The Irish join the world's wealthiest - by Carl Mortished
The Irish have leapt into the top tier of the world’s wealthiest citizens after a decade of rampant economic growth and soaraway property prices that has transformed household balance sheets in the Republic and created 30,000 millionaires.
The average Irishman and woman is richer than an American, a Briton or a German, according to Bank of Ireland research into the nation’s wealth. Only the Japanese still rank higher in net wealth per head in the bank’s survey of leading OECD nations.
The country’s unusual demographics more resemble that of an emerging Asian market economy than a European state and Bank of Ireland reckons that the stimulus of a higher birth rate and immigration will keep the Irish economy advancing at a brisk pace. Total household net worth will almost double to €1.2 trillion by 2015, the bank reckons.
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