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NIB report says Irish wealth passes €1tn for first time | Print |  Email
Wednesday, 13 February 2008

An economic report published by National Irish Bank has suggested the combined total wealth held by Irish households - calculated from property assets, pension assets, cash in the bank and other assets - has surpassed the unprecedented €1 trillion mark at the start of 2008. NIB's economist Ronnie O'Toole said that. excluding owner occupied housing, the average household in Ireland had wealth of €352,000 but were servicing average debt of €127,000. Average wealth amongst those who own their own homes stands at €674,000, according to NIB estimates. He pointed to the increase in property values as the single most important driver of wealth in Ireland. However, falling property asset values contributed to a slowdown in the rate of growth in household wealth from 16% in 2006 to less than 3% last year. Moreover, he suggested that those with money to invest should look to other parts of the world where economic growth is on the rise.

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