{"id":2048,"date":"2018-06-14T17:02:51","date_gmt":"2018-06-14T17:02:51","guid":{"rendered":"https:\/\/factcheckni.org\/?p=2048"},"modified":"2022-03-02T11:05:36","modified_gmt":"2022-03-02T11:05:36","slug":"are-there-12500-millionaires-living-in-northern-ireland","status":"publish","type":"post","link":"https:\/\/factcheckni.org\/topics\/economy\/are-there-12500-millionaires-living-in-northern-ireland\/","title":{"rendered":"Are there 12,500 millionaires living in Northern Ireland?"},"content":{"rendered":"\n<p><strong>This claim is unsubstantiated. The information published by Barclays Wealth &amp; Investments contains proprietary data and cannot be checked. There is also a lack of official data on wealth in Northern Ireland.<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"http:\/\/factcheckni.org\/wp-content\/uploads\/2018\/06\/factcheckni-043-millionaires-1024x576.jpg\" alt=\"\" class=\"wp-image-20444\" srcset=\"https:\/\/factcheckni.org\/wp-content\/uploads\/2018\/06\/factcheckni-043-millionaires-1024x576.jpg 1024w, https:\/\/factcheckni.org\/wp-content\/uploads\/2018\/06\/factcheckni-043-millionaires-300x169.jpg 300w, https:\/\/factcheckni.org\/wp-content\/uploads\/2018\/06\/factcheckni-043-millionaires-768x432.jpg 768w, https:\/\/factcheckni.org\/wp-content\/uploads\/2018\/06\/factcheckni-043-millionaires-1536x864.jpg 1536w, https:\/\/factcheckni.org\/wp-content\/uploads\/2018\/06\/factcheckni-043-millionaires-65x37.jpg 65w, https:\/\/factcheckni.org\/wp-content\/uploads\/2018\/06\/factcheckni-043-millionaires-150x84.jpg 150w, https:\/\/factcheckni.org\/wp-content\/uploads\/2018\/06\/factcheckni-043-millionaires-75x42.jpg 75w, https:\/\/factcheckni.org\/wp-content\/uploads\/2018\/06\/factcheckni-043-millionaires-71x40.jpg 71w, https:\/\/factcheckni.org\/wp-content\/uploads\/2018\/06\/factcheckni-043-millionaires.jpg 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Two articles were published recently, claiming that there are 12,500 millionaires in Northern Ireland.<\/p>\n\n\n\n<p>A recent&nbsp;<a href=\"https:\/\/sluggerotoole.com\/2018\/03\/10\/evaluating-the-peace\/\" target=\"_blank\" rel=\"noopener noreferrer\">post<\/a>&nbsp;(10\/03\/2018) by Se\u00e1n BRENNAN on Slugger O\u2019Toole argued the following:<\/p>\n\n\n\n<p>\u201cThe new Executive exercised their political power through the models and principles of a neoliberal market economy between 2010-2015. As a result, the number of millionaires in Northern Ireland increased by 40%, to 12,500.\u201d<\/p>\n\n\n\n<p>Similarly, The Belfast Telegraph also&nbsp;<a href=\"https:\/\/www.belfasttelegraph.co.uk\/news\/northern-ireland\/northern-ireland-notches-up-1000-more-millionaires-in-past-year-as-economy-bounces-back-36099040.html\" target=\"_blank\" rel=\"noopener noreferrer\">reported<\/a>&nbsp;on 5 September 2017:<\/p>\n\n\n\n<p>\u201cAccording to the findings there are now 12,500 millionaires living here \u2014 a rise of 8.7% in the last 12 months. This brings the regional share of millionaires to 2% of the UK as a whole.\u201d<\/p>\n\n\n\n<p><b>Who is a millionaire?<\/b><\/p>\n\n\n\n<p>It is important to note that in this context that \u201cmillionaire\u201d refers to an individual that holds&nbsp;<i>wealth<\/i>&nbsp;(including pension savings, investments, belongings, and property values less any outstanding mortgage) that amounts to more than \u00a31 million. However, in considering this claim, it is clear that there is an overlap in the analysis between&nbsp;<i>wealth<\/i>&nbsp;and&nbsp;<i>income<\/i>.<\/p>\n\n\n\n<p><b>Income<\/b><\/p>\n\n\n\n<p>For example, the Northern Ireland Statistics and Research Agency (NISRA) details the&nbsp;<a href=\"https:\/\/www.nisra.gov.uk\/statistics\/economic-output-statistics\/gross-disposable-household-income\" target=\"_blank\" rel=\"noopener noreferrer\">Gross Disposable Household Income (GDHI):<\/a><\/p>\n\n\n\n<p>\u201cGross Disposable Household Income (GDHI) is the amount of money individuals have for spending or saving. &nbsp;This is money left after expenditure such as taxes associated with income and social contributions, property ownership and future provision for pension income.