How much is average household really worth?

[goingforgold]

I am not taking issue with anyone here but I am very sceptical of some CSO figures. I cannot see how the CSO know how much my nett worth is or anybody else's for that matter. They statistics maybe collected in accordance with international rules but that still does not make them valid. Remember all the billionaires that we had 10 years or so ago and all the multimillionaires we had.

Totally agree Dermot...guess it's all we have to work off though.

I actually believe the net worth could be higher per individual in Ireland. For instance we have 140k farms in Ireland with an average of 81 acres. That means that c. 140K households have 810K (10k per acre) of net worth (excluding other assets)! I know this is very crude but not far off the mark. I doubt the CSO figures account for that...and as we all know, farmers are broke!

 

[Protocol]

I was using CSO data (as stated in original post)

Please note that the OP incorrectly refers to the CSO.

If you read the Irish Times article, you will see that it's the Central Bank that publish the Household Net Worth data.

See here:

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[Protocol]

Dermot,

it is not CSO data, it's compiled by the Central Bank (CB).

They do not know individual net worth.

They don't know my wealth or yours.

But they do know the aggregate financial wealth.

 

[Protocol]

[broken link removed]

Here is a CB article from 2006 on the Net Worth of Irish households.


Here is an update from 2007:

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[Protocol]

[broken link removed]

This is a 2010 CB article on the impact of the severe 2008-2010 recession on Households and their Net Worth.

 

[goingforgold]

Please note that the OP incorrectly refers to the CSO.

If you read the Irish Times article, you will see that it's the Central Bank that publish the Household Net Worth data.

See here:

[broken link removed]

Correct protocol...my mistake

 

[Protocol]

We all know that the country is awash with savings (more than in history of state), so these figures largely make sense.

CB data on Irish Private Sector deposits by households:

2006 = 77bn

2007 = 83bn (peak of bubble)

2008 = 85bn

2009 = 99bn

2010 = 95bn

2011 = 91bn

2012 = 92bn


See Table A1 of CB Money and Banking stats

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[Gerry Canning]

I am not taking issue with anyone here but I am very sceptical of some CSO figures. I cannot see how the CSO know how much my nett worth is or anybody else's for that matter. They statistics maybe collected in accordance with international rules but that still does not make them valid. Remember all the billionaires that we had 10 years or so ago and all the multimillionaires we had.

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Dermot ;

Touche!!

I suppose the best marker is observation in your own area, but that is flawed as well in that it shows a perception of confidence as distinct from debt ie if times appear good millionaires magnify!in bad timesmillionaires melt away.!

 

[goingforgold]

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Dermot ;

Touche!!

I suppose the best marker is observation in your own area, but that is flawed as well in that it shows a perception of confidence as distinct from debt ie if times appear good millionaires magnify!in bad timesmillionaires melt away.!

Think Previous poster (Protocol) clarified this one though...ie CB data may not know the exact net worth of each individual, but it can estimate average net worth by aggregating the total wealth and debt and taking the average.