A new Central Bank report has revealed that total net wealth of households increased by €48.3 billion to €1.337 trillion in 2025.
The report found that the wealthiest 10 per cent of Irish households own almost half of the total household wealth. The poorest half of the population own just 8.9 per cent of wealth.
In response, Deputy Richard Boyd Barrett repeated his call for a millionaires tax to raise €9 billion.
Deputy Boyd Barrett said "This new report from the Central Bank confirms the massive inequality in this state. The wealthiest 10 percent own almost half of the wealth, while the poorest half of households own less than 10 per cent of the wealth.
“This grotesque inequality is a searing condemnation of the nature of this society and of the Government that serves the interests of the wealthy with such unwavering determination.
“The Central Bank report confirms the urgent need for a wealth tax, such as the measure People Before Profit proposed in our Budget 2026 report. We called for a millionaires tax on the wealthiest 1 per cent of the population who own more than €5 million in wealth. There is no excuse for not introducing this immediately.
“Poverty rates are increasing, schools and parents are in fear of losing SNAs, and people with disabilities are having to choose between heating and eating after the Government cut their income supports by €1,400 for 2026. Meanwhile, the rich are getting richer, in no small part due to a Government that is slavish in serving the needs of the wealthy.
“Our proposal is for a permanent wealth tax of 2% on net wealth over €5 million and up to €50 million, 3% tax on wealth from €50 million to one billion, and 5% on all wealth.
“These wealth tax measures would raise about €9 billion in additional revenue for the exchequer each year. That would enable a big expansion of important welfare schemes and public services and the funding of badly needed infrastructure projects.
“All that’s needed for this is the political will to do it, a will that is completely absent from this Government. The left government we are seeking would deliver a wealth tax as a top priority”