Average net wealth per adult in Ireland is now higher than during the Celtic Tiger and has more than doubled over the past 12 years, according to the Building Wealth Report from Unio Wealth Management.

At €323,000, average net wealth is now €23,000 higher than at the peak of the boom and €183,000 higher than in 2013. The report defines wealth as the total value of financial assets and property minus outstanding debt.

In 2013, the UK's average net wealth per adult was nearly a third higher than Ireland's, but the tables how turned, with Irish adults believed to be 30 per cent wealthier than their UK counterparts.

Ireland's total net household wealth has risen from €500 billion to €1.27 trillion since 2013 at an annual growth rate of 7.6 per cent, surpassing France, Germany and the UK and only lagging behind Luxembourg.

A third (31 per cent) of Irish wealth is made up of financial assets, broadly in line with other EU countries and well behind Switzerland (53 per cent).

This figure is expected to rise as Ireland's culture of investing grows, driven by Dublin's status as a major tech hub, which is contributing to the country's increased wealth.

“Our aim is to contribute to a well-informed conversation around wealth in Ireland and people’s attitudes to the notion of wealth," said Mike O'Sullivan, director and chief investment officer at Unio.

"While Ireland is now very well positioned compared to other European countries, Switzerland and the US lead in terms of average wealth per adult at €720k and €574k respectively, what these countries have in common is a mature culture of wealth planning and investing.

"Ireland could climb higher in the global wealth rankings through greater uptake of advice and investing in financial assets.”

According to a Red C sentiment survey commissioned by Unio Wealth Management as part of its Building Wealth Report, only 10% of Irish people consider themselves "quite wealthy".

Just 40% of Irish people feel wealthier than they were ten years ago, with younger people and those in higher income brackets most likely to express this sentiment.

The research shows that Irish people are divided on the concept of wealth. An equal number of respondents feeling comfortable with the term as those who feel uncomfortable.

Four in ten (40 per cent) of respondents in the 18-34 cohort expressed comfort with the notion of wealth.

Irish people across all income brackets are broadly aligned in associating wealth with financial security and "peace of mind".

There is an increased desire for the provision of financial advice as 40 per cent of those Irish people who consider themselves in a position of wealth wish to avail of such services.

“To many people, Ireland is a rich country, but we just don’t feel it on account of difficulties with housing, childcare and infrastructure rollouts in comparison with our European counterparts," said O'Sullivan.

"It is worth noting that much of Ireland’s wealth is ‘new wealth’ and there are fewer multi-generational businesses compared to other EU countries, which suggests Irish people are still coming to terms with the notion of wealth. For instance, although Irish adults are 30 per cent richer than their UK counterparts, the UK has a far greater level of multi-generational wealth than Ireland, although that is now changing.

"Overall, the report paints a picture of a stressed middle class. Irish households are statistically much wealthier compared to other European nations but there isn’t a broad sense of wealth amongst the population, which can likely be attributed to inflation and a high cost of living along with people associating their incomes as a sole measure of wealth.”

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