Date Released: 10 December 2015
SIPTU has called for greater action on wealth redistribution after a new study published by the think tank TASC indicated that half of all wealth in Ireland is held by the top 10% of households, with the bottom 50% having only 5%.
The study, based on an analysis of data from the Central Statistic Office’s Household Finance and Consumption Survey, shows that wealth in Ireland is highly concentrated. The analysis indicates that 72.7% of net wealth is held by the top 20% of households, which is higher than the Euro Area average of 67.6%. The report also looks at wealth by different household types and finds that single parent households – the vast majority of which are headed by women – have by far the least wealth in Ireland.
The net wealth of a household is calculated by adding up its assets, minus its debts.
“This data shows how concentrated wealth is in Ireland. Given how far total wealth has rebounded since the crash, it is important that we understand who has benefited from this turnaround and in particular why the relevant disadvantage of women has been sustained,” said SIPTU National Campaigns and Equality Organiser, Karan O'Loughlin.
“Research shows that wealth inequality damages societies and communities in general. Our union is committed to working to highlight the issue of unfair wealth distribution, alleviate its effects and promote policies which will change it.”
To read the full The Distribution of Wealth in Ireland report click here