Ireland ranks first in household prices

One-fifth of Irish households have assets of $ 850,000, and the same number of households have assets of less than $ 1,000, even when mortgages or other debt are calculated.

The latest figures from the Central Bank show that between 2013 and 2018, the average household net worth increased by more than $ 76,000.

The rapid growth of net wealth is the most dramatic in the eurozone since 2013. The data indicate that Irish families are one of the richest in the European Union, far ahead of Germany and the Netherlands, which still reflects high ownership.

Homeowners have been paying off large amounts of debt from emerging markets since 2013, and the wealth here has been largely linked to rising housing prices.

Statistics by the Central Bank show that families are more resistant to the financial impact of Kovid-19 than the financial crisis. However, Labor finance spokesman Jed Nash said the figures underscore the growing wealth inequality gap and demanded a property tax in the October budget.

“The top 20pc now have median wealth of over €853k per person, up from €560k per person in 2013, and more than the other 80pc combined,” he said.

Major portions of the national wealth of households is in Dublin Housing. Councillors from Sinn Fein, Fianna Fáil and Fine Gael will be joined to vote down any increase in property tax in the capital on Monday.