With more than 33,000 millionaires in the Republic, there is a wide range of wealth management services for the seriously rich, writes Caroline Madden.

In the past, only an elite few could gain entry to the millionaires club, but now it seems the country is awash with people whose net wealth has broken through the seven-digit mark.

According to the recent "Wealth of the Nation" report from Bank of Ireland Private Banking, the number of millionaires in the Republic increased by 10 per cent in 2006 alone, and now stands at 33,000.

The report also revealed that the average Irish person now boasts a net wealth of €196,000, which makes us the second richest nationality after the Japanese.

Not surprisingly, the unprecedented levels of affluence that have emerged in recent years have spawned a thriving private banking and wealth management industry, with banks, brokerages and advisory firms falling over themselves to pander to every possible financial whim of the swelling ranks of high net-worth individuals.

But just how rich do you have to be to avail of these bespoke financial services? Private banks tend to project an air of exclusivity, so if you're not a multimillionaire property tycoon or high-profile business magnate, will they politely suggest that your needs might be better served elsewhere?

Well, that depends. Take AIB for example. Its private banking business is aimed exclusively at the top 1 or 2 per cent of the bank's clientele.

"There are two markets effectively," explains John Rockett, head of private banking at AIB. "There's the extremely top end, the extremely high net-worth end, and then there's what we define as the 'emerging affluent' market. Some banks would cater for both under the same brand but we don't. We separate it."

Kevin Quinn of Bank of Ireland Private Banking says his division's clients tend to have investable assets of €800,000 to €1,000,000, although this can vary depending on the individual's circumstances. Quinn stresses that clients come from hugely varied business backgrounds.

"It would be false to characterise it all as connected to the property market by any stretch," he says.

However one common theme is that their wealth tends to be very much "first generational" in nature.

Most of the stockbroking houses have also tapped into the wealth management market through their private client businesses.

Davy stockbrokers says its client base typically consists of individuals with €500,000 upwards of assets available for investment, while NCB stockbrokers describes its offering as a "niche, high net-worth business", aimed exclusively at the upper echelons of the wealth market.

"We're very choosy about who we deal with," a spokesman said.

Well-heeled individuals looking for something a little more accessible may wish to consider Dublin-based broker, Bloxham.

"Our client base varies from people with millions, if not tens of millions, all the way down to people with €100,000," says Pramit Ghose, head of wealth management. He also noted that many high net-worth individuals tend to split their assets between a number of different providers.

Advisory firms specialising in property and private equity deals, such as Warren Private and Quinlan Private, have also carved themselves a significant slice of the market, and regularly make headlines with landmark deals carried out on behalf of their clients.

According to a spokesman for Quinlan Private, which now manages more than €10 billion in assets, there is a misconception that the firm only deals with extremely high net-worth individuals.

Certainly its client list boasts an impressive array of high-profile movers and shakers worth tens of millions or more, but many of its investments, such as the Western European Office Portfolio, can be accessed for €500,000 upwards.

It's reasonable to assume that most people who avail of private banking and top-end wealth management services have enjoyed considerable success in their business and working lives and that many would be au fait with financial markets and have a sharp eye for investments.

So why bother paying commission to advisers to manage their wealth when they could probably do a perfectly good job of it themselves?

Quinn says: "Many people who run their own business are very expert at what they do, but haven't got the time to devote to all the complexities associated with studying the stock market, the property market and keeping up to date with economies."

"So there's a time dimension to it that hampers a lot of people doing things themselves. Also people who have been very successful in running a business are very expert in a given field but recognise that they don't have expertise in other areas and will look to firms like ourselves to provide that expertise."

But perhaps the most persuasive factor is that investment opportunities can be accessed through private banks, brokers or advisory firms that would otherwise be beyond the reach of individual retail investors.

For example, even if you have assets of €500,000 at your disposal in the current property market, it could prove challenging to find a worthwhile investment.

"We would be raising equity at present in private equity infrastructure in . . . Asian real estate and in areas like that that aren't as run of the mill," Quinn says.

Similarly, NCB provides its clients with the opportunity to invest in exclusive private equity offerings that other clients may have proposed to them.

"We would have a lot of entrepreneur clients here and through that pipeline you would get a lot of private equity projects coming through," a spokesman for NCB said.

The firm also tailors a variety of structured products for its clients.

For example, if a client is looking for capital security on an equity investment or wishes to take a certain amount of income from their investment every year, then NCB can create a bespoke solution.

Private banking encompasses far more than simply growing the client's wealth through investments. Quinn explains that there are three distinct phases to wealth management - the enhancement phase, the preservation phase and the transfer phase.

The services available during the two latter phases range from advice on how to extract wealth from the person's business to fund their retirement, to transferring wealth to the next generation.

John Rockett has noticed that many clients, having built up very substantial wealth, are now increasingly concentrating on structuring their wealth, for example by setting up vehicles which enable them to retain some control over their money while at the same time allowing it to grow for the benefit of their children.

"It's not just simple succession planning, it is much more in- depth, it is long-lasting and it is inter-generational," he says. "That's the big future in terms of where I see the market going."