The number of 'ultra-wealthy' people in Ireland has increased by a third in the past five years.
According to the latest Wealth Report from consultant agency Knight Frank there were 1,343 Ultra High Net Worth Individuals (UHNWI) in Ireland last year.
The agency classifies anyone worth $30m (€27m) as a UHNWI.
Globally, the report found that despite a “tumultuous year” for many investors and funds around the world last year, the ultra-rich are getting richer.
#TheWealthReport2020 is out now! Our unique global perspective on prime property & investment. In this 14th edition we identify & explore the big themes dominating the agenda - with a focus on how #wellness is shaping industry, individuals & society: https://t.co/4eudQF7teo pic.twitter.com/Vnglo1pPFE
— Knight Frank (@knightfrank) March 4, 2020
The number of ultra-rich people around the world rose by 6% to 513,244 – with almost half resident in the US.
Meanwhile, the number of High Net Worth (HNW) people – classified as anyone worth more than $1m (€900,000) – in Ireland rose by 49% between 2014 and 2019.
There were over 100,000 HNW individuals in Ireland last year.
The country is also now home to nine billionaires – four more than there were in 2014.
All three classifications are expected to rise again in the next five years – the rich by 35%, the ultra-rich by 17% and the billionaires by 33%.
Other countries expecting a boom in the ultra-wealthy are India, Egypt, Vietnam, China and Indonesia.
The countries in the world with the highest numbers of ultra-wealthy people are:
- The US with 240,575
- China with 61,587
- Germany with 23,078
- France with 18,776
- Japan with 17,013
- The UK with 14,367
