How Ireland is Secretly Becoming the Richest Country in the World
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- čas přidán 13. 07. 2024
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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?
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- 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
-cadmus.eui.eu/bitstream/handl...
-www.britannica.com/event/Grea...
-www.rte.ie/brainstorm/2022/03...
-data.worldbank.org/indicator/...
-www.macrotrends.net/countries...
-www.economicsobservatory.com/...
-www.economist.com/europe/2013...
-www.economist.com/special-rep...
-www.irishtimes.com/business/e...
-growthlab.cid.harvard.edu/fil...
#Ireland #IrelandEconomy #IrelandHistory #Economics #CasualScholar
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Show the proper map
interesting thanks.
It sounds ridiculous but some evidence points to the area west of Ireland as being the area in which Atlantis was.
North west from the pillers of Hercules (straights of Gibraltar) to the western most land (Ireland) from there journey west by boat to the island off the island.
The island off the island was said to be twice as long as it is wide and it's length was said to be 3000 stadia ( 500ish miles)
There's some more little tidbits but I can't remember them.
It was genocide not a famine . We are not a rich country but a country in debt . Please stop making these shit videos ouf our country you dont know anything about .
@@leonbarry5403 who asked
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.
Agree mate. I had to buy a place to move out, renting here is a sham. People get shafted over a lot, living in kips. Its an amazing country but we can do so much more, we should do more
100% agreed. Younger people I talk with would have preferred to have been less well off but still be able to afford a house of their own like those of us in the 80s/90s.
Cultural change/erosion seems to be overlooked, too, but it's difficult to complain about that.
This whole situation was done by design. There is plenty of land to build new houses in Ireland, but the whole discussion goes to how evil landlords are and not into actually building new houses.
Which the government and its friends are quite happy with such useless arguing, since they profit from the crisis. I've never seen anywhere in the world like here where the government decides whether or not new houses will be built.
Here in Italy there are more properties than buyers, but that didn't bring prices down and both renting and mortgaging are too costly for our salaries. The housing market works on rules of its own otherwise it runs the risk of defaulting and losing chunky profits.
"live in Dublin city"
I think I see your problem.
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.
No it's not a victim of success, it's a victim of it's culture which doesn't emphasize prosperity or growth. The people are a caretaker society and they shun new development the same way California shuns the construction of new housing but for a different reason. Ireland has the ability to house the entire human population but the fact that housing is expensive is because you economy hasn't grown in comparison. Also, Masters degree doesn't help because those who have degrees are often the least intelligent, as AOC in America has an economics degree, but says that the government spending 1.7 trillion dollars will not cause inflation.
Thanks, was getting worried about the propaganda in the comments until I saw yours. A lot of misled people here.
Think you have the right take on it
@Galagar Rocket no idea where you are but my Irish community welcomes development and growth. There are problems, just like every other country but we are bursting with potential.
Think there's an interesting cultural trend here, older generations had nothing, emigrated and worked hard, younger generations are spoilt but still have the same complaints???
In addition to economic wealth, 30 years from now, Irish demographics will also look unrecognisable from today through 'ethnic wealth'
There's a bit of truth in lots of the comments , but only a bit , I'm not too interested in Ireland being a Dubai look a like ..
The population is going up and fast - that straight into a disfunctional property market was/is a mess , added to our shite way of providing public housing ...
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.
You are swiss but your name is BelgianDude…. Hmmm okay
@@gabykoynkuli5704 i change my name for fun ;-;
@@gabykoynkuli5704 well 1/3 of switzerland is french and 1/2 of Belgium is french sooo.......
Have a nice day sir
Pretty sure the Irish feel bad for you… wages are slightly lower in Ireland but the cost of living in Ireland is likewise lower. Y’all in the same situation, thats to say the best in Europe.
@@MHG796 belgium is close to 30% french not half
'Its population is not minute as Luxembourg or Singapore'
Ireland population: 5.1M
Singapore population: 5.5M
To me Ireland and Northern Ireland are one country so a good 7 million in population.
@@dassolosyndikat5113 hum....not for the moment...
@Das Solo Syndikat in that case you need to add the other islands 66million...give it a rest you couldn't even name the 6 counties up the north
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!
You are correct
Yep, it's a house of cards, false "wealth".
How do you think got Luxemburg or Liechtenstein its wealth? Because of companies from Luxemburg and Liechtenstein? No. It's also because of foreign companies from Germany, Switzerland and France.
And everyone in the world can name at least one Irish company.
Correct 💯
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
It is a pity that you do not actually understand what is happening in Ireland. Hence why you are blaming corporations for the state of the Irish market economy.
Lack of housing for example is the reason for high rents. You cannot expect a government to be building houses, regulating them and then regulating the debt market all at the same time. And then on top of that claiming that house building is bad for the environment.
@@bighands69 that is too nuanced delete your comment, lest we move the conversation to the point of one’s life choices
@@warstorieseu I'm all for personal responsibility, but I think it's a shame that people who work full time in the city they were raised in can't afford to live there
@@bighands69 I'm not blaming corporations, it's the government that refuses to tax them, and it's the low taxes that make Ireland an attractive place for business, which has overall been a boon to the state. That said, it is unfortunate that the tab is to be picked up by the working public and not the people profiting from it.
@@bighands69 It is always the greed of corporates that are to blame somewhere alone the line.
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
“Global growth has slowed to the extent that the global economy is perilously close to falling into recession,” the World Bank said in its latest report on global economic prospects. World Bank President David Malpass told reporters Tuesday he is “deeply concerned that the slowdown may persist.” So relax this one out mate, it's everywhere!!
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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.
Netherlands is screwed in the long term their high tax economy has made it impossible for young people to get married and have children now they are facing a demographic crisis. It is not the sort of place that Ireland wants to copy.
Ireland needs a health service and the best models to copy are the US, Switzerland and Singapore.
I lived in Australia all my life. Rent and cost of living ain't much better here. This world is completely fucked up. I still live at home with my dad and I even $60k per year. And still is to expensive for me to live out of home itz crazy... 5 years ago no probpem but since covid prices so fucked here
Those policies and government expenditures are actually part of the reason why a lot of europe is lacking behind economically and in standards of living compared to the US. Public housing especially is not the God people think it is.
The problem may be traced elsewhere, such as government regulation or certain taxes, rather than the lack there off.
thanks for sharing
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*.
