

aristotle said:


> How do they value public sector pensions, I quite often hear things like you would need a private pension pot of €1m to match some public sector pensions. In that case we have many more millionaires than reported in the article?


The average Garda pension is worth over €1 million (as they retire after 30 years rather than 40). Anyone with a pension of over €40k a year has a net wealth of over €1 million. That means that a person retiring at 66 with a house worth €500k and a pension of €20k a year is worth over a million. 

Most wealth is held in pensions and property and it is overwhelmingly held by the old. Children are 4 times more likely to live in consistent poverty than those over 65. 
We still have one of the most equal countries in the world, mainly because of our very high taxes on high incomes and very low taxes on low and middle income earners.

We do keep confusing income with wealth though, which is why wealth inequality is growing so much and as a society we are doing nothing about it.


----------



## Purple (20 May 2022)

SPC100 said:


> in Ireland, 5% of adults have personal wealth of over $1,000,000


I'm very surprised it's that low. I presume State Pensions, and possibly all pensions, are excluded for the purposes of their calculations.


----------



## SPC100 (20 May 2022)

https://www.askaboutmoney.com/threa...on-consumer-debt-or-show-their-wealth.214753/ covered some past discussion on if db or DC pensions are included. Probably need to try and read the report to figure out. But I'm guessing db pension are not and DC pension is included.


----------



## aristotle (20 May 2022)

One of news reports said pensions were included but it didnt say any detail about state pensions.


----------



## SPC100 (20 May 2022)

SPC100 said:


> https://www.askaboutmoney.com/threa...on-consumer-debt-or-show-their-wealth.214753/ covered some past discussion on if db or DC pensions are included. Probably need to try and read the report to figure out. But I'm guessing db pension are not and DC pension is included.



I googled the 60 page credit suisse report. Copy paste of a section below. Private pension assets are included. State entitlement are not. It's Not explicit on db pensions but the implication is they are not included, and that an annuity would not be included either.


Notes on concepts and methods
Net worth, or “wealth,” is defined as the value
of financial assets plus real assets (principally
housing) owned by households, minus their
debts. This corresponds to the balance sheet
that a household might draw up, listing the items
which are owned, and their net value if sold.
Private pension fund assets are included, but not
entitlements to state pensions. Human capital is
excluded altogether, along with assets and debts
owned by the state (which cannot easily be
assigned to individuals).


----------



## Peanuts20 (20 May 2022)

How much of this is down to the property boom?. Is is possible people are asset rich and cashflow poor?


----------



## Nicklesilver (20 May 2022)

It would be very interesting to know how many of the billionaires live and pay tax here at the rates normal people pay and if they are squing the figures. Will the revenue get 33% of the billions when they pass. I guess not. Headline newspaper articles are usually lazily written and by people who do not dig deeper.


----------



## joe sod (20 May 2022)

If we are the 17th wealthiest country in the world and wealthier than even UK and Germany,  why are left wing parties like sinn fein so popular here?


----------



## Purple (20 May 2022)

joe sod said:


> If we are the 17th wealthiest country in the world and wealthier than even UK and Germany,  why are left wing parties like sinn fein so popular here?


because people like blaming someone for their woes and the Shinners do populism and division better than anyone else.


----------



## Purple (20 May 2022)

Nicklesilver said:


> It would be very interesting to know how many of the billionaires live and pay tax here at the rates normal people pay and if they are squing the figures. Will the revenue get 33% of the billions when they pass. I guess not. Headline newspaper articles are usually lazily written and by people who do not dig deeper.


They only pay tax on their billions if they turn them into income. The left wing parties want to remove the only wealth tax we have. The entitled "I worked hard all my life brigade" who are deluded enough to believe they actually earned their wealth are voting for them.


----------



## Sophrosyne (20 May 2022)

I didn't think anyone took the information in "Rich Lists" seriously anymore.


----------



## Purple (20 May 2022)

Peanuts20 said:


> How much of this is down to the property boom?. Is is possible people are asset rich and cashflow poor?


Wealth and income are two different things but yes, the property and equities boom fuelled by quantitative easing, is responsible for most of the wealth we see. QE nationalised the private losses made during the financial crash.


