The machine is in full swing.
Yep. We’re back in 2006.
Here we go again
here we go go go
to the temple of consumption
get your gear and start to spend
here we go go go with total dedication
Nope, its better than 2006, the number of millionaires has tripled
I genuinely feel sick reading that, holly crap, I can only hope the clientele of this section of the paper are clever enough to smell “le merde” when it’s stuffed up their nose.
I’ve given up on both the print editions and also the websites of just about every news outlet in Ireland (bar the pin of course )
Any time I read the odd article in a barbers, the in laws, snippets on here it merely vindicates that decision
Why is rising Irish wealth greeted with such distain?
I suspect because it’s ‘asset wealth’… in other words: property.
Anyone can be a millionaire if you have a house in a bubble… don’t look at the mortgage though. That would give the game away.
The IT article quotes GROSS wealth. This isn’t wealth by any normal definition. If I buy a million dollar house with a 100% mortgage I haven’t just become a million dollars wealthier.
Here is the PDF:
Financial assets: 131,175
Non-Financial assets: 150,084
Gross wealth: 281,259
So the net wealth is about $210k per adult, compared to about $290k per adult for our nearest neighbour. I wonder what it is in PPP?
US adults average $284k in financial assets, $122k of non-financial assets and $58k in debts.
High levels of “non-financial assets” (houses) just indicate high prices. We can’t sell them to anybody but each other.
So let me get this straight. Is the article patting us on the back for “surging” in wealth?
I got a fright when I saw the figures. If we say that between 137k and 129K Euro would be average for healthy, powerful economies such as the UK or the USA, then the figure for Ireland of 150k is stomach-lurchingly frightening. It means that the overshoot in Irish figures is because the non-financial assets (primarily property) are overvalued significantly.
Why don’t journalists see this as a warning rather than some badge of success?
Loaner that’s the 2006 version you’re reading. 2014 version is linked in the op.
Wow have to send this to my father. Long before I found websites like this or others he pretty much convinced me there was something not right at all that we were apparently all rich but had no resources or infrastructure. I never had any interest in buying then anyway but this really brings me back to those conversations.
Yep. Wealth should really be indicated by financial assets being greater than non-financial, I reckon. Few enough places where that’s the case and most of them are pretty unequal societies, though, so maybe not?
Wow, look at the Netherlands non-finacial and debt…
Oh, so I retrospectively predicted the previous bubble popping? I feel good, even if I am 8 years late.
For a flavour of how unequal we are, have a look at the difference between the mean and the median. We’re considerable less balanced than even the UK.
I find articles like this embarrassing and vulgar …its just so small time …most respected calculations of wealth strip out the primary residence eg: "has a net worth over $1 million, either alone or together with a spouse (excluding the value of the person’s primary residence).
My disdain stems from the definition of “wealth” …those who care about such things and measure financial wealth would just laugh at you if you include the value of your gaff in your net worth …its pathetic… “net worth over $1 million, either alone or together with a spouse (excluding the value of the person’s primary residence)”
Thoughtful letter in today’s Irish Times from a Maeve Halpin (she’s a psychologist and psychotherapist)
The Dublin property market has made another illustrious international list. This time it is in the context of inequality and we finished 4th…