The wealthiest 10% of households held almost half of the country’s wealth, according to the Central Bank.
The net wealth of Irish households reached €1,247bn at the end of the first quarter of this year, an increase of €6.3bn on the previous quarter.
“The overall increase in net wealth was driven by rising housing wealth, which increased by €15.2bn mainly due to positive revaluations of existing housing assets,” the Central Bank said.
While the top decile owns almost half of the wealth, inequality in Ireland has been steadily falling since 2016 and remains 12.7 points lower than the average across countries using the euro.
A professional services firm that specialises in wealth management has cautioned that despite the figures, most households still need to be cautious with their finances.
“While the increase in Irish household wealth is a positive development, it is important that Irish people don’t take this as a signal that they can afford to be complacent about their finances or that this rise in wealth is universal or will continue indefinitely,” said Sarah McGurrin Head of Employee Benefits with NFP Ireland.
“Instead, due to the economic headwinds on the horizon, prudence should exercised,” she added.