----------



## Purple (20 May 2022)

SPC100 said:


> I googled the 60 page credit suisse report. Copy paste of a section below. Private pension assets are included. State entitlement are not. It's Not explicit on db pensions but the implication is they are not included, and that an annuity would not be included either.
> 
> 
> Notes on concepts and methods
> ...


Okay, so it grossly understates the levels of wealth because it excludes wealth that cannot be made liquid. Strange since it is absolutely real wealth and easy to put a value on.


----------



## Allpartied (20 May 2022)

joe sod said:


> If we are the 17th wealthiest country in the world and wealthier than even UK and Germany,  why are left wing parties like sinn fein so popular here?


That would be down to the other word in the discussion.
Wealth is one thing, fair distribution is another.


----------



## SPC100 (20 May 2022)

https://www.credit-suisse.com/about-us/en/reports-research/global-wealth-report.html for anyone who wants to dig deeper. They state that their methodology generally reports more millionaries than other reports.

They are trying to report across every country, so they might be somewhat limited by data sources that they can easily get for each country.

It seems like public & db pensions are the elephant in the room for the results, that would likely bring a lot (10 percent ?) of adults in Ireland into the 1 million bracket.

But state pensions would also effect the distribution in a lot of other countries, they highlight that nordic countries wealth (as measured here) is lower, as they have very generious state pensions, so people don't accumulate as much wealth. I think multiple other countries have state pensions related to your earnings.


----------



## PGF2016 (20 May 2022)

joe sod said:


> If we are the 17th wealthiest country in the world and wealthier than even UK and Germany,  why are left wing parties like sinn fein so popular here?


Because there's more to life than one metric (money / wealth).


----------



## Sophrosyne (20 May 2022)

SPC100 said:


> They are trying to report across every country, so they might be somewhat limited by data sources that they can easily get for each country.


Correct - data with varying degrees of reliability.

Much of the data required to compile a country's wealth is not in the public domain.

Therefore, where does Ireland stand in the wealth rankings?

Who knows?


----------



## Purple (20 May 2022)

Allpartied said:


> That would be down to the other word in the discussion.
> Wealth is one thing, fair distribution is another.


And the definition of "fair" is yet another.
What can be said is that we redistribute a greater share of earned income that any other country in the EU. 
Left wing parties are strongly against wealth redistribution, as can be seen in their opposition to our existing wealth tax. 

We have a strongly left wing populist media, spearheaded by our Public Sector Broadcaster, RTE. That is a big part of the reason that the national discussion on this topic is so one-eyed and ridiculously ill-informed. 
We also have a strong left-wing lean in third level institutions. My son did a college project on "Capitalism and Hunger" and had to ignore most of the data so that he didn't upset his Lecturer.


----------



## joe sod (20 May 2022)

Purple said:


> We also have a strong left-wing lean in third level institutions. My son did a college project on "Capitalism and Hunger" and had to ignore most of the data so that he didn't upset his Lecturer.


Surely "socialism and hunger" would be more correct, stalinist socialism along maoist socialism in China caused more starvation than anything else in the twentieth century.  Oh and how can we forget Cambodia , the kmher rouge and its year zero ideology trying to obtain the most pure form of socialism. 

Even in eastern Europe in the best food producing countries in the world there were food shortages during communism in the 80s. Now we have putin trying to resurrect the Soviet Union causing global food shortage again


----------



## Purple (20 May 2022)

joe sod said:


> Surely "socialism and hunger" would be more correct, stalinist socialism along maoist socialism in China caused more starvation than anything else in the twentieth century.  Oh and how can we forget Cambodia , the kmher rouge and its year zero ideology trying to obtain the most pure form of socialism.
> 
> Even in eastern Europe in the best food producing countries in the world there were food shortages during communism in the 80s. Now we have putin trying to resurrect the Soviet Union causing global food shortage again


That's the stuff he had to ignore. 
He also has to ignore socialism and climate change; that's all the fault of Capitalism too, the facts and evidence be damned.


