"For Sale" signs crowd Irish streets

Irish millionaires have been wiped out by the plunging prices in the stock and property markets.

The wealthy Irish have lost at least €350bn ($471bn) over the past two years which is almost half the $1 trillion stimulus package in the U.S.

The property crash wiped out about €250bn, while the collapse in share prices took about €100bn.

A 2006 report said there were about 33,000 millionaires in Ireland based on assets like property, deposits and investment, and pension funds.

The value of global financial assets, which includes stocks, bonds and currencies, is believed to have fallen by more than $50 trillion in 2008.

The World Bank has already forecast that the world economy will contract for the first time since World War II, and that trade will drop by the most in 80 years.

Last month, former IMF Managing Director Michel Camdessus said, "This crisis is the first truly universal one in the history of humanity."