Irish Household Net Wealth Reaches Record €1.38 Trillion in 2023

Irish household net wealth increased by 9.9 per cent last year, reaching a record €1.38 trillion, according to Central Bank data. This growth was primarily driven by rising home prices, which are now 21 per cent above their 2007 Celtic Tiger-era peak.

Between the third and fourth quarters, net wealth rose by almost 3 per cent, or €40.5 billion. Housing wealth accounts for 67.3 per cent of total net wealth and 60.4 per cent of total household assets. Financial assets stood at €609.3 billion at the end of December, mainly comprising currency and deposits (€220.3 billion) and insurance and pension entitlements (€281.5 billion).

The Government plans to introduce tax-efficient savings and investment accounts next year to encourage direct investment. The Banking and Payments Federation Ireland (BPFI) estimates these accounts could attract €7 billion in the first year and potentially €20 billion-€30 billion over time.

However, Sarah McGurrin, head of employee benefits at NPF Ireland, noted that many households, especially non-property owners, will see little direct benefit from this wealth increase. She also cautioned that continued wealth growth is not guaranteed, citing an uncertain economic outlook for 2026 and anticipated weaker growth in 2025 compared to last year.