20% of rich see value of assets halved

Nearly 20% of Ireland’s wealthy people have seen the value of their assets halved as a result of their over-reliance on property.

Ireland’s richest people still have the majority of their wealth stored in property, according to a survey by Barclays bank.

The survey of 2,000 individuals who had a net worth of £1m (€1.16m) and 200 individuals with a net worth valued at more than £10m found that despite the downturn in the economy the rich in Ireland remain more attached to property than their European counterparts.