\u201d<\/p>\n\n\n\n<p>It found:<\/p>\n\n\n\n<ul><li>the GDHI estimate for Northern Ireland for 2016 was \u00a329,271 million<\/li><li>this represents \u00a315,719 per head of population<\/li><li>the 2016 Northern Ireland GDHI per head of population figure was 80.9% of the corresponding UK figure<\/li><li>Northern Ireland\u2019s total GDHI grew by 1.6% in 2016 compared to growth of 1.5% for the UK as a whole<\/li><\/ul>\n\n\n\n<p><b>Wealth<\/b><\/p>\n\n\n\n<p>The implications of wealth and income was considered by a&nbsp;<a href=\"http:\/\/www.nicva.org\/sites\/default\/files\/d7content\/attachments-resources\/economic_inequality_in_northern_ireland.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">report<\/a>&nbsp;commissioned by the&nbsp;<a href=\"http:\/\/www.nicva.org\/programmes\/centre-economic-empowerment\" target=\"_blank\" rel=\"noopener noreferrer\">Centre for Economic Empowerment<\/a>&nbsp;at&nbsp;<a href=\"http:\/\/www.nicva.org\/\" target=\"_blank\" rel=\"noopener noreferrer\">NICVA<\/a>&nbsp;and undertaken by&nbsp;<a href=\"https:\/\/www.npi.org.uk\/\" target=\"_blank\" rel=\"noopener noreferrer\">The New Policy Institute<\/a>, which considered the causes and implications of economic inequality in Northern Ireland and in relation to the relatively modest proportion of millionaires in the region in comparison with other regions in the United kingdom. The report stated:<\/p>\n\n\n\n<p>\u201c\u2026some of the potentially more concerning consequences of the rise of the top 1% might be around the distribution of political power (for example, Gilens &amp; Page, 2014 or Piketty, 2014). The 1%, however, might be less important for Northern Ireland, which is unlikely to host many of the global or even UK\u2019s top 1% of the income distribution. One illustrative point in case for this is that Barclays Wealth recently estimated one in 128 people in Northern Ireland to be a millionaire, compared to one in 65 in the United Kingdom as a whole (2015).\u201d<\/p>\n\n\n\n<p>Notably, this report also emphasises that there is a lack of reliable data on the nature of wealth in Northern Ireland and makes the recommendation that Northern Ireland should be included in the&nbsp;<a href=\"https:\/\/www.ons.gov.uk\/peoplepopulationandcommunity\/personalandhouseholdfinances\/incomeandwealth\/methodologies\/wealthandassetssurveywaswave5validationoffiguresagainstexternalsources\" target=\"_blank\" rel=\"noopener noreferrer\">Wealth and Assets Survey<\/a>&nbsp;(as it exists in Great Britain), or that a Northern Ireland version should be created to remedy the lack of reliable wealth statistics.<\/p>\n\n\n\n<p><b>Prosperity<\/b><\/p>\n\n\n\n<p>Both articles detailing that there are 12,500 millionaires in Northern Ireland are informed by data provided by&nbsp;<a href=\"https:\/\/wealth.barclays.com\/en_gb\/home\/research\/research-centre\/uk-prosperity-map.html\" target=\"_blank\" rel=\"noopener noreferrer\">The UK Prosperity Map<\/a>. This is an annual piece of research compiled on behalf of Barclays Wealth &amp; Investments. It ranks UK regions and cities in terms of their affluence. A Prosperity Index score is calculated for each UK city and region and utilises third-party figures on the factors listed below:<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"594\" height=\"492\" src=\"http:\/\/factcheckni.org\/wp-content\/uploads\/2018\/06\/screen-shot-2018-06-14-at-09-59-35.png\" alt=\"\" class=\"wp-image-20448\" srcset=\"https:\/\/factcheckni.org\/wp-content\/uploads\/2018\/06\/screen-shot-2018-06-14-at-09-59-35.png 