5% fewer in Ireland’s wealthy club

IRELAND’S rich club saw its membership fall by 5% last year, as a result of financial turmoil.

There are 20,000 high net worth individuals (HNWI) in Ireland, down from 21,000 in 2006, according to the latest world wealth report, compiled by Merrill Lynch and consulting group Capgemini.

A HNWI is a person with at least $1 million (€640,000) in financial assets — excluding their home. Globally the report found there are now just over 10 million HNWI, an increase of 6% over 2006.