Sindo publishes Politicians worth


#1

They calculate their goldplated pensions + shares + property + business value = €m’s
Due to our PRSTV system, they are an accurate reflection of us as a society
Seriously depressing - no wonder our corrupt culture will not alter
Excludes salaries. More details in Sindo 13/05/18



#2

Are some of those near the bottom of the list:-
a, bad at money management?
b, good with (hiding) money?


#3

Ruth Coppinger worth over half a million. Paul Murphy not far off. Does this mean they get to expropriate themselves post revolution?

Healy Rae is worth 5 million. Lowry has been selling insider influence for decades and has amassed over 6 million on the back of it.

I doubt there’s more than 5 genuine public servants between the whole lot of them.


#4

Uh, what’s the big deal? Is that their annual earnings or their net worth? Assuming the latter, none of them look filthy rich to me, and some of them are near paupers.

So that is their total worth, including pension pots and property? Uh, half a mill wouldn’t buy you a corpo house in Dalkey. None of these people are rich. A few look passingly comfortable. And a senior politician’s public pension will be reckoned as a couple of million worth – nice to have, but puts a gleam on net worth that doesn’t actually represent cash in hand. It’s quite possible pension represents most of the value outside the top forty. Plus some are business owners and it’s a fact of life that people accumulate more assets as they age. Sorry, I’m finding this all a bit underwhelming. It’s only a short hop from blaming them for being old white cis-gender males.


#5

Sean Haughey doing well from his inheritance


#6

totally agree, headline grabbing nonsense, for the vast majority its the PV of future pension entitlements


#7

The Indo’s staple


#8

Which with interest rates at zero is incredibly high at the moment, right? (because the pension pot equivalent of a final salary pension is larger than ‘normal’). Anyone who has been a minister for a couple of years or long-serving TD will have at least half a million just in that.

Now, it is a privileged position to get a final salary pension (well, it is these days), but the salary for the job is relatively ordinary (barring the president :neutral_face:), and the job itself is an unattractive one. Imagine having to listen to whinging all day from your constituents, from other TDs, from your department, from special interest groups. Hmmm, sounds like my job some days :slight_smile:


#9

But do these figures not show that the legislature are not really representative of the electorate?

Id imagine that the majority of people under 45 dont have any net worth or indeed, that their net worth is negative due to debt and mortgage payments owed etc. Anecdotal I know but most people I know in Ireland live paycheck to paycheck.


#10

having seen up close what politicians put up with and looking at what they get paid, i wouldnt do it for double.


#11

My major takeaway from this is that we don’t have very many materially successful people in the Dáil. When you’re counting pension and ppr, anything shy of a million falls well short of even upper middle class wealth, let alone the real “upper crust” of society.

Although these rich lists are always pretty much nonsense, aren’t they?


#12

I’d say most politicians are too - you can’t eat accrued pension.
And no, they’re not representative, they got elected and not many people do that (in the same way not many people end up being hospital consultants). As soon as you get elected, to anywhere, you are no longer the same as the rest. I don’t see a way around it, but I don’t see it as a particular problem aside from the charvet shirt brigade (for whom it’s a way to get rich).


#13

I do have a problem with it especially those with ‘development land’ and multiple houses as many in the dail have
Self interest games the system to have higher and higher property prices


#14

Fair enough I suppose, although as Werpen says, in the context of this site, in cases where the accumulated wealth is derived from property and various property spin-offs I would have a problem with such person’s input around planning and development etc


#15

Absolutely, but the really dirty stuff happens at local level.


#16

We get what we elect. As long as the system is reasonably transparent in terms of declaration of interests – which ironically the OP’s article implies must be the case – then blame the people who elect NIMBYs like Shane Ross and outright crooks like Lowry.


#17

The thing is that most people who hang around on this site are, at a rough guess , mainly middle class male owner occupiers who live in the better areas of Dublin. If I include my almost paid off PPR and my (defined contribution) pension pot I’m in the upper half of that list and have worked the guts of 40 years to get there with an income that has pretty consistently been in the top 10% of earnings for the last 10 of these years. I would take a guess that 90% of the population fal in the bottom 10% of that list. To them these people look rich - you need to remember that because that influences the way that our politicians and our ‘betters’ think - anybody who is not on that kind of money is a lazy good-for-nothing who doesn’t get up in the morning. Policy is biased towards those in the top 90% of that list.

It’s difficult to tell from the article whether property refers only to rental property or to PPRs as well - it suggests it refers to PPRs and I’m surprised how many don’t appear to own one if that is the case. To be fair it should be value net of mortgage if declared.

You also need to remember that in many cases the wealth of spouses is not included here - the devious have transferred wealth, the less devious have just not mentioned it (because they don’t have to). There as at least one person on that list who would top Michael Lowry if their family wealth was taken into account (as I write this I realise there is a another one)


#18

Well it’s a bit pointless if it doesn’t refer to positions net of debt. Given that we know about 20-25% of TDs are Landlords, and 20-25% of TDs have engaged David Hall for ‘where’s my nama?’ purposes.

So many of them would have been up to their tits in debt. The former deputy leader of FG and Health minister James Reilly was in Stubbs Gazette for God’s sake.

independent.ie/irish-news/james-reillys-nursing-home-debts-are-cleared-31369848.html


#19

I guess for any long-term Irish resident you can break this down into:

  • Liquid assets net of debt (“Lambo money”).
  • Present value of future non-means-tested entitlements (pensions and benefits, including non-contributory State pension).
  • Potential wealth (possible inheritances, means-/situation-tested benefits e.g. unemployment benefits)

Spousal wealth should be offset against the liability side of having a spouse and the risk of that asset putting itself under new management.