594w, https:\/\/factcheckni.org\/wp-content\/uploads\/2018\/06\/screen-shot-2018-06-14-at-09-59-35-300x248.png 300w, https:\/\/factcheckni.org\/wp-content\/uploads\/2018\/06\/screen-shot-2018-06-14-at-09-59-35-65x54.png 65w, https:\/\/factcheckni.org\/wp-content\/uploads\/2018\/06\/screen-shot-2018-06-14-at-09-59-35-150x124.png 150w, https:\/\/factcheckni.org\/wp-content\/uploads\/2018\/06\/screen-shot-2018-06-14-at-09-59-35-60x50.png 60w, https:\/\/factcheckni.org\/wp-content\/uploads\/2018\/06\/screen-shot-2018-06-14-at-09-59-35-48x40.png 48w\" sizes=\"(max-width: 594px) 100vw, 594px\" \/><\/figure>\n\n\n\n<p>The research (from 2017) states that:<\/p>\n\n\n\n<p>\u201cNorthern Ireland has climbed one place in the Prosperity Map ranking and is now the UK\u2019s fourth most prosperous region. Earnings have seen the second-highest increase of any region, up 3.6% \u2013 only the West Midlands (3.9%) has seen a greater leap.\u201d<\/p>\n\n\n\n<p>It goes on to detail the following:<\/p>\n\n\n\n<p>\u201cIts [Northern Ireland\u2019s] millionaire population has seen an 8.7% growth and now numbers 12,500, although its overall share of the UK\u2019s total millionaire population remains consistent at 2%.\u201d<\/p>\n\n\n\n<p>The data informing the this provided by&nbsp;<a href=\"https:\/\/www.wealthx.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Wealth-X<\/a>, and calculates UK millionaire numbers for all regions in the UK. The methodology for how millionaires are identified and accounted for is less clear, simply&nbsp;<a href=\"https:\/\/www.barclays.co.uk\/wealth-management\/news-and-insight\/uk-prosperity-map\/about-this-research\/\" target=\"_blank\" rel=\"noopener noreferrer\">stating that it<\/a>:<\/p>\n\n\n\n<p>\u201cincorporates factors including spending, investment and asset valuations from both public and proprietary sources\u201d.<\/p>\n\n\n\n<p><b>Conclusion:<\/b><\/p>\n\n\n\n<p>Official statistics provide evidence of an increase in income in Northern Ireland. But there is a lack of official data on wealth in Northern Ireland (but available in Great Britain). Other published information on wealth in Northern Ireland is not transparent, and we are unable to check its calculations or revisions (as reported &nbsp;in both&nbsp;<a href=\"https:\/\/www.belfasttelegraph.co.uk\/news\/northern-ireland\/northern-ireland-now-has-14000-millionaires-31484067.html\" target=\"_blank\" rel=\"noopener noreferrer\">2015<\/a>&nbsp;and&nbsp;<a href=\"https:\/\/www.belfasttelegraph.co.uk\/news\/northern-ireland\/northern-ireland-loses-1000-millionaires-in-one-year-35005209.html\" target=\"_blank\" rel=\"noopener noreferrer\">2016<\/a>).<\/p>\n\n\n\n<p>Therefore, the specific total of 12,500 millionaires in the region can neither be confirmed nor dismissed.<\/p>\n\n\n\n<p><em>Image:&nbsp;CC BY-NC Allan LEONARD @MrUlster<\/em><\/p>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<p><em>FactCheckNI is Northern Ireland\u2019s first and only dedicated independent fact-checking service and a <a href=\"https:\/\/ifcncodeofprinciples.poynter.org\/profile\/factcheckni\" target=\"_blank\" rel=\"noopener noreferrer\">verified signatory<\/a> to the International Fact-Checking Network&#8217;s <a href=\"https:\/\/www.poynter.org\/ifcn-fact-checkers-code-of-principles\/\" target=\"_blank\" rel=\"noopener noreferrer\">Code of Principles<\/a>. You can learn more about <a href=\"https:\/\/factcheckni.org\/about\/\" target=\"_blank\" rel=\"noopener noreferrer\">about FactCheckNI<\/a>, our <a href=\"https:\/\/factcheckni.org\/about\/personnel\/\" target=\"_blank\" rel=\"noopener noreferrer\">personnel<\/a>, what our article <a href=\"https:\/\/factcheckni.org\/blog\/for-your-consideration-factcheckni-verdict-ratings\/\" target=\"_blank\" rel=\"noopener noreferrer\">verdicts<\/a> mean, and how to <a href=\"https:\/\/factcheckni.org\/claims\" target=\"_blank\" rel=\"noopener