Ireland boasts more multi-millionaires than Dubai

The Emerald Isle's 1% got a little bit bigger in 2016...

Ireland was home to roughly 1,330 multi-millionaires last year, meaning there are a couple of hundred more "ultra high net worth" (UHNW) individuals wandering around here than in United Arab Emirates.

Wealth-X reports that some 85 new UHNWs – a person with a net worth over $30 million (€26.7m) – were created in Ireland last year, marking a 6.4% increase on 2015.

It places Ireland in 24th position on the list of countries which the ultra wealthy call home, beating out not only the United Arab Emirates but also the likes of Belgium, Thailand and Mexico.

Our multi-millionaires enjoyed a combined wealth of $133 billion (€117.79bn).

 

When it comes to cities, however, Dublin didn't feature on a list topped by New York and featuring Hong Kong, Tokyo, Los Angeles and London in its top five.

Globally, the number of outrageously wealthy types grew by 3.5%, with the upper echelon of "The 1%" increasing their wealth to $27 trillion (€23.91tn). 

This growth reversed a decline the year prior.

Wealth-X

Despite heightened geopolitical instability, the global ultra wealthy population is forecast to rise to 299,000 people by 2021, representing an increase of 72,550.

The United States is home to the largest UHNW population, with more than 73,000 people holding over $8.7bn. Japan, China, Germany and the United Kingdom rounded off the top 5.

The report states:

"In 2016, all tiers of the global ultra wealthy population expanded in size and recorded an increase in net worth, with the notable exception of billionaires."

"This exclusive group registered a 3.1% decline in numbers – the first annual fall since the global financial crisis – and took a 3.7% hit to its combined US dollar wealth.

"Despite the modest falls in individuals and net worth, the influence of the global billionaire population remained considerable. Accounting for just 1.1% of the total number of ultra wealthy individuals, this elite group controlled almost 28% of the world’s combined ultra wealth."