----------



## Protocol (20 May 2022)

This is CSO data on wealth:






						Household Finance and Consumption Survey 2020 - CSO - Central Statistics Office
					






					www.cso.ie


----------



## Protocol (20 May 2022)

Table 2.1  Summary of results Households with asset/debtMedian value *1*%€Real assetsHousehold Main Residence (HMR)69.6260,000Land8.9300,000Other Real Estate Property12.5236,600Self Employment Business Wealth15.219,700Vehicles79.110,000Valuables78.34,100Any Real Asset95.3253,100 Financial assetsSavings96.68,700Bond or Mutual funds13.65,000Shares10.55,800Voluntary Pension16.337,600Other Financial Asset7.210,000Any Financial Asset97.113,300 DebtMortgage on HMR30.4124,400Mortgage on Other Property7.2104,800Non-mortgage loan45.57,300Overdraft6.7600Credit Card debt26.8700Any Debt68.125,0001 Conditional on participation.


----------



## Protocol (20 May 2022)

Here is the distribution of net wealth by decile.



Table 5.1  Net wealth decile threshold limitsNet Wealth Decile1st 2nd 3rd 4th5th 6th 7th 8th 9th 10thNet Wealth Threshold (€)<600<10,900<58,900<127,800<193,100<262,700<359,600<502,300<788,400>788,400


----------



## NoRegretsCoyote (20 May 2022)

I'm always a bit sceptical about these "Irish billionaire" lists. Very few of them actually live in Ireland and I suspect very little of their wealth or income is taxed here.

Here is the list.



> The Republic’s richest person remains construction magnate Pallonji Mistry (92). The Indian-born Irish citizen controls engineering business, Shapoorji Pallonji Group, and holds a stake in Tata Sons, one of India’s biggest businesses.


Does the wealth originate in Ireland? *No. *Does he live in Ireland? *Not clear, but likely no. *Does he pay much tax in Ireland? *Likely very little.*



> Patrick Collison (33) and John Collison (31), whose wealth shot up to $9.5 billion each after a fundraising round that saw the valuation of Stripe almost triple in less than a year.



Does the wealth originate in Ireland? *No. *Do they live in Ireland? *No.* Does they pay much tax in Ireland? *Very little.*



> John Grayken (65), founder of Dallas, Texas-based private equity business Lone Star Funds, an active investor in the Republic, is in 386th place with an estimated fortune of $6.5 billion, down from $7.6 billion a year earlier.



Does the wealth originate in Ireland? *No. *Does he live in Ireland? *Wikipedia says he lives in London. *Does he pay much tax in Ireland? *Likely not very much.*



> Digicel founder and owner Denis O’Brien (63) is at 778th in the list with wealth of $3.8 billion, down from $4.6 billion and 622nd place a year ago.



Does the wealth originate in Ireland? *Mainly, yes.* Does he live in Ireland? *He is tax resident in Malta. *Does he pay much tax in Ireland? *Presumably less than if he was still tax resident here.*



> John Armitage (62), the British-born founder and investment manager of  who became an Irish citizen four years ago,



Does the wealth originate in Ireland? *No. *Does he live in Ireland? *No. *Does he pay much tax in Ireland? *No.*



> Kingspan founder Eugene Murtagh (79) was close behind with $2.8 billion, Forbes said, up $500 million on a year ago, putting him in 1,096th place.



Does the wealth originate in Ireland? *Largely, yes. *Does he live in Ireland? *Yes. *Does he pay much tax in Ireland? *Yes.*



> John Dorrance (78), an heir to the Campbell’s Soup fortune, is at 1,163rd with $2.7 billion, up $100 million.



Does the wealth originate in Ireland? *No. *Does he live in Ireland? *No. * Does he pay much tax in Ireland? *No. *



> Finally, Dermot Desmond (71) appears on the list in 1,445th place with a $2.1 billion estimated fortune, down from $2.2 billion.



Does the wealth originate in Ireland? *Largely, yes. *Does he live in Ireland? *He is tax resident in Switzerland. *Does he pay much tax in Ireland*? Presumably less than if he was still tax resident here.*


So, of the nine, only five were raised in Ireland. Four of the five them have left. The other four seem to have acquired Irish citizenship through naturalisation and otherwise don't live here or have much connection. Eugene Murtagh of Kingspan is the only one of nine "Irish billionaires" who was raised in Ireland, made his money from an Irish-controlled business, and has stayed.

