Median household net wealth up 29% between 2020 and 2023
New figures from the Central Statistics Office show that the median net wealth value of Irish households was €256,900 in 2023.
This marked an increase of €58,500 or 29% on the 2020 value of €198,400.
Net wealth is the value of any assets owned minus the value of any debt and the median value is obtained by arranging all households in ascending order from the smallest to the largest value and then selecting the middle value.
The CSO said that property is the main source of wealth with 46% of gross wealth coming from the value of the main residence.
Today's figures show that 68% of households owned their main residence in 2023 with a median value of €340,000, up €80,000 or 30.8% from the €260,000 median value in 2020.
The median net wealth for households that own their main residence was €391,600 in 2023 compared with €10,200 for those who rent or those living rent free.
To be in the top 10% of households, a net household wealth of about €1,024,000 is needed. The CSO said this threshold was up from €838,000 in 2020 and is the highest ever recorded in this survey which began in 2015.
The bottom 10% of households had less than €2,400 in household net wealth in 2023, the CSO said. This threshold was up from €1,300 in 2020.
Today's figures show that the Eastern & Midland region (Dublin, Wicklow, Kildare, Meath, Louth, Longford, Offaly, Westmeath and Laois) had the highest median net wealth at €264,400.
This was followed by the Southern region (Clare, Tipperary, Limerick, Waterford, Kilkenny, Carlow, Wexford, Cork and Kerry) at €251,700 and the Northern & Western region (Donegal, Sligo, Leitrim, Cavan, Monaghan, Galway, Mayo and Roscommon) at €239,000.
The CSO said this was mainly driven by higher house prices in the Eastern & Midland region which includes Dublin and its commuter counties.
Meanwhile, 66% of households had some form of debt in 2023 such as a mortgage, personal loan, or credit card balance. This was down from 69% in 2020. The median value of debt, for those that had it, was €34,600, up from €25,000 in 2020.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Irish Examiner
an hour ago
- Irish Examiner
One of Ireland's oldest companies completes move to new Cork manufacturing facility
Dosco, one of Ireland's oldest companies, has completed the development of its new headquarters and manufacturing site in Cork's Little Island following its move from the city's South Douglas Road. The manufacture and distribution of household products, including sweeping brushes and paint brushes, now takes place from a new 52,000 sq ft facility, with an additional 18,000 sq ft extension under construction following a multi-million euro investment. Founded in 1884, Dosco initially operated on Lavitt's Quay and Merchant's Quay before moving to the South Douglas Road, where it operated for six decades. The company is now in its fourth generation of family ownership. An Taoiseach Micheál Martin officially opened the new headquarters. 'Dosco represents the very best of Irish enterprise — a family-run company that has stood the test of time by staying true to its values while embracing change," he said. "This new facility is a testament to the company's commitment to Irish jobs, Irish quality, and local community." The site was selected following an extensive search to find the ideal location to support future growth, while remaining true to the company's Cork roots. It includes dedicated loading bays, streamlined warehouse operations and enhanced transport connectivity. It will also enable the company to serve their nationwide customer network more efficiently. The new facility will incorporate advanced production processes and sustainability efforts, including the use of FSC-certified wood and natural fibres in its products. As part of the move, Dosco has also introduced a dedicated employee bus service, transporting staff to and from Cork City daily. Neil Kenefick, chairman of Dosco, said: 'We are proud of our Cork roots, and remaining here to build on a century of heritage was always a priority for us. This move is a statement of intent, future-proofing our operations as we look to the years ahead. "Our ambitions remain the same as they have always been - to deliver quality products and contribute meaningfully to the businesses and communities we serve.' Dosco has also recently submitted its first EcoVadis sustainability assessment, a globally recognised benchmark evaluating environmental, social, and ethical performance, reflecting a deepening commitment to responsible manufacturing and procurement. Read More Clean sweep as Dosco relocates from South Douglas Road to Little Island
Irish Post
4 hours ago
- Irish Post
In Ireland cattle is still king, but for how long?