Preach. The famine was caused by free market economics. The British actively scoffed at any intervention viewing the famine as an act of god and a punishment of Catholic Irishmen to be resolved itself by the market. As such millions died or were displaced with recovery not even happening over a century later.
@@trabadoireacht6545 ::The same potato blight ruined potato crops in Scotland, also as much dependent on potatoes as the main food staple. However, the London Parliament legislated relief foods, to avoid famine in Scotland. The United Kingdom was not United when it came to Irish Catholics starved to death by Government economic policy for Irish Famine, as compared to the Scottish Famine Relief.
You can’t keep blaming the British for your woes…how about you start taking responsibility for your own malfeasance and bad policies that caused the famine? Even if the British were, allegedly, taking the potatoes, it was free market capitalism. If you have a problem with that then you must love communism and fascism
@@fernr9496 :: Facts are, there was not a a famine in Ireland. There was a single crop failure that was all over the British Isles. Ireland produced enough food, besides potatoes, that would sustain 5-times its own population. With Gunpoint economic policies of the English Invaders it was shipped, under armed guard to England sold for profits, by the absentee Landlords, who wanted the Irish Tenant Farmer Population reduced. IT WAS GENOCIDE. There was Government relief in Scotland where the economic system was similar, but Scottish Protestants were protected by Penal Laws against Catholics too. In British Archives there is a statement by a British Government Official. The Irish in Ireland will become like the Indians in New England USA. No Longer Existing. Putin, has the same policy for the People of Ukraine, which he feels Russia has the right to annex, and be a permanent part of Mother Russia. If the Ukraine people keep up the good fight against Russian Imperialist Policy, he will settle for a "PARTITION" of Ukraine in parts that have 40% + loyalists. Same as Britain did in Ireland.
@Fern R why do people who know nothing about a topic insist on vomiting their ignorance over the rest of us?
Who do you think were in control of Ireland at the time genius?
The british were responsible for millions of irish deaths of starvation, end of story.
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
Yea... shame is scotland doesn't do the same. I get the fact we are stronger together but only as equals and the ruling that we can't legally decide to have our own vote proves it.
As a 67 year old you certainly didn't get wiser as you got older.
Maybe they don't want to set a precedent of multiple seccession referendums in a 10 year period. Personally I think it's about HMNB Clyde and secondarily the oil - Clyde issue would need to be talked out (so it probably won't happen), and the UK losing all domestic oil would trash our energy sector more than it is already trashed via the oligarchy and profiteering that has been permitted.
@@John-ol4eo Scotland isn’t equal tho that’s the problem. England keeps it afloat and has way more people. The only thing Scotland has left is the fact that it was once independent.
The UK needs to federalize on the level of its historical counties. As the current arrangement is just completely antiquated
@@Telcontar1962 and I bet your just so old and wise that you know you know better 🤣
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.
The same in the Netherlands .Rent here is to high
There are plenty of people in their 20s here but your point is well made. cost of rent is exorbitant. Also, travel is one of the best educations you can get so if you are going I wish you well and can only advise you to look at it as an exciting new adventure as opposed to a forced move. it will serve you well. The other thing I would say is the grass is not always greener, it will depend on where you are in life and what you want out of it. I have been where you are and came back to Ireland after 8 years- I Must add that I am leaving Ireland again this June indefinitely but not for economic reasons. My partner's family have new nephews and nieces and her parents are getting older and just old-fashioned homesick. It's a privilege and a curse to call 2 countries home! the curse is that you are always missing someone if you are in one or the other. but you have two welcoming home countries one by birth and one adopted.
Where is everyone moving? Portugal? Balkan countries are beautiful & affordable! I know Sardinian is beautiful as well!
Ireland is awesome. Hope they go from strength to strength
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.
Mwhahahhahaah I am also in a similar position while I continue to sit my engineering degree I feel as if it will get me no where special
TRUTH..!!!
Huxley forecasted a lot of this.
@@robertmoray988 I tell you THIS, Ireland not far behind with the constitution literally being SHREDDED. Cultural Marxism pushed morning noon and night with government and big business merging like Italy under Mussolini.
Work for yourself quit
Most of us here don't feel rich at all, the cost of everything, especially here in Dublin is just insane
Let me guess you want government to help with the problem.
Your not starving!!! Fed up of people complaining about this country,,,,. Its a great little country!!! It does its best but its impossible to satisfy everyone especially when far away hills are greener,,, I love this country!! I don't expect it to do everything for me,,,I've lived in a time when we didn't expect anything from anyone,, only from our own resources, we survived!!! Made us more independent and stronger not reliant on anyone....
@@beauparc11 shut up Maria the government are exploitating us for personal gain. Country is gone to shit.
@@bighands69the best help would be to call an election 🗳️
@@Kodakcompactdisc
So you want politic action is that it?
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.
Another Irish person here with a masters degree and still struggling. Dublin is quickly become a waking nightmare and the other cities are following closely behind. It’s a complicated issue but our government basically planned things this way through NAMA. Economic recovery through property speculation, tax breaks for REITs, subsidies and loopholes for private interests, and we stopped building social housing years ago, whilst demand for housing increases and private investment funds outbid local government in property purchase. Also, anything our government does in relation to housing is done through private industry.
You are talking crap at best.
NAMA did not cause problems to through speculation and tax breaks. It is the sort of thing that is spouted in left wing parties and college campuses.
It was clearly understood at the time when NAMA was formed that it would cause a housing shortage because houses were not allowed to be sold for their real market value. Many of the ghost estates should have been sold for cents on the euro but instead were boarded up and allowed to rot away.
Even today those ghost estates are just sitting their and nobody is allowed to buy them. People of Ireland cannot blame corporations and the market for their desires of a big welfare state that looks after them and tucks them into bed at night.
The loans that NAMA are selling are undervalued and underwritten in them is the collateral of the property. You say NAMA haven’t sold any houses and they can’t, but you’re dead wrong about that. I’ve linked you to multiple sources.
Also the fact that you’re attacking the “Left” when you don’t even know my political persuasion is hilarious. This is matter of fact stuff, whether the left adopt it as talking points or not, I don’t give a shit. A fact is a fact, even if it’s coming from someone you oppose. Do yourself a favour and try a bit of critical thinking and stop gulping down ideology.
A masters degree and still struggling....
@@derekdempsey8506 lies when even international students making it
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.
