Ireland's increasing wealth

Ireland is set to become the third-wealthiest economy in the world:

The economic wealth per head of population rose to surpass the United States for the first time late last year.

Dan McLaughlin, the Bank of Ireland’s chief economist, said that Ireland was now richer than America.

Richard Bruton, Fine Gael’s finance spokesman, said that the economy has been growing at a "phenomenal pace" ahead of most of its trading bloc. However, he added: "The other thing we have to be conscious of is the limit to which the marketing services can grow."

Mr McLaughlin said the increase in Irish economic wealth to £25,200 per head of population had surpassed the US figure of £21,900.

The Organisation for Economic Co-operation and Development, the OECD, and the European Union’s statistical office, Eurostat, recently ranked Ireland the wealthiest economy in the world after Luxembourg, Norway and the United States.