The wealth of the wealthy

How do the apologists for the present economic order justify the reality that 1 per cent of the population have 34 per cent of the wealth of the country, when the value of housing is excluded? Even when the value of housing is included the top 1 per cent holds 20 per cent of the wealth and thehe top 5 per cent holds 40 per cent of the wealth. 

This date was included in the annual report of the private banking department of the Bank of Ireland, “The Wealth of the Nation”.

According to the report the asset base (excluding residential property) of the top 1 per cent of the populating increased from €86 billion to €100 billion in 2005 alone, an increase of 16 per cent. The growth rate since 1995 has been from just under €25 billion, an annual average growth rate of 13.7 per cent. And the expectation is that these assets will grow to €133 billion by 2010 and to €216 billion by 2015.