In 1926, when Eugene and James Davy opened the doors of their new business, Ireland was a fledgling Free State, predominantly rural, economically fragile and recovering socially and otherwise from years of political upheaval. Fast-forward 100 years, ours is one of the world’s most successful and globalised economies and Davy has evolved from aspirant stockbroker to Ireland’s leading wealth manager, with more than €29 billion of client assets under management today. The market context for Davy in 1926 was very challenged, with a concentration of wealth in the ruling elite, meaning that opportunities were limited largely to institutional clients. As the Free State established, that situation started to change, with the move from protectionism to free trade and increased access to third-level education radically improving the opportunities for household wealth creation from the 1980s onwards. Today, Irish households count among the wealthiest in the European Union, and the annual rate of growth in net household assets is high by international standards. The incidence of first-time wealthy households in Davy’s business is remarkable, with the profile of wealth ownership in Ireland continuing to change in important ways. Today, women feature heavily in the client profile of Davy, owning close to a third of the money we manage for our clients. This speaks to progressive change in the societal role of women, unfathomable in the patriarchal society of 1926. Davy offices, Dublin. Photograph: Mark Henderson Wealth ownership has moved well beyond traditional Dublin enclaves; now urban centres such as Cork, Limerick, Galway, Waterford, Kilkenny and Dundalk, as well as rural areas, feature prominently as places of residence of new clients across Davy’s business. Underpinning both trends, we have seen a fast rate of growth in the incidence of wealthy employed (versus entrepreneurs), a trend that is set to continue as defined contribution pensions start to dominate. The age of our first-time clients has remained relatively constant across time, with wealth accumulation still most feasible from the mid-40s as the financial demands of business establishment, home ownership and child-raising abate for some. Demographic factors also mean that the average age at which Irish people receive inheritances is rising. While aggregate wealth has grown remarkably, we are now reaching something of a hinge point. The same forces that have underpinned Irish household wealth in recent decades are now testing how it can be sustained, deepened and shared. The policy and tax choices we make over the coming years will shape how the next hundred years unfold. The rate of growth in Irish business wealth is sluggish and low relative to many of our euro zone peers despite our remarkable economic performance. Irish business owners speak to the need for policy and taxation change, striking the right balance across supporting valuable multinational activity and enabling domestic enterprise. Falling home ownership rates among young people in the State risk increasing wealth inequality. Property remains the primary asset of lower-wealth households and a very important source of inheritance wealth for many lower-income families. Irish households are under-realising the opportunity for tax-efficient investing via their pensions with the implications for the public purse exacerbated medium-term by changing home ownership rates and a declining national birth rate. We estimate a private pension deficit of circa €250 billion across the State’s working population in 2024, significantly larger than the total value of household deposits. Finally, levels of participation in public market investing remain low relative to our financial capacity. The erosive impacts of inflation on cash savings are not broadly understood and the risks and/or complexity of investing over-interpreted. These challenges are well recognised, with a series of important policy initiatives already under way or in development. We are very supportive of the planned introduction of Savings and Investment Accounts, with the strength and the simplicity of the underpinning tax incentive critical to ensuring a broad societal participation.In our Pre-Budget Submission 2027, we call for a review of the tax system as it impacts Irish business owners as well as a series of short-term tax changes to improve the risk-reward balance of entrepreneurship across our economy. In summary, while we have much to celebrate in the progress of Irish society, economics and wealth over the course of the past century and even decades, there is limited room for complacency with a short-term need to address those factors which are constraining the conversion of economic strength to sustainable household wealth.