Household wealth plunges by €150,000

PORSCHE and helicopter sales have plunged as the wealth of every Irish household dropped by more than €150,000 over the past two years.

Figures released by National Irish Bank (NIB) show that at the end of last year, average Irish household wealth was €539,000, compared to €646,000 at the end of 2007 and €693,000 at the peak of the housing market in 2006.

The 20%, or €150 billion, drop in wealth has resulted in 90% less being spent on Porsche cars, 80% less on Lexus vehicles and a sharp reduction in donations to charities. Also, for every 20 Land Rovers sold in January last year, one was sold this year.