Bring on the burst bubble cause this situation at the moment is ridiculous
In theory there should be a burst bubble but we are not building anything in the country at least nowhere near enough. The regulations dont allow basic building anymore ,its all Grade A type structures. The problem is its time consuming and expensive. The country needs basic temporary structures that are warm and comfortable and cheap to manufacture. These can be made available to the lower paid and those living off the state. Its kinda like the model that existed before this mayhem where you lived in a structure you could afford if you were lucky.
@@markdonnelly6921 Older houses should be redressed as well. In Dublin there are many houses that are 200+ years old. Some need major redress to be up to modern BER standards.
Yet these are also rented at insulting rates.
@@IMAN7THRYLOS
Let me guess you want the government to solve the housing crisis?
@@bighands69 I want the government to come up with solutions. Whether this is licensing construction, supporting redressing of very old buildings or cutting down red tape and silencing nimbies.
I wish Ireland all the best after their struggles in history their good and resilient people
We're being throttled.
Is a dire situation for Ireland right now, and it's being completely propagandised by the likes of Casual Scholar
@@toyotaprius79 I hear the property market is going through the roof an all but we hope they start to get a grip of the situation
Modern Irishmen are Englishmen in denial
@@MiloManning05 Basically yeah. Dublin was able to rapidly complete the anglicisation of Ireland after independence. Heading towards being culturally Anglo-American now, few generations.
@@cigh7445 speak for yourselves free staters
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.
Im Polish and I went to see my friend living in Dublin and I full on cried when I saw all the drug addicts, it was scary AF.
Scary that thr government isn't helping them enough.
Ireland is quite a bit less wealthy than they appear on paper. The average income of Ireland is around €38.5k even though the GDP per capita is €95k, which is still higher than the UK's average income which is about €31k but isnt a huge difference especially since the average cost of living in Ireland is nearly 20% higher which brings the average incomes to almost the exact same amount. The UK was also wealthier for longer and their numbers dropped due to Brexit so their real average income only dropped below Ireland's very recently. They also spent most of the 20th century poor and a haven for organized crime and terrorist groups, a bit like the Mexico-US dynamic
@@arthas640 I take it your a fan of ireland. Lol
@@richardcray2919 I dont hate Ireland or anything, it just bugs me a bit how people tend to conflate per capita income with average wages. The same happens all over the globe and it can be misleading: for example a major city near me has a per capita income of about $110k but the real average wage is almost exactly half at $56k and those numbers are skewed due to some international companies being based there which also makes the cost of living insane so few can afford to live there.
@@TheIrishBosnian ah would ya stop they have provided all sorts of help
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
I've been thinking about a move across the water myself from England when I finish my PhD, (molecular biology), how did you go about deciding where to live? Do you have family ties to Cavan?
No english thanks 👍
23 myself and my bro 27 still living with the parents, that’s how frustrating the housing here is
@@Chris-un1ll Quiet down subhuman, get back to your menial tasks.
@@Chris-un1ll People have sung IRA songs to me, i have sang with them. People tell me to f*ck off, i laugh at them.... Small minds will never change 🤣
I’m happy for Ireland, their people make the difference!!!
Hope Dominican Republic can learn something from them ❤️
And Haiti. 😢
And more importantly Haiti!
@@jirislavicek9954 Why more importantly?, they have nothing special when it comes to be a nation based on a service economy. They were only wealthy because they were Frances first enclave in the Americans after wipping out all the natives and their economy was the typical colonialist enmienda system of agriculture.
Yeah build a metro from your main airport first and dont let corrupt idiots bag anything.
@@CristianmrWuno Because Haiti is completely dysfunctional state without any law enforcement, where criminal gangs can loot as they please.
Haiti could be a tourist paradise as other Caribbean islands. It could become a low tax country and attract some international investment. It could develop agriculture. The potential is huge.
Well made sir! 👏 Amazing how far we've come since the dark days but current figures are mostly hype 👍🏻
God Bless Chuck Feeney's philanthropy. Ireland could not be in this position without him.
I am amazed people are not aware of this.
Thank you, I hadn't heard of this.
Things are still difficult in Ireland, but I think sometimes we focus on that too much. Our country has its flaws like any other, but we've managed to come so far in such a short amount of time
One day the EU will make Ireland increase Corporation Tax
@@TG-ts3xn and the people will take back their country from the mega wealthy
Who? are the we you are referring to and went where?in a short space of Time? Take off the blinkers people working 6 days a week to live one Sunday and rearing children it's a lovely country alright be 1.000s of broken hearted parents around the country watching their children leave after doing the right thing by going to college for a better living.and no houses here for them.priced out of the market..
Yeah then we cursed wuth greedy Leo and Chums
I know quite a few people in Ireland who are struggling. There's a huge income disparity.
Always wanted to visit Ireland and see its beautiful nature💚. Best wishes from Ukraine
Glory to Ukraine. Stay strong, you will endure and you will win.❤ from Ireland.
@@ainekearney9041 thank you so much🙂 🇮🇪🤝🇺🇦
No. Go away.
@@paulcunnane4 hows the weather in moscow.
Stay and fight for your Jew overlord
Just finished the video really interesting, i always wondered why irelands GDP was so high. Keep up the good work! 👍🏻
Thank you so much! Glad you are still enjoying the content!
Uabhasach math nach eil
@@marygreene4027 you must have missed the last segment where it was explained why there are going anywhere. Go back and listen carefully.
@@marygreene4027 why would they go and where would they go?
@@donfalcon1495 because we are on the verge of a global recession do you honestly think it will go unscathed
Our people are our greatest asset 🇮🇪 🍀
Nice four leaf clover plastic boy
Or for hundreds of years, our greatest export XD
@@irishpatriotv2575 Make the harp gold, the background blue, and then come at me with the corrections kiddo
@@Eoin-B facts 😂
@@SilentEire Black and red is an aesthetic choice
Four leaf clovers (which have nothing to do with us) are a Yank choice
The countryside in particular was crazily far behind in the 50s and 60s. My granny grew up in that time in rural mayo, and she lived like it was the 1800s. Stone house with three rooms total, no electricity or plumbing, living off the land. That was pretty normal at the time, but it’s crazy to compare to large cities such as New York at the time, thriving and not too far from how most people live today.
I grew up in a house like that and remember life then but it was a million times better than it is now - how do I know- well I’m not dead and was lucky enough to grow up with nothing so as to appericate life now - poorer but I feel sad for the young ones growing up now as they don’t even know the difference.
