The richest 10 per cent of households in the Republic hold almost half the wealth, new figures show.
The Central Bank’s latest household wealth data indicates that the total net wealth of households here rose to a record €1.25 trillion in the first quarter of 2025, up €6.3 billion on the previous quarter.
The figures showed that the wealthiest 10 per cent of households held €645 billion or 48.6 per cent of the total.
This was five times the wealth held by the bottom 50 per cent of households which stood at €117.8 billion or 8.9 per cent of the national total.
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Opposition politicians said the Central Bank figures showed Ireland was a very unequal society, with renewed calls for the introduction of greater taxation on wealth.
The data also shows the total wealth of Irish households has jumped by almost 43 per cent, of €373 billion, over the past four years – from €847 billion to €1.25 trillion.
This comes despite the recent period of inflation and is, in the main, a function of higher property values. Increased savings rates during the pandemic also played a role.
The latest figures showed housing wealth - property - reached €855 billion in the first quarter, representing 68.5 per cent of total household wealth.
[ One in 10 Irish households have net wealth of more than €1mOpens in new window ]
The total value of housing assets increased by €15.2 billion from the previous quarter and was up by €308 billion or 56 per cent since 2021, largely due to what the bank described as “positive revaluations of existing housing assets”.
The figures showed financial assets owned by the household sector decreased by €8.9 billion quarter on quarter “as negative revaluations more than offset investment in the period”.
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Household net worth is calculated by adding the total value of the housing stock and financial assets – such as cash savings, shares, pensions and possessions such as cars and antiques – and subtracting debt owed or liabilities.
[ ‘Retired households’ hold 27% of net wealth in Ireland, says GoodbodyOpens in new window ]
It is considered a crude measure of prosperity as it hides the distribution of household assets and liabilities across income groups and age categories.
While the latest figures showed the share of wealth held by the top 10 per cent was nearly 49 per cent, this was down from more than 50 per cent in 2021.
Separate Central Bank figures show the number of millionaire households – those with net wealth of €1 million or more – more than doubled from 5 per cent to 12 per cent between 2013 and 2022, increasing from about 87,000 to 223,000 households over the period.
“So many families across this county will be bemused by the increase in household wealth recorded in today’s report as they will not be sharing or even getting a look in to this uplift in wealth,” said Sarah McGurrin, head of employee benefits at wealth management firm NFP Ireland.
Ms McGurrin noted the surge in house prices of recent years has buoyed the wealth of many Irish homeowners.
“However, the steep rises in house prices also mean that houses remain unaffordable for many,” she said.
Responding to the “unsurprising” data, Labour Party finance spokesman Ged Nash said Ireland had a growing issue with wealth inequality “and this is most evident when it comes to housing”.
“Ireland has a really poor record on taxing wealth. I am attracted to the idea of a carefully crafted net wealth tax and a renewed focus on wasteful reliefs that have now become a feature of the tax system and that favour the better off,” he said.
Sinn Féin spokeswoman on social protection Louise O’Reilly noted that the “vast majority of wealth in this State is concentrated in very few hands”.
“The Central Bank data shows we live in a very unequal society,” she said. “Including the family home in the stats masks the pressure many people are under and the real depth of inequality in this State.”
