THE NUMBER of Ireland’s ultra-wealthy has climbed again, with new figures from the Revenue Commissioners showing 1,770 people now holding assets worth €20m or more.
That represents an increase of 170 people in the past year, reflecting what officials describe as the resilience of the Irish economy and the “increase in wealth based on higher stock market valuations”, according to the Irish Independent.
The Revenue’s High Wealth and Financial Services Division, which manages the tax affairs of the country’s richest citizens, now oversees nearly 5,000 cases, including 3,112 secondary cases involving spouses, children and companies.
About 1,200 of the high-net-worth group are tax residents or domiciled in Ireland.
Despite their fortunes, few pay the Domicile Levy, which is a €200k charge introduced in 2009 to ensure wealthy individuals living abroad but domiciled in Ireland contribute to the Exchequer.
Only 13 people in the high-net-worth category paid it last year, generating just €2.46m in total.
Meanwhile, a separate Oxfam report found that Ireland’s billionaire club grew to eleven last year, with their combined wealth soaring by over a third to €50bn.
The charity said this level of extreme wealth “could carpet the whole of the Phoenix Park in €50 notes almost 1.5 times over”.
Oxfam Ireland’s chief executive Jim Clarken urged the government to act, saying, “It’s time for governments to stop protecting billionaires and to prioritise investing in people. A fairer, more equal world is essential for a liveable planet, global democracy and the eradication of poverty.”
The data has reignited political debate about introducing a wealth tax in Ireland.
Sinn Féin has proposed a levy on individual net wealth above €1m, estimating it could raise €150m annually.
But some have argued such a tax could harm investment and drive capital abroad.
Fine Gael TD Barry Ward said on RTÉ’s Today with Claire Byrne that Ireland already has a highly progressive system.
“We already impose a significant tax on people on a particular income; those who earn more pay more,” he said, warning that a new wealth tax could have “dangerous unintended consequences”.
Supporters of the proposal, including Sinn Féin MEP Lynn Boylan, counter that such fears are exaggerated, according to RTÉ.
“The notion that a tax would drive wealth out of Ireland is a complete fallacy,” she said, adding that a fair contribution from the richest is vital to maintain the “social contract”.
