The number of high rollers in Ireland fell by 1,000 last year to 20,000, reflecting the crash in stock market values and the sharp decline in property prices, according to Merrill Lynch.
The American investment bank said yesterday that the mega wealthy tried to stem the losses by dumping property assets and equities. And they were set to continue to withdraw from the Irish property market, Merrill Lynch said.
The bank said the rich were set to increase their investments in cash and fixed income products, which were far less exposed to market turmoil.
Rising property prices had been the biggest driver of wealth accumulation in this country over the past decade.
The scramble to buy property in the past few years is the main reason Irish household indebtedness has risen faster than any other country in the OECD, reaching almost 100pc of national income.
High rollers in decline as property losses bite
By Charlie Weston Personal Finance Editor, Wednesday June 25 2008
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