I can only conclude that Ireland is not a friendly place to be a billionnaire!


----------



## jpd (20 May 2022)

I'll let you know if, or when, I make the list


----------



## Purple (21 May 2022)

Protocol said:


> Table 2.1  Summary of resultsHouseholds with asset/debtMedian value *1*%€Real assetsHousehold Main Residence (HMR)69.6260,000Land8.9300,000Other Real Estate Property12.5236,600Self Employment Business Wealth15.219,700Vehicles79.110,000Valuables78.34,100Any Real Asset95.3253,100Financial assetsSavings96.68,700Bond or Mutual funds13.65,000Shares10.55,800Voluntary Pension16.337,600Other Financial Asset7.210,000Any Financial Asset97.113,300DebtMortgage on HMR30.4124,400Mortgage on Other Property7.2104,800Non-mortgage loan45.57,300Overdraft6.7600Credit Card debt26.8700Any Debt68.125,0001 Conditional on participation.


So DB pensions are not included. That greatly skews the data and misrepresents the facts. It’s hard to believe that a bunch of people with DB pensions in the CSO would ignore them when calculating household wealth. Go figure…


----------



## Gordon Gekko (21 May 2022)

Why would a DB pension be included?

The capital value of a DB pension is notional.

If I’ve a million quid and I go off to Irish Life and buy an annuity that pays me €30,000 a year, I no longer have a million quid.


----------



## Protocol (21 May 2022)

The capital value of a DB pension - is that an asset? Can it be traded? Can it be turned into cash and spent?

Does it meet the criteria for an asset to be included in wealth?


----------



## Protocol (21 May 2022)

The CSO survey follows these definitions:

_Publicly Traded Shares_

Publicly traded shares are shares that are listed on a stock exchange or other form of secondary market, i.e. they can be bought and sold there.

_Valuables_

This includes items such as jewellery, works of art, antiques etc.

_Self-employed Business_

These are businesses in which somebody in the household is either self-employed in or has an active part in running the business. Examples would include a self-employed plumber, partner in an accounting firm or the director and part-owner of a haulage company.

_Savings_

This includes items such as all types of deposit and savings accounts as well as positive balance on current accounts

_Mutual Funds_

Money market funds (MMF) are defined as those collective investment undertakings the shares/units of which are, in terms of liquidity, close substitutes for deposits. They are funds primarily invested in money market instruments, MMF shares/units and in other transferable debt instruments with a residual maturity of up to and including one year.

_Bonds_

These are bearer instruments, are usually negotiable but do not grant the holder any ownership rights to the institutional unit issuing them. They provide the holder with the unconditional right to a fixed or contractually determined variable money income in the form of coupon payments (interest) and/or a stated fixed sum on a specified date or dates or starting from a date fixed at the time of issue. The issuer owes the holders a debt and is obliged to repay the principal and interest (the coupon) at a later date, termed maturity. A bond is generally transferrable from one person to another. For the purposes of HFCS, Post Office savings bonds and prize bonds are classified as ‘Bonds’.

_Voluntary Pensions and Life Assurance_

*These are personal (voluntary) plans, access to which is not linked to an employment relationship. Individuals independently purchase and select material aspects of the arrangements without intervention of their employers. Some personal plans may have restricted membership (i.e.to the self-employed, to members of a particular craft or trade association, to individuals who do not already belong to an occupational plan, etc).*

Holders of life insurance policies, both with profit and without profit, make regular payments to an insurer (there may be just a single payment), in return for which the insurer guarantees to pay the policy holder an agreed minimum sum or an annuity, at a given date or at the death of the policy holder, if this occurs earlier. Term life insurance, where benefits are provided in the case of death but in no other circumstances, is excluded here

_Gross Wealth_

This is defined as the sum of real and financial assets.

*Only certain assets and liabilities are included. In particular, the present value of all future, expected defined benefit pensions is excluded, which can be a sizable portion of the wealth of many households. The present value of future, voluntary, expected defined contribution pensions is included. *

_Net Wealth_

This is defined as gross wealth less total debt.


----------



## Sophrosyne (22 May 2022)

Protocol said:


> The capital value of a DB pension - is that an asset? Can it be traded? Can it be turned into cash and spent?
> 
> Does it meet the criteria for an asset to be included in wealth?





