12pc of Irish households are now millionaires.
That's according to new figures from the Central Bank, which state that approximately 223,000 households have a net wealth of €1m or more.
The net wealth is calculated using a combination of liquid, business and property assets.
Number of Irish millionaires grows as 12pc of households have net wealth of €1m or more https://t.co/lcCcOuIVE5
— Patricia Ryall (@PatriciaRyall1) November 8, 2022
As reported by the Independent, the latest figures highlight a huge increase from 2013, where 5pc, or 87,000 households, qualified for the distinction.
CEO of financial website onlineapplication.com, Karl Deeter says soaring property prices are a major component: "One in eight households are effectively now millionaire households," he said.
"That has happened because of a large rise in property prices - people who might have bought overpriced houses in the Celtic Tiger are now back in equity and paying down debt.
"These are all very good things for a country."
Irish households were once among the most overleveraged in the world. However, they have levelled and are now around the eurozone average for debt levels.
The pandemic also saw record cash savings and assisted in increasing net wealth, as debt became a smaller portion of household balance sheets.
However, despite the apparent increase in prosperity amongst Irish households, the Central Bank data does not capture the experiences at the individual level.
Many houses are forced to deal with challenging circumstances amid the cost of living crisis and facing a winter period with much higher energy, food and housing costs.
Householders across the South East received the first of three €200 electricity credits from November 1, a move which was introduced during budget 22'.
The government will also be providing 2.2m account holders with a total of €600 in credits over the next six months in an effort to tackle the cost of living crisis.
The second and third payments will be paid in January/February and March/April.
