Top two Irish billionaires have more wealth than bottom half of population

Ireland's two richest billionaires have more combined wealth than the bottom half of the population in the country, according to figures released by the charity Oxfam. 

Oxfam’s annual Inequality Report, which derives its calculations from the Forbes rich list, found that the richest 1% of people in Ireland hold 35.4% of the country’s financial wealth. 

A progressive wealth tax on Irish millionaires and billionaires could generate up to €9.2 billion a year, the charity says.

Oxfam Ireland has called on the Government to tax extreme wealth and also ensure no taxpayer money goes to corporations who flout their obligations and to empower regulators, workers and the Irish state to take on over-reaching corporations.

"It's time for states to reassert themselves, including the Irish state," said Bríd McGrath, Director of Public Affairs at Oxfam Ireland.

"We are calling on the Irish government to properly tax wealth and close the loopholes for tax avoidance. Oxfam estimates that a progressive tax on wealth could yield up to €9 billion annually. 

"We believe that not one cent of taxpayer' money should go to errant corporations that don't take their corporate citizenship seriously - those who abuse their dominant position, don't pay their workers a living wage, who refuse to reduce carbon emissions – those companies should be outside the fold when it comes to grant aid, tax breaks and any other reliefs at budget time," Ms McGrath said.

She said they are also calling on the Irish government to work at home and at EU level to curb excess corporate power.

"Ireland should wholeheartedly support moves within the EU to break up monopolies, to fight the privatisation of crucial public services, to advance worker and consumer rights and to protect the environment," Ms McGrath said.

“We cannot be in a situation where the real economic power lies in the hands of the few. The state and the people can reclaim our rightful place," Ms McGrath said. 

Oxfam found that the world’s five richest men have seen their fortunes more than double since 2020, which over the same time period five billion people have become poorer.