Analysis of industry data by Nucoro reveals there are some 77,984 millionaires in Ireland today, an increase of around 32% since 2013. The corresponding percentage increases for Germany, France and the UK are 15%, 10% and 12% respectively, and for Europe it’s 14%. Nucoro’s analysis reveals that between 2018 and 2023, some 17,830 new millionaires could be created in Ireland, a rise of 23%.
Ireland’s inheritance tax rate is among the top ten highest in the OECD. However, it has been estimated that the total inter-generational wealth transfer at death in Ireland is currently running at an annual rate of €5.5-6bn. This could rise to somewhere between €9.6bn and €14bn per annum by the end of the 2017-2036 period, depending on the assumed rate of growth in wealth. This suggests a potential 20-year total inter-generational wealth transfer at death figure of at least €122bn and perhaps up to €185bn in the 2017-2036 period.
People will increasingly want wealth management advice on how best to transfer this wealth and manage it effectively.
Dublin’s financial and tech sectors are enjoying strong growth, and this has been partly fuelled by Brexit. Dublin is proving to be the most popular destination for companies relocating all or some of their staff from the UK, with over 5,000 jobs being created in Ireland because of this. Many of these people are financially savvy and use wealth management services.
Nikolai Hack, COO Nucoro said: “We have had great success in supporting a number of financial services companies with their digital wealth management services, and we are now looking to support companies in Ireland wanting to enhance or expand into this area.
“We believe Ireland’s wealth management sector will enjoy some of the biggest growth in Europe over the next few years, and we are keen to be a part of this.”
