Ireland's net wealth grew by 19% in 2006, according to a "Wealth of the Nation" report published on Monday
The report, published annually by the Bank of Ireland, states that while property continues to be dominant it may no longer be the asset of choice this year. Other assets, particularly equity markets, will come to the fore.
"Last year was a stellar one for wealth creation in Ireland with a strong performance by domestic and international markets," said Bank of Ireland senior economist Pat O' Sullivan in a press statement.
O' Sullivan also commented that despite the high level of debt accumulation the household balance remains robust with assets outnumbering liabilities by a multiple of six.
The level of debt also grew at 21%, according to Bank of Ireland.
According to the report estimates of the number of millionaires in Ireland has increased to thirty three thousand in the last year.
Bank of Ireland Private Banking's definition of a millionaire is the sum total of assets excluding principal private residence.
Japan is the only country with more millionaires per capita worldwide.
Of these it is estimated that there are approximately 330 individuals with a net worth of in excess of thirty million euro and a further 3000 with a net worth of between five and thirty million euro. The remaining portion have a net worth of between one million and five million. Mark Cunningham managing director of Bank of Ireland said, "private banking has grown exponentially this year in response to wider wealth creation trends in Ireland with our sales volumes increasing by 30% on year 2006. "
"So far this year we have seen a continuation of strong investment flows and perhaps the beginning of a much wider diversity in the areas in which Irish investors are looking to deploy their wealth"
The report also outlines that personal disposable income in Ireland has doubled over the last ten years.
At the end of 2006 the annual level of personal savings in Ireland stood at ten billion Euro. This equates to fourteen per cent of disposable income compared to one per cent in the US and five per cent in the UK.
The wealth of the nation report showed that Ireland's net wealth stood at 805 billion Euro in 2006, one of the fastest growth rates in a survey of the eight leading OECD nations.
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