Dáil Éireann Debate, Tuesday - 26 July 2022
435. Deputy Richard Boyd Barrett asked the Minister for Finance the latest figures of the net worth of Irish households including the net worth of the top 1%, the top 5% and the top 10% of these households; the estimated revenue that would be generated by levying a tax of 2% on the top 5% allowing for a tax-free allowance for each household of €1 million; and if he will make a statement on the matter. [41606/22]
View answerIn order to estimate the potential revenue from a tax of the nature outlined in this question it would first be necessary to identify the net worth of Irish households at an individual level. I am informed by the Revenue Commissioners that they currently have no statistical basis for compiling estimates in relation to such a tax. Although an individual's assets and liabilities are declared to the Revenue in a number of specific circumstances (for example, after a death), this information is not a complete measure of financial assets in the State, nor is it recorded in a manner that would allow analysis of the implications of an overarching wealth based tax.
The Central Bank’s Quarterly Financial Accounts for Q4 2021 (published 12 May 2022) does contain an overall household net wealth figure, but not the breakdowns requested by the Deputy.
It shows that household net wealth increased by €38.5bn in Q4 2021, to reach a record high €995bn. It should be noted that this growth may not reflect the underlying experiences of all households, or the distribution of wealth, and does not provide the granularity of data required to arrive at an estimate of the nature being sought.
The CSO published their Household Finance and Consumption Survey 2020 in May 2022. It has a median household net wealth figure and also provides a breakdown by income deciles, though again not the breakdown requested by the Deputy.
Therefore I cannot provide the estimated yield from a tax of the nature outlined in this question.
