How Ireland Became the Richest Country that no one can live in

This is the Republic of Ireland, a country home to 5.1 million people that are all becoming the wealthiest citizens in the world.

As proof, Ireland’s GDP per capita is larger than traditionally rich nations like Switzerland and Norway, and this publication from the Central Bank of Ireland pointed out that one in eight households in Ireland are millionaires, at least on paper.

But ask any Irish people you knew and they will tell you that Ireland is not a good place to live in, to the point that 7 out of 10 young people in Ireland want to emigrate somewhere else. The cost of living is through the roof, housing is unaffordable that many people live with their parents, and it is hard to find a job. It’s as if they are the victim of their own success.

So what happened?
How is it that a country so rich and advanced is at the same time, deemed almost unliveable by its own people? Well, today we're going to explore this paradox.

Music by Epidemic Sound

Stock Footage by Storyblocks

#Ireland #Economics #Doverhill

about economics explained, about Finance and how money works, on Ireland's economics, tax haven, and why it is unliveable according to its own people, This is an economics/finance video

[markwidgery]

Just a very good example of the misunderstanding of economic statistics. Having multi national companies registered in your country to avoid tax does not mean that these companies profits are yours or that they employ your citizens.

[eoinoconnell]

Irish here.
0:42 You mention it is hard to find a job.
It is not. It is, however, hard to find a job that pays sufficiently to live on.

[MsKrankshaft]

Really interesting to watch as an Irish native. Find myself priced out of my own country and having to look abroad for a quality of life commensurate with my experience and qualifications. Here I am forced to commute circa 400km to work in the capital because I can't afford to rent and live in the capital or surroundings on my salary and with paying back educational and car loans. I'm approaching 40. I live with my parents. I'm disillusioned with my country and my situation. I know I'm not alone 😢

[ronanpassmore]

Fantastic detail in this video. Native irishman watching this from The Netherlands. Studying in dutch and integrated at just 22 with no previous links here. Brothers and sisters dotted across the world from NZ to America. I would say 90 percent of my peers from school (in the countryside) plan on emigrating and would say 75% have already. Breaks my heart because I loves me country💚

[marcolucidi]

I moved to Ireland in 2019 and despite the challenges I loved it, now the cost of everything went totally out of control and can't wait to leave for good

[thomasdilworth]

90% of the wealth owned by 5% of the population is not a rich nation! I'm working class and struggle to pay my way, just like most of the population!

[ViniciusVieira]

I lived in Ireland for 4 years. I enjoyed my time there, but the prices of virtually everything is crazy expensive. After a while it's a bit boring too.

[padraicogawain]

A bagman for a numbers racket can carry fortunes in cash. But that doesn’t mean he’s rich. He’s just parking and transporting other people’s money that never goes into his pocket.

[stardust]

It is not that Ireland is the richest country but its where the rich park their money DUE to Ireland being a tax haven. Most of the top companies in Ireland are multinational and not domestic Irish companies. If we are truly wealthy, the average salary will be on par with Singapore which average around $5700 per month. Reality average Irish salary is around $3600 per month. I use Singapore as comparison because Singapore population is similar to Ireland.

[acelgallander]

I read a wise quote somewhere:
“ Poverty Exists Because We Can Not Satisfy Rich “

[dulikon]

I moved back to Germany in 2021 after 12 years in Ireland to cut down my living costs. It was already ongoing a few years with no sight in End so i pulled the trigger. I hated it but it was a necessary evil - I miss living there

[azazaz]

In Ireland it's hard to find job with better pay than 11€/h minus taxes. But rent is 2500€ a month in Dublin. I know many people who left Ireland.

[davidreichert]

Although Canada has always been a prosperous nation, we are undergoing very similar issues here. Another case of too much prosperity making the cost of living soar even higher, especially when it comes to the cost of housing.

[Thisyoutubist]

Summary:
Large American brands (apple, microsoft, etc) invested in Ireland to benefit from low interest rates.
This made the GDP numbers go up.
But the money was sitting in banks and not circulating. So, people are poor, GDP numbers are looking rich.

[kimeli]

so basically its not their money, its foreign money.

[IsabellaCoelho]

As a foreigner who lived there for few years I must say, love the people and environment BUT, it's hard to find a house there, super expensive and landlords are (not everyone, ofc, but every single one that I had the displeasure to deal with) disrespectful and dishonest.

It's always clouded, cold and full of humidity... ngl, left Ireland bc I've got depressed.

[thomas]

I lived in Ireland for quite a long time. Actually through the 1990s Ireland was a country of immense economic growth and optimism. Generally the standards of living were rising rapidly. That started to slow around the time Ireland joined the Euro, around the Millennium, as Ireland exited a productivity based economy and entered a credit bubble based around housing. When that crashed around 2008 the country's quality of living regressed and I don't think has ever fully recovered.

[jayemer]

I live in N. Ireland. Before Ireland joined the EU most of the people head down to the South to shop cos it was a lot less cheaper, now it's the opposite. We either head to other UK cities to find jobs or go on holidays there.

[othmarbrunner]

Not because of hard work but because of all large foreign corporations operating there to avoid high taxes they really should not brag about this

[Batmangutten]

Countries like Ireland is why I don't use GDP per capita to measure the economic well being of a nation. The best measure, in my opinion, is personal consumption expenditure per capita in PPP dollars.