Wealthy Irish less likely to invest abroad than others

High net-worth individuals in Ireland prefer to keep their wealth close to hand, according to a new survey which find that such investors rarely invest in assets overseas.

The Rise of the Global Citizen report from Barclays, surveyed 2,000 wealthy individuals across the EU and found that Irish high net-worth individuals are much less likely to have a geographic diverse portfolio of assets than their European counterparts.

Some 68 per cent of rich people in Ireland also said that none of their wealth are held in an institution or bank located abroad, compared to a European average of 50 per cent.

Irish high net-worth individuals were also found to be keen on staying in Ireland with just 16 per cent of them planning to move to a different country in the next five years, versus 20 per cent in the UK and an EU average of 18 per cent. For those planning a move overseas, 41 per cent said they were looking to move because of possible economic opportunities. A further 29 per cent said they were doing it to start a new business.

As well as keeping their families and business interests within the country, wealthy individuals in Ireland also choose philanthropic causes close to home. Some 60 per cent of wealthy Irish people prefer to donate their time and money to local causes, rather than global initiatives.