AMERICAN firm Stacy May memorably declared that 'in the Irish economy cattle is king' when it released its economic report in the 1950s. 75 years later, the cattle and beef industry is still going strong, although they now share the economic crown with tech and pharmaceuticals. But behind the rolling green fields and premium quality beef, the industry faces a dual challenge: climate pressure at home and market instability abroad. Ireland's mild, wet climate makes it perfect for grass-growing year-round, which in turn is ideal for cattle farming. This natural setup allows cows to graze freely, reducing the need for indoor housing and expensive feed imports. From a welfare and economic standpoint, it's a win-win: lower costs and happier herds. Grass-fed cattle are not just a selling point for foreign markets; they also form the backbone of Irish dairy and beef production. Grass-based diets have long been linked with more nutritious and better-tasting meat and milk. This green image is a key selling point abroad, but it may also be its Achilles' heel. Despite the idyllic image of cattle grazing under the Irish sun, or more often the Irish rain, the environmental cost is particularly high. Methane from cattle digestion is a lot more potent than CO₂ as a greenhouse gas. The Environmental Protection Agency reports that the average cow emits around 2.3 metric tonnes of CO₂ a year. Agriculture now accounts for about a third of Ireland's total emissions. Despite a livestock population of over seven million cattle and five million sheep, Ireland did not meet its 2020 EU emissions targets and could now face potential penalties. Alongside Malta, it is one of just two EU member states that missed its carbon reduction goals. Various ways to tackle this have been raised over the years, including modifying cattle diets to include lower-fibre feed or using biodigesters to recycle manure. One promising solution involves sending any money from EU fines towards establishing a national institute for sustainable agriculture research. Such a centre could explore new practices like silvopasture, which integrates tree planting into grazing areas, which has shown promise in Spain with the famed acorn-fed Jamón Ibérico pork. Not only do trees trap carbon, but they also provide shelter and food sources for livestock. Offsetting emissions through tree planting, especially with native trees like oak, could also make a big difference. With beef and dairy consumption slowly falling each year across Europe, the industry faces both economic and environmental headwinds. Helping farmers adapt now could help in the long term and position Ireland as a global leader in sustainable agriculture. Currently, Irish beef prices have reached record levels, driven by tight supplies across Britain and Europe. Live exports are up 17%, which amounts to roughly 34,000 head. While a fall in calf registrations, along with decreasing suckler and dairy cow numbers, is tightening the supply line. Ireland's overall number of cattle fell by over 200,000 in 2024, a 3.3% decrease. Suckler cows fell by 6.2%, and dairy herds shrank by 2%, according to the Central Statistics Office (CSO). These numbers are echoed throughout Europe. The European Commission expects a 1% drop in beef production in 2025 and projects a 0.6 million tonne reduction by 2035. Suckler cow numbers alone are forecast to fall 11% EU-wide during this time. Britain faces similar shortfalls. The suckler cow population dropped by nearly 5%, although the dairy herd grew slightly. Disease outbreaks like bluetongue in Europe have also added to cattle supply chain issues. Ireland's reputation for premium beef is seen as a big selling point internationally, including recent access to the South Korean market. After a two-decade absence due to BSE-related bans, Irish beef returned to Korean shelves in May 2024. A recent trade mission to Seoul, led by Agriculture Minister Martin Heydon, aimed to strengthen trade between the two countries. 'Korean consumers associate beef as being the top purchase for protein,' Heydon said. 'Grass-fed beef is considered the healthier option, which fits very well with our Irish product.' With four Irish processors now certified to export to Korea and the first shipments already there, Bord Bia seems quite confident for the future. Although 2024 food exports to Korea amounted to only €36 million, a small portion of the €17 billion global total, the priority seems to be forming long-term partnerships. 'The value is in the values,' said Bord Bia CEO Jim O'Toole, noting Korean interest in both quality and sustainability. Ireland's cattle and beef industry is entering a new era. On one hand, it enjoys strong global demand, especially in premium markets. On the other, it faces existential environmental challenges and continuing decline in Europe. If cattle is still king, it's a monarch facing very modern challenges. See More: Beef, Cattle, Economy, Martin Heydon, South Korea
Irish Post
4 hours ago
- Irish Post
Three Japanese chefs inducted into Bord Bia's Irish Beef Club
THREE Japanese chefs have been inducted into Bord Bia's Chef's Irish Beef Club. The Irish food board was in Tokyo this week, where it established the first Asian branch of the Club, which promotes the use of Irish beef across the globe. Currently there are thriving branches of the club in operation across Europe and the Middle East. Now Bord Bia has extended its reach to Japan, welcoming three renowned Japanese chefs as its inaugural members in Asia. Minister for Agriculture, Food and the Marine, Martin Heydon, Chef Yuji Hayashi, Chef Yuki Inoue, Chef Kenzo Nishizawa and Bord Bia CEO Jim O'Toole pictured at the launch Yuji Hayashi, of The Momentum by Porsche, Yuki Inoue of Ristorante La Bisboccia, and Kenzo Nishizawa, of Trattoria Da Kenzo, were formally inducted into the international club at The Momentum by Porsche restaurant in Tokyo. The official launch took place as part of the Irish government's trade mission to Japan led by Minister for Agriculture, Food and the Marine, Martin Heydon. 'Irish beef is growing in strength in Japan and launching the Chefs' Irish Beef Club here in Tokyo is testament to how well premium Irish beef is received on the global stage,' Minister Heydon said. 'The voluntary endorsement of Irish beef by three prestigious Japanese chefs underscores the exceptional quality of meat from Ireland,' he added. Chef Yuji Hayashi, who has worked as the Executive Chef at Momentum, the world's first Porsche-approved restaurant in Tokyo, for the last four years, said his appointment to the Chefs' Irish Beef Club (CIBC) was 'an honour'. 'I'm delighted to host Ireland's Minister of Agriculture today, and serve him and the group some beautiful Irish beef here in Tokyo,' he added. 'When I visited Ireland I realised how good the animal welfare was, it was amazing to see cattle living a stress-free life on the greenest grass.' Bord Bia CEO Jim O'Toole said taste profiles are changing in Japan and that Irish grass fed beef is now highly desired by Japanese consumers. 'Historically, Japanese consumers have a preference for grain fed beef over grass fed, due to the reputation of their own grain-fed Wagyu beef, but Bord Bia's market insights show that this is changing,' he said. 'There is increasing evidence that Japanese consumers enjoy the taste, flavour and smell of Irish grass fed beef,' he added. 'The fact that some of Japan's most prestigious chefs are now cooking with Irish beef is a strong endorsement of the quality and reputation of Irish beef from farm to fork, and marks the beginning of a new chapter in the promotion of Irish beef in Japan. See More: Bord Bia, Chefs Irish Beef Club, Japan, Tokyo
