CSO figures show household wealth grew 80% from depth of recession

The median net wealth value of Irish households has increased by 80% over the five-year period to 2018.

According to the Central Statistics Office (CSO), the figure now stands at almost €184,900 per household, up from €102,600 in 2013.

A household's wealth is calculated as the value of all assets such as property, cars and jewellery minus any debt owed such as a mortgage or personal loans.

The median value is obtained by arranging all households in ascending order from the smallest to the largest value and then selecting the middle value.

In terms of wealth, the CSO said that the median provides a truer reflection of the average household as it is not influenced by extreme values.

CSO figures show household wealth grew 80% from depth of recession

Statistician Stephen Lee said wealth is more concentrated in the Eastern and Midlands region with a median net wealth of €212,700, compared to €189,700 in the ‘Southern’ region and €146,900 in the ‘Northern and Western’ region.

Mr Lee said: "The results show that in Ireland, the wealthiest 10% of all households have a net wealth greater than €835,000 while the bottom 10% have a net wealth of less than €1,000.

"The median net wealth of households that own their own home is €287,300 while for renters it is considerably less at €5,900."

    The survey also found:

  • The median value of households’ main residence is €250,000, up from €150,000 in 2013
  • Just over half (51.5%) of all households have some form of debt
  • Over two thirds (67.6%) of the wealthiest 10% of households have received a substantial inheritance or gift

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