noreferrer\">submit a claim<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This claim is unsubstantiated. The information published by Barclays Wealth &amp; Investments contains proprietary data and cannot be checked. There is also a lack of official data on wealth in Northern Ireland. Two articles were published recently, claiming that there are 12,500 millionaires in Northern Ireland. A recent&nbsp;post&nbsp;(10\/03\/2018) by Se\u00e1n BRENNAN on Slugger O\u2019Toole argued&#8230;<\/p>\n","protected":false},"author":2,"featured_media":22637,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[25],"tags":[84],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Are there 12,500 millionaires living in Northern Ireland? - FactCheckNI<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/factcheckni.org\/topics\/economy\/are-there-12500-millionaires-living-in-northern-ireland\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Are there 12,500 millionaires living in Northern Ireland? - FactCheckNI\" \/>\n<meta property=\"og:description\" content=\"This claim is unsubstantiated. The information published by Barclays Wealth &amp; Investments contains proprietary data and cannot be checked. There is also a lack of official data on wealth in Northern Ireland. Two articles were published recently, claiming that there are 12,500 millionaires in Northern Ireland. 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The information published by Barclays Wealth &amp; Investments contains proprietary data and cannot be checked. There is also a lack of official data on wealth in Northern Ireland. Two articles were published recently, claiming that there are 12,500 millionaires in Northern Ireland. A recent&nbsp;post&nbsp;(10\/03\/2018) by Se\u00e1n BRENNAN on Slugger O\u2019Toole argued...","og_url":"https:\/\/factcheckni.org\/topics\/economy\/are-there-12500-millionaires-living-in-northern-ireland\/","og_site_name":"FactCheckNI","article_publisher":"https:\/\/www.facebook.com\/factcheckni","article_published_time":"2018-06-14T17:02:51+00:00","article_modified_time":"2022-03-02T11:05:36+00:00","og_image":[{"width":1200,"height":630,"url":"https:\/\/factcheckni.org\/wp-content\/uploads\/2019\/08\/funding-doj-1.png","type":"image\/png"}],"author":"FactCheckNI","twitter_card":"summary_large_image","twitter_creator":"@FactCheckNI","twitter_site":"@FactCheckNI","twitter_misc":{"Written by":"FactCheckNI","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/factcheckni.org\/topics\/economy\/are-there-12500-millionaires-living-in-northern-ireland\/#article","isPartOf":{"@id":"https:\/\/factcheckni.org\/topics\/economy\/are-there-12500-millionaires-living-in-northern-ireland\/"},"author":{"name":"FactCheckNI","@id":"https:\/\/factcheckni.org\/#\/schema\/person\/85d1ea0fa0159339bdadca79e73ec7fa"},"headline":"Are there 12,500 millionaires living in Northern Ireland?","datePublished":"2018-06-14T17:02:51+00:00","dateModified":"2022-03-02T11:05:36+00:00","mainEntityOfPage":{"@id":"https:\/\/factcheckni.org\/topics\/economy\/are-there-12500-millionaires-living-in-northern-ireland\/"},"wordCount":865,"publisher":{"@id":"https:\/\/factcheckni.org\/#organization"},"image":{"@id":"https:\/\/factcheckni.org\/topics\/economy\/are-there-12500-millionaires-living-in-northern-ireland\/#primaryimage"},"thumbnailUrl":"https:\/\/factcheckni.org\/wp-content\/uploads\/2019\/08\/funding-doj-1.png","keywords":["wealth"],"articleSection":["Economy"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/factcheckni.org\/topics\/economy\/are-there-12500-millionaires-living-in-northern-ireland\/","url":"https:\/\/factcheckni.org\/topics\/economy\/are-there-12500-millionaires-living-in-northern-ireland\/","name":"Are there 12,500 millionaires living in Northern Ireland? 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