I grew up in Limerick City, and move California at a very early age… Ireland had nothing to offer me. ❤❤
Minimum wage in Ireland is 12 euro an hour
Average rent price is 800/per month for a room in a shared house
You have to work 120 hours to afford your rent alone at that rate(including tax)
Before our crazy expensive groceries and meat
12 euro per hour
A coffee is 3.50/4€
A crepe is 5/6€
4 chicken fillets in "SuperValue" 5€
You have no chance in the rat race of Ireland constant uphill battle with rent and cost of living. 💯
Glad someone speaking the truth ! I work social care and have decent job and been pushed out in rental market .
Rents now 2,300 for 2 bed then basic bills food and tax saver bus ticket and prepaid phone I don’t earn enough to cover .
Surely there should be a rent cap unless the landlords are members of Parliament. They have rent caps in the rest of Europe, they have also linked the condition of the property to the rent that can be charged here in France. If its not properly insulated with an A, B, C or D energy rating then you cannot rent it out and even selling it is difficult. It is up to the government to sort out the housing problem, will it improve with Varadka in place? Or are Sinn Fein correct when they accuse the government of doing nothing to help the ordinary people? I don't know but they're going to have to do something soon before all the locals leave permanently.
Me and my partner get by n never complained
Always a pleasure when you upload :)
Alot less obvious Left wing bias in his vids compared to your vids. So yeah. Its a pleasure when he uploads.
@@RK-cj4oc 🤡🤡🤡
Guten nacht Kraut, guten Raches!
@@RK-cj4oc What left wing bias you talkin about? Genuinly curious
@@marcosstylianou amazing argument, real mature.
Excellent work, great delivery
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 🇮🇪
Sorry it had too come to this,good luck ❤😢
As an irish person myself it is amazing to see people like you go over our history
Makes you feel important..the Irish have never gotten rid of that inferiority complex have they 😉
Yeah but you're never gonna get rich. Your culture doesn't emphasize prosperity, it emphasizes satisfaction and good living.
@Sean do you know any real irish?Inferiority? Ah go on
@@funveeable What are you talking about, Ireland has better standards of living than the UK.
ireland is loved around the world
Everyone’s loves the Irish ☘️ their neutrality is also and important and unmentioned part of their success and their general friendliness and good nature some of the nicest people you will ever meet
Irish neutrality is a lie
I *snow* what you mean 😉 ....i'll see myself out
Neutrality is nonsense.
Thanks fella 👍
If Britain didn’t shield Ireland from the rest of Europe they wouldn’t be able to be neutral
I'm somewhat amazed at all the comments below, which lament the current situation. Perhaps a review of Irish history and appreciation of going from abject poverty and starvation to overall prosperity, ought to be given its due and all within breakneck speed at that.
That was incredibly engaging and full of knowledge I had never learned. I will say one thing, which it seems the comments agree with, a strong economy never seems to lead to a wealthy population, whereas a weak one always leads to a poorer people. Economic 101. It aint for us.
Ireland is also at risk of a huge crash when growth happens that fast.
Irish growth is happening at such high levels due to the fact the country is starting operate as a market economy.
I think we are currently on the Downfall
Depends which way the EU swings
As a swede i love Ireland.
Why ?
@@toniderdon Maybe look that up. Ireland has raised its corporation tax.
@@toniderdon Hungary = 9%
Bulgaria= 10%
Ireland =12.5%
Cyprus= 12.5%
@@toniderdon average in the EU is 21% you clown.
We have different systems, Ireland has relatively high personal taxation.
Ireland doesn't even have the lowest in the EU.
Hungary and Bulgaria have 9% and 10% rates.
Cyprus also has 12.5%
Switzerland only has 15%.
Lithuania only has 15%
Romania 16%
But yeah, Ireland is stealing. Shut up you clown and grow a brain.
We're an island way out in the Atlantic, we don't have the luxury of the trade links on the continent.
@@toniderdon talk about things you know about.
Now you're talking about effective tax paid rather than our corporation top rate. Which goal post do you want to use next?
Have you also compared the effective tax rates for these companies across Europe? Of course you haven't.
Per Capita, Ireland is the largest exporter in Europe and the 3rd biggest in the world only behind Hong Kong and Singapore. Thats the main reason for our wealth.
Stop talking utter sh1t, you haven't a clue little boy.
Ireland is rich in the same way Mexico is the richest nation in Latin America. There’s a few that hold extreme amount of wealth.
I left South Africa 4 years ago and moved to Dublin to take on my degree and create a better life. I knew that living expenses and rent were a problem but little did I know that I was about to throw myself in one of the deepest parts of the ocean. I still don't really know how I managed to make it this far and finish college with the finances that I had. Now to pay off all the student debt and keep my head above water.
I left South Africa as well to attend college in California, USA. The living costs are outrageous but the opportunities are outrageous too. Fortunately I got need based financial aid so I didn't pay a dime for college.
Visited Ireland recently, I was amazed at the quality of the food on offer in the shops.
Ya in comparison to the UK after Brexit, food in England not so good now
What did you like?
That shouldn't be the be all end all of how a nation is doing...
@@toyotaprius79 Who said it was? Have you nothing better to do?
potatoes.
I'm Irish and live outside Cork City. The problem is that we all want the three bedroom semi in the 'burbs. Ireland's population will continue to increase ... so we need a Dutch style solution to our housing problems. 18 million people live in a country the size of Munster.
I just found out my great grandmother was from Ireland! Apparently she abandoned the family, and my grandmother, but knowing that I am Irish on both sides is still pretty cool!
What part was she from
@apkill3370 honestly, I have no idea
Tim pat coogan had saying about Ireland being abused by its mother the queen it’s father the church. I love Ireland the culture the character. I was there many times in the ‘80s and 90s. Just before it began to boom. I always surprised how they got up everyday sent their kids of to school in the little plaid skirts and little wool jumpers. they went off to work with no expectation of going off to get rich. Seemed to me they have always kept their dignity. Their was no junk and garbage all over the place it was the opposite it was neat and scanty. I was from Silicon Valley at the time and company’s like Digital were investing there. If I could have invested in Ireland at the time I would have. She has weathered famine and war and has come out the other end stronger! Good on them!
No expectation of going off to "get rich" but most could afford to purchase a roof over their heads. Not so easy for youngsters in 2020s.
More money is little consolation if relative prices of key purchases increases even more rapidly.
Your view
I'd love a source for that Tim Pat quote. It'd help to give it a touch of truth, which it doesn't have prima facie.
