average household 670000 euro wealth
- Thread starter barryl
- Start date
Heard that too - not sure of the source of the report.
But "worth" I think was the specific word used - and it may have been used loosely. This may include possessions that aren't paid for. E.g., same report also said that Ireland has a higher per head ownership of Mercedes than Germany. Debatable as to how many of these are actually "owned" I suppose.
But "worth" I think was the specific word used - and it may have been used loosely. This may include possessions that aren't paid for. E.g., same report also said that Ireland has a higher per head ownership of Mercedes than Germany. Debatable as to how many of these are actually "owned" I suppose.
John Rambo
Registered User
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It is supposed to be net of debt. And it's per household, not per individual.
Average incomes are not 33,000.
Total GDP income per person is about 40k, that means average GDP income per household of maybe 80-100k.
GNP income per person is about 35k.
The average industrial wage may be about 30-35k, but this ignores huge amounts of non-wage incomes, e.g. rental incomes.
Take an anecdotal example: rents on high streets all over Ireland are high, and have risen strongly. So rental income has been growing strongly.
Total GDP income per person is about 40k, that means average GDP income per household of maybe 80-100k.
GNP income per person is about 35k.
The average industrial wage may be about 30-35k, but this ignores huge amounts of non-wage incomes, e.g. rental incomes.
Take an anecdotal example: rents on high streets all over Ireland are high, and have risen strongly. So rental income has been growing strongly.
Here is a link to a Central Bank report on household wealth:
[broken link removed]
Table 1: Balance Sheet of the Household Sector, 2001-2005
[broken link removed]
Table 1: Balance Sheet of the Household Sector, 2001-2005
\
million
2001 2002 2003 2004 2005
Financial Assets:
Currency and deposits 53,576 58,345 63,446 70,249 82,907
Securities other than shares 735 727 613 414 370
Shares and other equity 54,678 58,974 65,021 68,299 74,332
Insurance technical reserves 67,103 63,650 81,078 94,912 112,974
Other accounts receivable 762 926 1,119 1,245 2,317
Total Financial Assets 176,854 182,622 211,277 235,119 272,900
Securities other than shares 735 727 613 414 370
Shares and other equity 54,678 58,974 65,021 68,299 74,332
Insurance technical reserves 67,103 63,650 81,078 94,912 112,974
Other accounts receivable 762 926 1,119 1,245 2,317
Total Financial Assets 176,854 182,622 211,277 235,119 272,900
Financial Liabilities:
Loans 60,930 73,052 87,886 109,709 141,886
of which residential mortgages 38,343 47,212 59,242 77,029 98,956
Other accounts payable 1,909 2,158 2,560 2,794 3,332
Total Financial Liabilities 62,839 75,209 90,445 112,503 145,218
Total Financial Liabilities 62,839 75,209 90,445 112,503 145,218
Net Financial Assets 114,015 107,412 120,832 122,617 127,682
as a % of GDP 97.7 82.7 87.0 83.1 79.2
as a % of Net Disposable Income
as a % of Net Disposable Income
a n.a. 169·6 180·8 174·9 164·0
Housing Assets 297,302 338,948 408,808 473,671 546,096
Housing Assets 297,302 338,948 408,808 473,671 546,096
Net Asset Position 411,317 446,360 529,640 596,288 673,778
as a % of GDP 352.3 343.5 381.2 404.1 418.1
as a % of Net Disposable Income
as a % of Net Disposable Income
a n.a. 704.8 792.3 850.6 865.6
a
This ratio is based on households’ net disposable income from the CSO Institutional Sector
Accounts — item B.6n in Table 1.5.
Accounts — item B.6n in Table 1.5.
Sources:
CSO Institutional Sector Accounts and CBFSAI calculations of housing assets.
from 63 per cent to 70 per cent of total loans over the period.
"Irish wealth passes €1 trillion mark" (rte.ie)
With the single most important driver of this being property values.
When I was living in the US I often heard aggregate property values being quoted but that was in the context of property taxes when some district was projecting its yearly tax revenues.
The dept of finance dept must be drooling. They very kindly reduced stamp duty and all they need now is a teeny tiny property tax of say 1% and they could raise nearly €10 billion per year from all that "real" wealth out there.
With the single most important driver of this being property values.
When I was living in the US I often heard aggregate property values being quoted but that was in the context of property taxes when some district was projecting its yearly tax revenues.
The dept of finance dept must be drooling. They very kindly reduced stamp duty and all they need now is a teeny tiny property tax of say 1% and they could raise nearly €10 billion per year from all that "real" wealth out there.
With 80% homeownership in Ireland, an across the board tax like that would not be popular and is unlikely in my opinion. There is definately scope to tax vacant properties however. According to the last census there were about 300k properties in this category so a 1% tax on the average price would be able to pull in an extra billion for the Excequer without upsetting too many.The dept of finance dept must be drooling. They very kindly reduced stamp duty and all they need now is a teeny tiny property tax of say 1% and they could raise nearly €100 billion per year from all that "real" wealth out there.
R
rmelly
Guest
apart from the 300,000 or so owners...
R
rmelly
Guest
the effect of super rich on these figures is probably not as large as you'd think. For example 20 billion would add 26,666 assuming spread over 750,000 households, compared to the figures above this is a small percentage.
There's only a couple of Irish people worth over two billion. According to list there were 6 Irish billionaires in 2007 with a combined wealth of €11 billion.
It does say that one in every 100 Irish people in a millionaire (even excluding the value of the family home) but that may not be the case now with the reduction in the value of property and pension funds. It is also probably the case that every second senior civil servant is a millionaire if the value of the fund that would be required to pay their pension is taken into account but since they don't have access to this money it's not really tangible.
It does say that one in every 100 Irish people in a millionaire (even excluding the value of the family home) but that may not be the case now with the reduction in the value of property and pension funds. It is also probably the case that every second senior civil servant is a millionaire if the value of the fund that would be required to pay their pension is taken into account but since they don't have access to this money it's not really tangible.
Average income is a per person thing includes all people in the workforce which includes people who are unemployed, people working part time etc.
The average income of a full time worker is a lot higher. The average industrial wage is also the average wage for industrial workers, not all workers - bear in mind that the services sector is larger than the industrial sector in Ireland.
This sounds about right.
Rental incomes which vary are subject to tax, a very small minority have rental income
Mean incomes are much lower than 35k. Nearly 80% of the entire workforce earn 35k or under, thats a fact from the govt themselves.
Have a look: http://www.budget.gov.ie/2008/downloads/DistributionOfIncome.pdf
average income includes the unemployed?? how can you include the unemployed...they have no income.
I dont believe that ub can be included as average income
GeneralZod
Registered User
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Of course UB benefit should be included when calculating average income. Their "work" is looking for employment. Their employer is the state.
I don't agree with you,imo they receive benefit not earned taxable income,not all sw recipients are looking for work some are not able to work,do you include these when calculating national average income, I doubt it