How Ireland is Secretly Becoming the Richest Country in the World

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In the mid-19th century, Ireland experienced a devastating period of starvation and poverty known as the Great Hunger. The potato fields, which were a main source of food for the Irish population, were decimated by a deadly pathogen, leading to the death of 1 million people, or 11% of the entire population, in just seven years. The effects of this disaster were long-lasting and the population of Ireland has never fully recovered.

Despite this, Ireland has managed to transform itself into one of the wealthiest nations in the world. It has achieved rapid economic growth and its citizens are among the most educated, wealthy, and happy in the world. However, this transformation is somewhat mysterious, as Ireland does not have any inherent qualities that would make it particularly well-suited for prosperity. It does not have abundant natural resources like other wealthy nations, and it has a relatively large population compared to other rich micronations.

In 2015, Ireland achieved an aggregate GDP growth rate of 25.2%, the fastest of any nation in the world. This growth has continued and it appears that Ireland is on track to become the wealthiest country in the world. But how exactly did Ireland become so incredibly rich, and is this economic miracle just too good to be true?

– Contents of this video --------------------------------
00:00 - Ireland's Economy
01:28 - Second Richest Nation on Earth
03:44 - Why Ireland was so Poor
05:35 - Economic Nationalism
07:02 - Ireland Opens up to the World
09:10 - The Sick Man of Europe
10:55 - The Celtic Tiger
15:22 - Leprechaun Economics
17:13 - Ireland Today & Tomorrow

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– Sources used ---------------------------------------------
-Nominal GDP per capita sourced from the IMF

#Ireland #IrelandEconomy #IrelandHistory #Economics #CasualScholar

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CasualScholar

I'm Irish, live in Dublin City, we may be a rich country, but the cost of living and chronic lack of housing and affordable housing really has a major impact on our personal wealth. During the global crisis, for maybe 10 years, no properties were built, and it's been very sluggish since. I feel sorry for anyone who rents here.

davidyasss

As a young Irish man I felt like I had to emigrate to make the most of my life.
I think while Ireland is growing economically, it’s the large corporations whose HQ’s are based in Ireland that make up this wealth. This huge wealth will never actually touch Irish businesses but return back to the U.S and other countries.
I may be incorrect, just a simple man’s view on things!

toiletpaper

I’m a swiss, and i feel sorry for those irish struggling to survive. it’s just really expensive rent and much more. i respect you irish, and don’t give up.

belgiumda

'Its population is not minute as Luxembourg or Singapore'

Ireland population: 5.1M
Singapore population: 5.5M

gianfraara

Irish guy with Masters in Economics here. Essentially what happened was a lot of company IP (intellectual property) moved to Ireland after a crackdown on places like Bermuda. This IP increases irelands GDP and it is taxable, which has led to a massive increase in corporation tax collected. It is this corporate tax take, running at around €20-25billion per year and rising rapidly, which is the pot of gold. The government at least is certainly rich, and runs a budget surplus every year. However, Ireland has always been poor at infrastructure development and also faces a labour shortage so even though the government and many people are flush with cash, it is not very obvious compared with a place like Dubai as there are major infrastructure deficits and prices for tradesmen like electricians, plumbers etc are sky-high. In some ways Ireland has been a victim of its own success, with young people now forced to emigrate as they can't afford to rent or buy a house, even if it's a relatively good place to have a career. There are plans to spend literally hundreds of billions of euro on infrastructure so who knows maybe in 30 years Ireland may look more obviously wealthy.

caezar

I'm a young Irish man and pretty much all of my friends are discussing which country to move to in order to afford rent. It's a 2 speed economy where corporate interests took all the power the church lost and the average citizen is left to pay their taxes

prof.slump_

Sadly with each passing day we can see the impact this awful policy has had on the UK. Tied up in red tape and tariffs with lower GDP than before the pandemic whilst the others in the G7, including Italy, are above. The lower GDP means we do not have the headroom to pay our way in the world and must resort to borrowing.Whilst there are rich people in the UK; a great many of us are poor and now we are poorer still. What steps can we take to generate more income during quantitative adjustment?I can't afford my hard-earned £600k savings to turn to dust