Yup, I love living in Ireland but my sons are planning to leave due to living costs, there is a massive shortage of places to live.
There three house for sale one to rent in my local area.People are brainwashed in to thinking there's no houses or gp/nct appointments ect
I always loved Ireland, don't know why. it definitely seems a beautiful country.
Also, as a Portuguese I sure understand the struggles of Irish people due to economic crisis.
By reading some comments here, I would say: Stay strong Irish brothers.
Definitely a rich country but the Irish see none of it struggling to pay for shopping atm let alone leaving Irish people to freeze to death on the streets
I grew up in Ireland in the 1960's
We were not poverty stricken. There is so many flaws in this video, I wouldn't know where to begin.
I had to stop watching and find a like-minded reaction in the comments. Sometimes CZcams is not a reliable source of historical perspective.
Most of the shots were not of Ireland at all.
That's the trick.. say the 80s where poverty ridden the state is more likely to get Irish to follow the new Irish model.
A nice trick.
Besides most people rate their quality of life on how up to date their smartphone is and believe that's the mark.
Ah no in fairness Ireland was a shothole compares to most of western Europe until the 90s. Perhaps you have rose tinted glasses?
Ireland had net emigration up until the 1990's. Rural Ireland was particularly impoverished
Great insights!
Great report well done thorough and honest
Amazing video as always. I hope you keep this up even the new year.
Ireland is a corporate tax haven, but personal taxation is very high. Leona Helmsley was right, “taxes are only for the little people”.
Living on a $100,000 Salary in Ireland after taxes.
Income Tax $29,337
PRSI $4,000
USC $4,864
Net Income $61,799
The total tax rate is 38.2%
Which Ireland's corporate tax rate is 15%, with loopholes multinationals pay much less.
Apples and oranges darling and at least you get something back for your taxes here. Assuming your comparing Irish taxes to the USA? Americans pay federal income tax, state tax, local tax, extra taxes every time they buy a coffee or turn around. I've been there, I felt like I was constantly being robbed blind lol. But, what do they get for it?????
does that account for credits rebates etc? or just flat tax rates based on generic calculator type thing?
Very few but the toffs earn anything like this money . Perhaps more like 25-35.000 . Earn 100.000 in England and watch what they take out of you. A lot . Same all over the world . Wee man subsides the big man . Thief’s.
I'm Irish tech professional working for an Irish company but based in Silicon Valley, California. I see it as tech companies coming in and yes they pay high wages but they also drive up the costs of everything especially housing. I saw this happen in Both San Francisco/San Jose and Dublin/Cork.
And behind closed doors there ruthless
Very nice place to visit.... really good video sharing.... thanks 👍👍
GDP is overinflated by multinationals, it is not a fair reflection of the real Irish economy. It's a tax haven.
GNI is a better measurement.
As much as I agree, we can’t rely upon the wealth of oil and natural gas unlike other countries so we have to find a way around that.
GNI is High too
GNI is still 74,000+
what does GNI stand for
So are Luxembourg/Holland/UK/Singapore and many others!!
If we are the richest I would hate to see the poorest
Exactly
Totally agree, Ireland is a tax haven the rich get richer
The large multinationals in Ireland are equivalent to the oil industry in Nigeria.
In neither country does the majority of the wealth have much effect on the locals!
I love Ireland, awesome country and culture, very cool people and beautiful landscape ... Perhaps I move to SE Ireland soon. The rental crisis maybe solved by buliding new homes, houses, apartment buildings, etc ...
I was in Dublin for a couple of days over new year. Saw a small mid terrace house for sale across the road from my hotel in Croke Park. Thought it would be around the 100k euro mark. Found the advert and it said SOLD with an asking price of 425k Euros! I was like wtf! The house was small and old with 3 tiny bedrooms, but it sold for nearly half a million euros! You could buy that type of house in Glasgow for just over £100k! How do folk over there afford it?! It wasn't even a nice house!
Try closer to Dublin city centre. Add a zero to the price.
If you were selling it how much would you get the estate agent to put it on the market for?
@@derekdempsey8506 what u talking about? I don't live there, I was just estimating it with respect to the type of house, condition and surrounding area.
@kenzohkw 425k is a bargain for a house near Croker park I hope you enjoyed your stay
Ireland don't actually have many pots of gold at the end of their rainbows in the past, but they are certainly making that a reality now.
Nope, because of brexit 2 trillion worth of non taxable assets have moved from London to Dublin, these assets are a burden and bring in no benefit to Ireland but as soon as the economy fucks up and these assets become toxic Ireland will be left holding them like a hot potato, this is not real economic prosperity
Not true
@@marygreene4027 Yep. We've always HAD pots of gold at the end of them, we just never used them. Now that we are, we are fuckin rich mate!
Hey.. Stay the fuck away from our gold..
@@rangerrilles5572 🤡🤡
Very well done, good job
I just had a visit to Ireland not long ago and absolutely love the place the people. I looked seriously into moving there, but they don't make it easy for older people and people without a lot of money to do it. I decided on Portugal. And I can travel there easily and cheaply at any time
I appreciate hearing this. Coming from the US, we're looking at Ireland or Portugal as a couple options for a possible move. I wonder what you think I should know, we have three young kids, I work in tech and have money saved, and we care most about access to healthcare and safety for our family.
Hi will.
@@WillKlein I think you can have all of those things here. I live on about one-third of what it cost me in the US and I live well. You could be in luck depending on what you do Portugal makes it easier for digital nomads. You may be able to work from here and get benefits
I think the first thing you should do is visit both places. With three kids I will bet that can be pretty expensive, but then you can get a feel for each one and then decide where you want to be. When you decide you can come to the country and stay for 6 months to a year. That would be my recommendation
I am Irish, the rich might be getting getting richer, your normal person on the street is not. Thousands are homeless.
Most countries don't have to worry about differences between GDP and GNI because they're often approximately the same, but Ireland and the Philippines are two examples of why it can matter.
Irish GDP might be high but actual incomes (GNI) are significantly lower. Ireland is sill a rich country in GNI terms but GDP dramatically overexaggerates reality on the ground the Irish people experience, This is because of the number of foreign multinational corporations who put their headquarters in Ireland to access the EU market while paying low/zero Irish tax rates. In other words a significant portion of Ireland's GDP comes from foreign multinationals using Ireland for tax/regulatory arbitrage. As the video suggests this led to some "path dependence" and "agglomeration economies" as economists would call them, but in simpler terms think a self-perpetuating cycle.
