Millionaires club has 30,000 Irish members

IT’S tough at the top for those at the summit of Ireland’s wealth league.

Not only have our millionaires lost their exclusivity tag but they’re also stressing about what to do with their riches when they’re gone.

According to a new report, the millionaires club is getting cluttered with an estimated 30,000 now qualifying for membership.

While the majority have wealth valued at between €1m and €5m, about 2,700 have assets worth up to €30m and 300 are worth in excess of that figure.

The figures, compiled by Bank of Ireland, did not include the family home when totting up the value of an individual’s assets but if they did, the bank says some 100,000 people could call themselves millionaires.

One of the headaches of having all this earthly wealth, however, is finding a way of putting it to good use when the owner has moved on to their eternal reward.

Managing director of private banking Mark Cunningham said: “It’s the biggest problem for our high-wealth customers.

“It may not be one that people have much sympathy with but it’s a problem nonetheless.”

The “problem” lies in the fact that there is no history of wealth down the family line for these “first generational” wealthy who have made their money through entrepreneurial effort rather than acquired it through inheritance.

“They want to know what will they do with this money, how will they pass is on to the next generation, how will they ensure it is not squandered. That’s one of the biggest challenge that these people have.”

Fortunately, there are signs that the wealthy have hearts that are expanding in line with their bank accounts, as more are inquiring about making charitable donations.

“The fact that these guys have not got this money for very long means they are not going to give it away immediately but over the course of the next five, six, seven years we expect trends will move more towards global norms.

“We have a tradition of being very charitable in this country and yet the United States would ask us where are the great Irish philanthropic foundations? The structures have not been in place for organised philanthropy but the Government is aware of that and is making the necessary changes.”