Curbalnk

watching this as an irish person who left the country 2 years ago lol. half of my friends have done the same. even the medical students mostly leave when they graduate as doctors - for my friend's year of medical students 80% are now in australia lol.

its nice if you have a specific corporate job in a few specific places but for the average person things are at least as hard as anywhere else in europe.

due to our fast economic development we honestly lack a lot of the good social services and organisation one would associate with similar countries. some details fell through the gaps. somewhere like the Netherlands or Norway has lots of good government housing for normal people. we don't.

TheDominionOfElites

As a 67 year old Englishman l am delighted to see the transformation of Ireland in my lifetime, not just economically but socially and culturally. As recently as the 1980s it was still poor and dominated by the church. So good to see it emerge from British domination and assert its own identity. A real good news story

jontalbot

I just love how everyone bangs on about the potatoes as the cause of the famine in Ireland and either gloss over or never mention at all that the British were seizing and exporting pretty much any food that wasn't a potato. Ireland was still growing enough wheat and barley, etc... to feed itself, all those other crops were just being shipped to England. Oh, and the English continued to ship food from Ireland to England even after the reports of mass starvation reached London. But yeah, blame the potato blight, *rolls eyes*.

hindumuninc

I’m 25 and leaving Ireland in June. Honestly I don’t care where too. The cost of rent in Ireland is insane. There’s almost no one in there 20s left here.

davidmathews

As someone who has emigrated to Ireland, it has its challenges. Expensive housing, low salaries, and poor transport. But I couldn't think of living anywhere else. The people make up for everything. I'm lucky and can afford a house, but I feel sorry for the next generation who will, again, have to leave to afford a lifestyle. I make a great salary, but still don't feel stable.

stephenrobinson

Im Irish with an undergrad, HDip postgrad and a masters. I work but my job is insecure, zero hour contracts non renewal of contracts is massively common and my wages arent good. Im 34 but live with my parents because I cant afford to move out of home. We have a massive housing crisis here and so many qualified teachers & nurses are forced to emigrate because of the cost of living and low wages + insecurity of teaching jobs and 0 rights for sub teachers, our health and education systems are failing, we have one of the worst public transport systems in Europe and its cheaper to go on Holiday for a week in Paris than a weekend in our own country. our economy looks good on paper but in reality, people are educated but poor with very few oppertunities.

teapot

I live in Ireland and definitely almost all Irish people are not rich at all. Most can't afford proper housing. Now the prices for groceries has skyrocketed. Sooner or later, there is going to be a big bubble burst in the real estate and there going to be big surprises.

IMANTHRYLOS

Ireland is awesome. Hope they go from strength to strength

shrinecraft

Ireland as a nation may be rich but myself and my wife had to leave to live a life we could never afford in Ireland. Hoping the people will see it one day 🇮🇪

joshoneill

Most of us here don't feel rich at all, the cost of everything, especially here in Dublin is just insane

aidangriffiths

I moved to Ireland from England.

I live in Cavan and work in the IT sector for a Dublin based company (Irish owned). The wages i earn here have made my life that much easier. Yes cost of living has gone through the roof yet again, but thankfully, doesn't affect me whatsoever.

My quality of life is the best it has been since moving here in June last year. Ireland is now my home :)

The only thing i would say is the governments lack of care in regards to the housing crisis. Lack of houses and if you find one, your normally behind another 50+ people trying to rent the property.... As i have found out, it is who you know here who is renting a property. If you don't know anyone, you have little chance to find somewhere

ryancasey

Irish here also. Not living in Ireland though. Like many I couldn’t afford to live there. Miss home immensely. It’ll be years before I can go home properly again.

johndevoy

How Ireland is Secretly Becoming the Richest Country in the World