Limerick's rich list is growing, catching Davy's eye

Stockbrokers opening dedicated office on the back of surging Mid-West incomes

The average disposable income of individuals living in Limerick is the second-highest of any county in Ireland, behind only Dublin and ahead of Cork.  Picture: Diarmuid Greene iStock

The surge in wealth across Limerick and the wider Mid-West has caught the eye of wealth management firm Davy, which is opening a dedicated new office in the city.

The firm has opened a dedicated office on 125 O’Connell Street, sharing a building with the Bank of Ireland branch.

The move comes on the back of strong growth in demand for the company's wealth management services across Limerick City and County in recent years. Davy said client numbers have almost doubled and assets under management have more than trebled over the past five years. 

"Growth in Limerick has significantly outpaced the wider group average over the same period. A similar trend is evident across the wider Mid-West region, with both Clare and Tipperary also recording strong growth in client numbers and assets under management since 2021," they said.

Strong growth in high-value multinational employment in recent years is one of the factors behind the increase in wealth.

The average disposable income of individuals living in Limerick is the second-highest of any county in Ireland, behind only Dublin and ahead of Cork.

The 2024 data from the CSO shows Limerick wealth stood at €30,879 per person, ahead of Cork at €30,748 per person.

There is also an established base of approximately 70 Irish-owned businesses of scale, with manufacturing, construction, wholesale and services as the most prevalent industries.

New company registrations in the past five years numbered more than 2,000, making up close to 30% of all companies registered in the county.

James Rael, who leads Davy's Limerick office, said: “Limerick is rapidly growing as an exciting hub for business, as demonstrated by the significant growth in new businesses and new Davy clients. We’re delighted to officially open our new office to service Limerick and the wider Mid-West region. We expect that this will only continue to grow in strength in the coming years.”

The office will be supported by a team of six regional wealth specialists and financial planning, tax and investment teams based in Davy’s Dublin headquarters.