The wealthiest 1% of Irish society now owns more than a quarter of the country's wealth according to a new report from Oxfam.

In total the study, based on data collated from Forbes, Credit Suisse and Wealth-X, found eight Irish people are worth over €1 billion. The research also shows that with €15 billion between them, the two richest people here have 50% more wealth than the poorest half of the population.

Fórsa has long campaigned for income equality both in Ireland and internationally. We do this not only in our day-to-day work, but also with our sister unions in the Irish Congress of Trade Unions.The recent research from Oxfam Ireland is shocking but unfortunately not unexpected.

The trade union movement has a unique perspective to bring to the issue as we represent workers in all sectors of society. Patricia King in her speech to the ICTU conference in 2021 put it well when she said:

“Decent and fair wages, collectively bargained, are the most effective instruments of wealth distribution. But some of the players in these sectors regard workers as expendable commodities, instruments only to expanding their own profits and gain.

“They despise the notion that trade unions could enable workers to achieve such fairness. They vehemently oppose any attempt to alter the status quo, and effectively they disenfranchise workers who may wish to become organised but the fear and risk is too great.”

The Oxfam study entitled “Survival of the Richest” states that over the last two years the richest 1% of the world’s population have acquired nearly twice as much wealth as the rest of humanity put together.

Trade unions have and will continue to work with other groups to seek to rebalance these glaring difficulties.

We will continue organising, representing, and negotiating on behalf of workers and play our role in ensuring a fairer share of the pie.