> *Only certain assets and liabilities are included. In particular, the present value of all future, expected defined benefit pensions is excluded, which can be a sizable portion of the wealth of many households. The present value of future, voluntary, expected defined contribution pensions is included.*



Is it not a question of fund ownership?

Ownership entails control over an asset.

Defined benefit schemes are managed by the employer. The employee has no control of the fund.

By contrast, defined contributions plans are owned and controlled by the employee.


----------



## ryaner (22 May 2022)

Are they really owned by the employee? With all the rules around them they operate very much on a promise that you'll still be able to access them when the time comes, just like the promise the a DB will pay you when the time comes.


----------



## Gordon Gekko (22 May 2022)

They’re held in trust for the employee as I understand it (i.e. DC pensions).

But a DB is just a promise.

It’s 100% correct to exclude DB pensions. The discussion seems more about public sector bashing TBH.


----------



## Sophrosyne (22 May 2022)

ryaner said:


> Are they really owned by the employee? With all the rules around them they operate very much on a promise that you'll still be able to access them when the time comes, just like the promise the a DB will pay you when the time comes.


Yes, they are the property of the employee. The fund is made up of the employee’s own contributions, which may or may not be supplemented by the employer.

The fact that funds in which the pension pot is invested might not perform well does not affect ownership.

Ownership of defined benefit schemes crystallize only when the benefit is paid.


----------



## Life_pondering (22 May 2022)

Sophrosyne said:


> Yes, they are the property of the employee. The fund is made up of the employee’s own contributions, which may or may not be supplemented by the employer.
> 
> The fact that funds in which the pension pot is invested might not perform well does not affect ownership.
> 
> Ownership of defined benefit schemes crystallize only when the benefit is paid.


Technically DC Plan's funds are not the property of the employee though that doesn't mean they shouldn't be included as wealth...

I normally agree with Gordon on nearly everything but completely disagree that DB PLans should not be considered as part of someones assets or wealth....certainly for non public sector pensions who have not yet retired....now we might have a long discussion about what value you put on it but given you take a transfer value up to the point of retirement it would seem that would be a good starting point i.e. there is no difference once you take the transfer value with a DC pension so why would you argue different treatment?


----------



## Gordon Gekko (22 May 2022)

Life_pondering said:


> Technically DC Plan's funds are not the property of the employee though that doesn't mean they shouldn't be included as wealth...
> 
> I normally agree with Gordon on nearly everything but completely disagree that DB PLans should not be considered as part of someones assets or wealth....certainly for non public sector pensions who have not yet retired....now we might have a long discussion about what value you put on it but given you take a transfer value up to the point of retirement it would seem that would be a good starting point i.e. there is no difference once you take the transfer value with a DC pension so why would you argue different treatment?


You can’t take a transfer value unilaterally.

It has to be made available.

A transfer value is like an offer to buy you out of the company’s obligation.


----------



## Life_pondering (22 May 2022)

But you have a statutory right to take a transfer value with certain exceptions - as above, where it gets interesting is around the value but in most cases, the minimum transfer value is a reasonable proxy (until it's not!). 

I certainly consider the value of my wife's DB pension entitlement as part of our wealth


----------



## Gordon Gekko (22 May 2022)

Life_pondering said:


> But you have a statutory right to take a transfer value with certain exceptions - as above, where it gets interesting is around the value but in most cases, the minimum transfer value is a reasonable proxy (until it's not!).
> 
> I certainly consider the value of my wife's DB pension entitlement as part of our wealth


Is it not just statutory for two years after you leave the job or similar?


----------



## Zenith63 (22 May 2022)

Gordon Gekko said:


> But a DB is just a promise.


A promise that will only go unfulfilled in a tiny number of extreme circumstances. Kinda like how your investment property might no longer be an asset if you forget to insure it and it burns down, or your investment in Zurich might go to €0 if they went bankrupt etc.

I get that it might be difficult to calculate the value of DBs, but to me it would be 100% valid to include them and discussing how many millionaires their are in Ireland (or any similar tabloid headlines we hope to cover next  ) is totally inaccurate if they’re not included.