The opposite situation can happen too. The Philippines is poor but still "richer" than its GDP suggests due to remittances from many Filipinos working abroad; so the Philippines' incomes (GNI) are significantly higher than GDP in most years.
Interesting but remmitances are not permanent. Relies on continual migration to occur. My 1st generation parents remit large sums to their home nation to cousins and grandparents but I definitely will not be doing this as a 2nd generation.
@@Tribuneoftheplebs sure, but economic growth and development are generational things. It's not like they usually go in reverse unless you're Cuba or Venezuela.
Median income in Ireland is $50000 per year which is higher than most places in Europe. Cost of living is higher in Ireland but the income base is also higher.
If Irish people want a better standard of living they need to shrink the size of the welfare state and lower income tax for workers and small business owners. And promote native manufacturing. Irish people cannot cry unless they are demanding these changes.
@@bighands69 I basically agree with you. To what extent is "shrinking the welfare state" legal or possible or practical under EU law? Like the EU requires certain behaviors by member countries with respect to regulations, migration, etc., so I would suspect there's some welfare standards too. Do you know? Ireland in the EU is both the golden goose making firms want to locate in Ireland, but also perhaps a regulatory albatross constraining what the Irish want to do.
@@dsmonington
Having a social net to ensure that people are not left on the streets is one thing but to actually form a whole state around the idea is a different task.
EU law does not forbid a country from changing its government culture. I have not stated their should be no safety net or access to healthcare.
Currently the Irish government spends €20 billion per year on health which is really a welfare budget program other countries of a similar size spend a lot less with most of that money being spent on actual medical procedures and direct health.
Irelands challenges is how to provide care for an elderly population that simply has not contributed enough to a social care program because in their youth when they worked they did not have an economy that was capable of generating that capital.
Singapore went through that exact same challenge and found a solution for a fraction of the cost of Ireland. I am sure for the money Ireland spend today it could easily find that solution.
Great video. As someone who has lived through the last 50 years of this history i can confirm its accuracy. Keep up the good work 👏🏼
Just want to point out regarding the potato famine, as many people think all the Irish did was grow potatoes. But we didn't. We grew other crops, and those were taken out of Ireland by the English lord's. They only allowed the Irish people to eat the potato crop.
The question I have is how is the living situation in Ireland? I’ve heard rent is getting untenable
It is mate, my friends pay about 40% > of wages on rent
Homeless people everywhere, in all cities and market towns. This situation didn't exist twenty years ago.
When I went to college 10 years ago my rent was 125e a week. Now its 300e for the same kind of house (4 bedrooms) 1 bedroom costs about 150e a week now. Their housing quality is quite poor as well. Coal price has increased about 8 times since 2 or 3 years ago. Ireland being rich is mostly a lie. Its citizens see none of it.
@@RedDeadRobot
The citizens who are well off (there are many) believe the country is wealthy. Nothing and no one else exists for them. It is a truly divided nation.
1 major city in Ireland and it costs minimum €1000 per month to rent one bedroom there. This video is so flawed
Fantastic Video! Keep up the great work!
i love my country but man, i literally have to move to australia in a few years because of the lack and prices of accommodations
This videos title is slightly insensitive to us Irish, since, unlike another 'rich' country such as Norway, whose wealth filters down to its people, here in Ireland the wealth really doesn't. You could walk around for hours and hours in any town or city and not lay eyes on one person in this 'rich Ireland' because they are in reality so few in number.
But there’s still a housing problem, chronic homelessness in the capital and I happened to get a much better job abroad.
Housing crisis is everywhere in the world
@@noname-qk2ut no it isn't
@@noname-qk2ut
It’s a low population country comparing to e.g. Netherlands and, supposedly so rich with a worse housing problem than EU equivalent/counterparts
Maybe the education you got here was something to do with you getting a great job abroad. If that's the case the very best of luck to you.
@@margaretmcguire8952 never said great just better than what’s on offer there
Good video. Ireland is a fascinating economic story.
Ireland became so rich with its own organic manure, produced for free from a place called the Dail.
Very good illustration and information
Unfortunately foreign direct investment is pricing out Irish people from their homes as immigrants on higher wages come to work for MNC’s. This is causing mass emigration among young people as rent and property prices skyrocket making it unaffordable.
Ngl Ireland is slowly becoming a blend of non Irish who don't care about the culture or the history.. Some of them work and I can respect that but some just live on welfare.. They need to change how welfare works.. It should be if your perfectly healthy mentally and physically.. You have six months to find a job and if you don't your put in prison or the army , Irish or not.. Or sent back to your country if your an migrant..
Why can't the Irish compete with immigrants? If they can't compete at home what makes them think thy can compete outside the world?
@@wafercrackerjack880 It's not like they get a choice.. These migrants are already trained and brought over from their home country.. Why would they fire all their staff just to hire just as good Irish for no reason..
@@tacotuesday2489 That's bulshit, I'm an imigrant myself and started as a cleaner with no English, in 4 years I was working in Cybersecurity for a Multinational. It's all about persistence, the rest is excuses!
many g20 places are in the same shoes cause gov is afraid to stop the money follow hence the market house bubble gets out of control.
Comprehensive fair and significantly encompassing analysis of Irish economic history.
Rich is not the word. Percentage of people succeeding and not homeless is more what we are talking about
As an Irish Canadian, I hope I can return home one day.
I moved from the USA to Ireland 6 years ago. I am very happy here, but I have no idea where all this wealth is. I can guarantee it is not in the hands of regular people. People are a bit on the poor side compared to the USA and Scandinavia and Germany, at least according to my eyes.
From reading comments and listening to others from Ireland and who've moved there. Sounds about right to me.
The video may tell you that it's some economic superpower, but it isn't. Everyday people (majority) are just surviving, not striving.
On the bright side, everyone seems to have enough. While living in the USA I saw quite a bit more wealth, but also quite a bit more financial turmoil and financial catastrophe. Here people leave the office at 5pm, they have friends and hobbies, and they don't need to worry much about being financially destroyed by illness. Layoffs and evictions are famous here, but they are actually both rare compared to the USA. And one of the best parts: I don't fear the police here. In the USA they are bitter and angry and frightened (for good reason, no doubt), and the system forces them to work like a business -- in other words, they need to keep their ticket and arrest and conviction numbers high. Here, the police are relaxed, unarmed, and they would rather not arrest people if they can avoid it. I love living in Republic of Ireland.
