The source I linked shows the Ireland housing index going from around 33 in 1995 to over 180 in 2025. That's an over 6x real return, which equates to a rate of return of over 6.5% after inflation.

Looking at the CEIC data you linked, which is not inflation-adjusted, it shows household income increasing from just under $20k in 2003 to around $40k in 2023. Plugging that into the CAGR formula you get a 3.5% nominal annual return.

So house prices have increased at over 6.5% annually after inflation, while household incomes have increased at 3.5% before inflation.

And your other link makes it clear that the change in wealth distribution is really just a side effect of the housing bubble:

> The Gini coefficient fell from 0.78 in Q2 2013 to 0.70 as of Q4 2020, before declining sharply since 2021 (Chart 3). This steeper decline in 2021 is driven by increasing net wealth for the Bottom 50%, accounted for by a combination of a decline in this groups mortgage liabilities and, to a lesser extent, an upward appreciation in the value of housing assets. As a consequence, by Q1 2022 the Gini coefficient for Ireland stood at 0.68.

Yes I made a mistake in my calculation - household income (from that CEIC data) rose 4.1% per annum between end of 2012 and the end of 2023.

Your graph comes from BIS data - picking 1995 as starting point is a little unfair as that's exactly when house prices started to rise - if I measure from 1990, the rise (using BIS nominal nominal to make comparison easier) is 5.1% per annum.

But yes house prices have risen faster than household incomes. Like pretty much everywhere else in the world.

> And your other link makes it clear that the change in wealth distribution is really just a side effect of the housing bubble

The claim I was contesting was that wealth inequality had increased in the last few decades. It has not - it has decreased significantly.

True this is bullshit. The government has a direct policy of wealth transfer from the population to itself and banks, who have "foreign" (except of course not really, for the worst example look at the board of the "gift to Ireland" national wealth fund and how the very young board members have no qualifications or experience and DO have family in government ...) ownership. Which, conveniently, isn't counted in the Gini coefficient.

But if you count household wealth in houses in Ireland, household wealth in Ireland in 1986 used to be 3 average Irish houses, and now it's 1/3rd. This was, just like anywhere else, deliberate government policy, amongst others to allow banks to invest in housing stock, preferential tax treatment and guarantees for property ownership, government buying of specific (mostly politician owned) housing, non-enforcement of both Irish and non-Irish tax law ... the list goes on.

Ireland prides itself on creating prosperity by lying and cheating other EU countries out of their tax income. Surprise! A government that lies on international treaties (they promised to enforce minimum tax since 2008, then ... didn't, then claimed credit for the "unseen in history prosperity boom"). Surprise! A government that does that ALSO lied to it's constituents and instead of delivering prosperity took 2/3rd of every euro you own.

"Oops, who could have seen this coming"

Again, the statistics and numbers completely contradict this narrative. We have a statistic - income redistribution - which effectively measures government policy in this regard.

For example, Ireland's redistribution of income from rich to poor does more to reduce inequality than any other country in the OECD. The numbers are here: https://ourworldindata.org/income-inequality-before-and-afte... or look at Figure 1 on page 10 here: https://www.oecd.org/content/dam/oecd/en/publications/report...

And in figure 3, page 11 of the above report, Ireland has seen the 3rd highest growth in income redistribution in the OECD with redistribution from wealthy to poor growing by 40% in the space of a decade

So as far as I can see the facts indicate that Irish government policy is the exact opposite of what you claim.

Clearly, it redistributes mostly from normal people to the government, not so much from the rich to the poor. Wouldn't it produce exactly those graphs if anyone actually counted became a lot poorer, then the rich just need to get not counted (Isle of Man perhaps?).

I don't know why the rich in Ireland are somehow not on that graph, but when you walk around in Dublin for 10 minutes you see that this just isn't the real situation. It absolutely isn't the case that there aren't very rich people in Ireland and obviously they're not getting their wealth redistributed ...