The number of millionaires in Ireland has more than doubled in the last eight years.
Figures from the Central Bank show 12% of households meet the qualification.
Approximately 223,000 Irish households have net wealth of €1m or more, making them millionaires.
This wealth is calculated using a combination of liquid, business and property assets.
Seamus Coffey, economics lecturer at UCC, says a large portion of new millionaires are older households that have benefitted from the soaring property prices:
"In the mean it's older households!"
"That bought houses, possibly at much lower values than they're at now and it's just that the value has risen."
Record Savings
It is also reported that net wealth inequality in Ireland is falling as record cash savings during the pandemic helped households pay off debts.
Financial advisor Karl Deeter says young people should look at different avenues of income.
He says something that works for one generation may not work for all:
"Property worked well for certain generations."
"But I don't think we should therefore say every generation has to do it the same way."
He's advised young people to "play to your strengths" - and has seen young people finding "new routes" to wealth that their older counterparts will never find.
Ireland's current household net wealth reached €1 trillion this year.
Main image: piyamas dulmunsumphun / Alamy Stock Photo
Reporting by Heather Lawrie