@@freeideas I got pulled over twice for walking in the evening by Irish police, for no reason. In both cases they wanted to know who I was, where I was going and what I was doing. The police system is a joke, and more times than none they are just harassing civilians. No offense, but I'm born and bred, maybe the foreigners just get away with stuff more....
@@tales2272 Oh yeah, that actually happened to me once in Ireland, several times in the USA. Difference was, I wasn't afraid when it happened in Ireland. But I don't mean to say you are wrong. The policing priorities here seem to be mixed-up. If the garda here see someone fail to use their turn signal, they will almost run over 4 people stealing bikes to pull over that car. And people defending themselves here seem to get into more trouble than the criminals they are defending against. And teenagers here are LITERALLY untouchable! I once witnessed a hilarious scene in which two teenagers were fist fighting, and the police were trying to use harsh language to break them up. Yes, the police here are often a comedy, but this is SO MUCH BETTER than living in fear of them.
I lived in the west of Ireland through the boom and bust times running my own service company. Whilst the boom times “Celtic tiger” as it was known was great the bust times were hard and we paid for it through a special tax. It should be noted that Ireland was the first country in Europe to pay back all of the European loans and is now A thriving economy. As for the high price of living, I don’t believe it’s any higher that France or the U.K. in fact quite a lot of consumables are cheaper that those in the U.K. and our pensions are way better than the U.K. Ireland is a great place to live in.
Shhh. Not so loud. The lads are arriving from the four corners of the globe to get in on the money tree act. Those guys have their mobile phone and know about twitter
Ireland is more expensive than France and the UK even though they are also expensive countries in their own right.
Ireland needs to embrace a proper market economy which means lowering income tax, capital games, reducing regulations on business especially at the start up level and offering citizens the ability to invest their earnings into special national accounts that have lower taxation liabilities.
Offering 25% of pension contributions for the first $100,000 is not going to cut it. Starting up a national healthcare savings account would also allow workers to start getting access both private and public healthcare that is both easy to access and rapid. Ireland is not that far of being a good high quality economy to live in.
VAT is not the only thing that makes products more expensive.
14:50 It wasn't a bailout, it was a loan which is been payed back. That loan was used to bailout Irish banks by the Irish Government. The Irish tax payer is footing the bill and the troika will ultimately make a profit. Great video overall, just super tired of this myth that Ireland got "bailed out".
Bail is a refundable deposit.. in other words a loan! It was (and still is) a bailout.
Thank you for a good presentation and I will always be Irish. I was a 6 year old when my parents left Ireland in 1961 to go to London, I have gone back since then but in 1966 I was sent on a holiday! I was aghast at no indoor (or outdoor) toilets (I spent 2 days trying to find a toilet in the relatives house I was in but was told they didn't have one, it is the field), the Roman Catholic Church was all powerful, I think at one stage church attendance was the high 90 per cent. Ireland (I think) is the only European country whose population is less now then in the 1800s. I have been back home since and the changes were incredible. The "Celtic Tiger" years were amazing but it crashed. I am not sure but at one stage Ireland built 200,000 houses! in those years.
I love Ireland! People are fantastic! Nature is wonderful and life is great here
Good to hear.
Lovely woodland walk by the liffey this morning
Being under the umbrella of US corporate and banks are a double edge if you don't have backup plans
Yup, and because of this stupendous wealth, Ireland now undoubtedly is very expensive to visit there as a tourist unfortunately. So I won't regrettably.
Love and respect to Ireland from Malaysia 🇲🇾 hope to visit one day
25 year old, university educated Dubliner here. The death of Ireland's success story will be housing. If you look at the images of this video you'll see Dublin, a city of almost 1.5m, filled with nothing but single story Georgian style houses. If you now Google Vienna, Austria, which is of a similar size, but in a country whose government cares about housing, you'll see how modern Dublin could be and how much the Irish government is failing.
My entire generation just has to accept that we'll never have a place of our own and everybody I know is just saving up the money to leave.
But where is everyone going to relocate? Portugal? Estonia? Latvia is beautiful & cheap!
@@pamspencer5733 Most Irish people are eyeing up Australia, New Zealand or Canada. I personally agree with you, that Europe is a much better option. But I can say from experience, having lived in Portugal for a year, the language barrier becomes an issue. Cities like Vienna, Berlin and Amsterdam, however, do have decent levels of English where you can get by perfectly fine without the local language.
University degree Tony n you say you'll never own a house?
I'm 23 and I had to leave Ireland immediately after graduating university because I wanted to move out and had no prospects of affording rent
As an Irishman- there are some big errors. First most of the migration were naturally the young and ideally educated. This only reversed in the late 2000's. The UK is still our biggest trading partner (now no longer in the EU). Personal taxes were cut but only because ever higher taxes were not generating any new revenue (in fact it was falling). In fact tax evasion was then enormous.
Now consider our "wealth". There are two economies in Ireland. The foreign multinationals who pay near zero corporate tax. This means the vast tax burden falls on taxpayers whether getting paid by such multinationals as a "good" wage or the vast majority who don't. To avoid a massive personal tax burden, we don't invest enough in public services to allow for our "low" income tax (the highest effective rate on the best paid being near 50% so low on paper). This means the after tax income you do earn is then used to pay for services you get for "free" in other developed countries (primary school is not free nor is most education).
Then there is the real economy, this is GNP/GDP stats that strips out the distorted multinational (nearly all foreign) money transfers (bring in foreign earnings to Ireland, tax at near zero, pay revenue back to HQ back "home"). Then your noted aircraft leasing success. Think if the US imported all its cars and planes and paid cash for it and then rented them back at a much smaller rate. So we import planes at massive cost and rent them out. So it looks like we have vast import costs and then FDI is selling its services abroad (good news) but again at near zero corp taxes. So some well paid employees, find their wages to pay for everything outside food are higher than anywhere in Europe. The multinationals are then the biggest tax payers (think of that lobbying power). Now understand that lack of public investment means our love of property investment (to avoid so much tax) and lack of gov cash to invest at scale means we compare housing costs with New York and Sidney Australia. Meanwhile the success of the economy barely includes our two biggest cities (our 2nd having under 300K living in a population that just hit 5M in 2022).
