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Irish Independent
5 days ago
- Business
- Irish Independent
Charlie Weston: We may be among the richest Europeans on paper, but not many people are feeling the benefits
So, we are rich now. We are wealthier than the Germans and the French. Surging property prices have ensured that the average Irish adult is now 30pc richer than their British counterparts, according to a report from Unio Wealth Management. If that is the case, how come so few of us feel wealthy or anything approaching it?
Irish Independent
03-07-2025
- Business
- Irish Independent
Irish adults rank among richest in Europe – but cost of living and inflation means many do not feel benefits
Surging property prices have ensured that the average Irish adult is now 30pc richer than British people, according to a report from wealth managers Unio Wealth Management. This is despite the fact that middle-income people feel financially stressed, the report states. Average net wealth per adult has been calculated at €323,000. This is a jump of €140,000 from 2013, when the country was emerging from the financial collapse. Despite the fact that many will argue that they are barely managing financially, Ireland now ranks second among the European Union's wealthiest nations, after Luxembourg. Unio, which has offices in Dublin, Cork, Limerick and Galway, used data from the European Central Bank, Eurostat and other organisations to arrive at its conclusions. We just don't feel it on account of difficulties with housing, childcare and infrastructure Director and chief investment officer of Unio, Mike O Sullivan said Irish people do not feel wealthy. 'To many people, Ireland is a rich country, but we just don't feel it on account of difficulties with housing, childcare and infrastructure rollouts in comparison with our European counterparts.' He added that much of Ireland's wealth is 'new wealth' and there are fewer multi-generational businesses compared to other EU countries, which suggests Irish people are still coming to terms with the notion of wealth. The report found that net wealth per adult in Ireland is now higher than the height of the Celtic Tiger, up by €140,000 in the last 12 years. According to a Red C sentiment survey commissioned by Unio, only 10pc of Irish people consider themselves 'quite wealthy'. And only 40pc of Irish people feel wealthier than they were 10 years ago, with younger people and those in higher income brackets most likely to express this sentiment. Irish people are divided on the concept of wealth, with an equal number of respondents feeling comfortable with the term as those who feel uncomfortable. Unio found that Irish people are not highly indebted, on average. Property accounts for two-thirds of the wealth of Irish people. This has been put at €250,000 per adult. Financial assets, such as investments and pensions, around for a third of wealth, or around €114,000 on average. Household debt averages €40,080 per adult, or 11pc of gross assets. Compared to its EU neighbours, Ireland is a wealthy country, Unio said. Average household wealth in Ireland has grown more rapidly than other EU countries, apart from countries which began from a much lower base. Ireland was a middle-ranked EU country back in 2013, but faster growth has enabled Ireland to rise through the ranks, and now stands in second place, only lagging Luxembourg. Irish households are statistically much wealthier Mr O Sullivan said Ireland does not have a lot of 'old money'. 'Although Irish adults are 30pc richer than their UK counterparts, the UK has a far greater level of multi-generational wealth than Ireland, although that is now changing.' But he said the report paints a picture of a stressed middle class. 'Irish households are statistically much wealthier compared to other European nations but there isn't a broad sense of wealth among the population, which can likely be attributed to inflation and a high cost of living along with people associating their incomes as a sole measure of wealth.'