----------



## Sophrosyne (22 May 2022)

Life_pondering said:


> Technically DC Plan's funds are not the property of the employee though that doesn't mean they shouldn't be included as wealth...


"Technically" why do you reckon they are not?


----------



## NoRegretsCoyote (22 May 2022)

I would go so far as including a state contributory pension entitlement as wealth.

Sure there is estimation and uncertainty involved, but someone with one is surely better off than someone without.


----------



## Sophrosyne (23 May 2022)

Well, if you accept that control over a fund is irrelevant, then yes, include the capital value of all State pension and benefit entitlements as assets for wealth assessment purposes.

Everyone’s out of step except Ireland!


----------



## DublinHead54 (23 May 2022)

Is the data broken down by age profile? As this can skewed by age.

For example you could have a 30 yr old earning 150k just taken out a 30yr mortgage of 450k will have a minus net wealth Vs a 60 yr old who is earning 60k but paid of their mortgage. 

Theoretically you'd expect everyone's debt burden to decrease each year as mortgages are typical the biggest liability.


----------



## NoRegretsCoyote (23 May 2022)

Dublinbay12 said:


> Is the data broken down by age profile?


Yes. Older people have on average more wealth as they've had more time  to accumulate it.

This is the same all over the world.


----------



## jpd (23 May 2022)

How would a 30 yr old with a mortgage of 450k have negative net wealth?

He will have an asset of at least 450k to set against the liability of 450k - unless he paid more for the property than the mortgage


----------



## DublinHead54 (23 May 2022)

jpd said:


> How would a 30 yr old with a mortgage of 450k have negative net wealth?
> 
> He will have an asset of at least 450k to set against the liability of 450k - unless he paid more for the property than the mortgage



Ahh, I've misinterpreted the formula. I thought it just took the mortgage as a liability and didn't include the property as an asset. 

Makes me feel better about it now!


----------



## Purple (23 May 2022)

Dublinbay12 said:


> Is the data broken down by age profile? As this can skewed by age.
> 
> For example you could have a 30 yr old earning 150k just taken out a 30yr mortgage of 450k will have a minus net wealth Vs a 60 yr old who is earning 60k but paid of their mortgage.
> 
> Theoretically you'd expect everyone's debt burden to decrease each year as mortgages are typical the biggest liability.


In real term the 60 year old will have a better standard of living and a higher disposable income so it's fair to say that he's wealthier no matter what way you look at it (unless your a Shinner or the Loony Left).


----------



## Protocol (14 Dec 2022)

New data from CSO on transfers of wealth:





__





						Intergenerational Transfer of Wealth 2020 - CSO - Central Statistics Office
					






					www.cso.ie


----------



## Silversurfer (14 Dec 2022)

Protocol said:


> New data from CSO on transfers of wealth:
> 
> 
> 
> ...


Am I correct in that translates to 44% of households? Presuming there is no overlap?


----------



## arbitron (14 Dec 2022)

Silversurfer said:


> Am I correct in that translates to 44% of households? Presuming there is no overlap?


There is overlap - according to this section it's 36%: https://www.cso.ie/en/releasesandpu...generationaltransferofwealth2020/keyfindings/

_"More than a third (36%) of Irish households have received at least one inheritance or substantial gift at some point, with 30% having received an inheritance and 9% having received a gift. The median or mid-point value of these intergenerational wealth transfers was €80,200 among recipient households."_

This part is very interesting:

_"More than two-thirds (63%) of the wealthiest 20% of households (top quintile) in Ireland received at least one intergenerational transfer, compared with 16% in the least wealthy 20% of households (bottom quintile). For households in the top quintile who received an inheritance or gift the median value was €189,700, while the median value of recipients in the bottom quintile was €6,700."_

So if you are wealthy you are *4x* as likely to receive a transfer and it will be *28x *higher than the poorest households.

And homeowners compared to renters:

"_Homeowners were more than twice as likely as renters to have received an intergenerational transfer (44% compared with 18%). The value of transfers was also greater for owner-occupiers compared with renters, with median values of €98,300 and €15,200 respectively."_


----------



## fistophobia (14 Dec 2022)

I look at it this way... you are either paying interest on assets.. or you are receiving it.
Thats my definition of having real net-worth.


----------

