Wealthy people in Ireland are more likely than those in other countries to hold the majority of their wealth in property.According to Barclays’ latest Wealth Insights report, property accounted for 55% of the wealth held by Irish high net worth individuals despite the country’s property market collapse.
Just 2% of wealth is held in business and entrepreneurial interests, 18% is held in cash and 16% held in investments.
A high net worth individual is classed as someone with assets valued at €1.2 million or above.
The Wealth Insights report, which surveys over 2,000 high net worth individuals around the world, also found that wealthy people in Ireland accumulate their assets over a long period of time rather than through inheritance.However 33% of wealthy people in Ireland plan to give away all of their wealth as inheritance, one of the highest figures recorded in the report.
Meanwhile 62% of Irish respondents said their wealth had decreased in recent years, while 18% said it had halved.