Irish people’s wealth has trebled over the past 30 years, mostly fuelled by booming property prices, a new report shows.
And as our riches have grown on paper, consumer spending has risen by approximately 90% over the past three decades – almost twice the EU average of 47%.
However, while Ireland has become substantially richer, the “prevailing mood among households remains nervous and broadly negative," according to the latest Credit Union Consumer Sentiment Index.
The research, in partnership with Core Research, examines consumer sentiment dating back to 1996.
It shows how an overall increase in wealth in the past decade has not translated into notably stronger spending or a clear “feelgood” factor for consumers, in marked contrast to the experience of the Celtic Tiger era.
This likely reflects psychological as well as financial scarring in the wake of the crash, the report found.
It says: “The average household wealth per person is now more than three times its 1996 level; however, sentiment remains weak.
“The September 2026 Consumer Sentiment Index shows consumer confidence at 61.1, well below the long-term 30-year average of 83.0, and its peak of 130.9 in 2000.”
Property prices are five times what they were 30 years ago – with a home worth €100,000 in 1996 now valued at approximately €500,000.
Even adjusting for inflation, as prices have more than doubled over the 30 years, property values are “the big driver, but not the only driver, of wealth," said report author Austin Hughes.
The other sources of our increasing prosperity are financial investments, mostly in pension savings, and personal savings.
Mr. Hughes said the “survey suggests that living through periods of boom and bust has made Irish consumers focus more on persistent day-to-day pressures, rather than on wealth that might not be permanent."
*This article was originally published on BusinessPlus.ie.