Effective poverty rates here is 30% of 5M. Yet we have the highest accommodation costs outside Paris/Switzerland and perhaps London. Rent here is about €2000+ per month. Average house costs are over €350K+. Sales tax is 23% and average wage earners all pay some tax at the highest rate (40-50%) So on paper, we are rich. Are we better off than pre-2000 - yes but trust the stats the same way you view Chinese press releases. The Irish tax authority created a new stat to try and understand the real economy. Its called GNI (gross national income). Its still distorted by multinational tax avoidance but the real GDP (GNI) shows we are NOWHERE the near the richest economy. In fact we might we just behind Japan in debt (and unlike Japan we are not a G20 country).
I always found it strange how Ireland ended up so high on those lists, when I was there it looked just like England which I know has a big struggling lower class. Whereas when I went to Sweden I could clearly tell that it was a wealthy nation.
Ireland has only been in that economic situation for about 25 years with a crisis in the middle of it. Prior to that Ireland was poor and have little money and little economic activity.
The Swedish model cannot be copied in Ireland nor the UK due to them both being common law cultures.
The median income in Ireland is €70000 but the cost of goods is very high due to the level of taxes that are levied.
A car in Ireland is about twice as expensive as it should be. Houses are expensive because there is not enough houses being built.
The actual average wages arent that far apart, the average income of Ireland is around €38.5k even though the GDP per capita is €95k, which is still higher than the UK's average income which is about €31k but isnt a huge difference especially since the average cost of living in Ireland is nearly 20% higher which brings the average incomes to almost the exact same amount. The UK was also wealthier for longer and their numbers dropped due to Brexit so their real average income only dropped below Ireland's very recently.
@@arthas640
Average wage is different from average income.
@@arthas640
Average wage covers every worker. Income covers households which is more accurate figure as it is related to the upkeep of a residential property.
Average wages can also be misleading through the use of creative statistics. The median disposable income in Ireland is €44000.
No mater what the survey/poll is ireland is always top ie worst or bottom even heard one where we had the most tea totalers
One of the biggest things you left out was Chuck Feeneys philanthropy work in forcing the governments hand in investing in education and university development in Ireland. Without him, I think Ireland would still be a decade behind.
The No 1 reason I would say
In fact if he had been listened to by the politicians we would have had far less corruption and maybe never have had to betaken over by the IMF.They laughed at his audacity.Imagine he wanted to give billions away and the only stipulation was a panel to stop public corruption...Michael Mcdowell scoffed at his efforts but was happy enough to take the money🙄🙄
I agree. I saw, at first hand, the transformative benefits of his philanthropy in Ballymun .
Well said
A truly great man!
And yet, the only way to get from Dublin airport (one of the busiest in Europe) to the city centre is via bus or (very overpriced) taxis. It staggers me that a city as ostensibly wealthy as Dublin has such shoddy infrastructure.
A beautiful city, for sure, but I don't know if I could justify living there. In terms of bang for your buck, it's an insanely expensive city to live in.
I wouldn't call it beautiful, its extremely overpriced, cramped and you would have to pay me millions to even consider living in it.
Then again I'm from Sydney originally and live in County Cork, I don't know many tourists who actually like Dublin anymore, most say it is disappointing.
Ireland would be OK if things actually worked, ie health care, which is a shambles, transport, housing, a secular education system. Where did all the money from the celtic tiger go?
Irish people are changing too, money has become God, and keeping up with the Jones's is king. People are surface level friendly but as a foreigner you will find most of your friends are outsiders too. Begrudgery is a big issue, no one seems happy for others success.
I can see why ambitious or smart youngsters continue to leave.
@@rosec6680 I know :). People who think Dublin is Ireland lol
Yes people with college degrees put traffic lights everywhere n only think of cyclists
A great video. I was looking at this World Bank GDP report last month, and I was also surprised to see Ireland sitting 3rd (behind Monaco and Luxembourg). Interesting to note post-Brexit UK sits at... 14th - not in the world, but in Europe! And yet at the time of Irish independence, the UK was the richest nation in Europe. How things have changed. I've always thought Ireland was in a very good position, along with an independent Scotland - English speaking small nations acting as a middle-man between the US and EU economies.
Well yeah, Irish independence happened at a specific time where the economies of mainland Europe were in ruins, Japan was the only country in Asia rapidly developing, South America and Africa were dirt poor and borderline enslaved, and the UK along with the US and some commonwealth countries were among the few not devastated by the war. Also you appear to be switching between GDP and GDP _per capita._ The UK wasnt the leader in GDP per capita, the US, Switzerland, and Belgium had a GDP per capita of around $10.5k, $10k, and $9.9k respectively in today's money, just above the UK at $9.7k. The US economy also surpassed the British empire in the 1870s but I dont know about the rest of the worlds rankings, I think Germany surpassed the UK just before WW1 but of course crashed during the war and didnt recover until just before WW2 then crashed again until the 70s or so when they started to really give the UK a run for their money.
Also the average income in Ireland is much lower than their GDP per capita. The average income of ireland is around €38.5k even though the GDP per capita is €95k, which is still higher than the UK's average income which is about €31k.
Same here in Canada, housing affordability crisis:(
36, born and bred in Ireland on the west coast...I used to love my country when we had nothing....it's not the same country anymore, our culture has been destroyed by the corporate wealth game along with uncapped inward migration.
Your age suggests you have only enjoyed the prosperous period in Ireland. I don’t think you know what life is like “having nothing” or poverty as your ancestors faced.
Growth and prosperity has its own pains as we are feeling in Texas, but it’s a better problem by far.
Spot on excellent 👌
Your nothing must not have been the same as other people's nothing lol. Also, we need inward migration. Every country that wants to prosper needs inward migration. I feel like we need to look after our migrants a lot better. I'm 55, I actually remember having nothing.
@@mollie3244 paper prosperity, your age explains a lot of your ignorance. Would ya sell your children down the river for a few pound, sounds like it
@Sean, you may well say that but you fail to mention the €20 that you owe me from the pub that night in Sligo at the end of August 2018. Was it corporate wealth which gobbled that up too?
Regarding the housing shortage in Ireland we have the same problem in the US. This was achieved by private equity firms like Blackrock Blackstone, Berkshire Hathaway owning real estate companies and buying up millions of houses for rental use and creating a shortage thereby inflating prices and gouging consumers throughout the US. 72% of recent homebuyers have regrets about their home purchase. The median amount paid over the listing price was $65,000. Realtors live in and buy up some of the best properties for themselves their LLC's and their company owners, Evidence shows that these securitized rental homes have the lowest maintenance costs and highest eviction rates to maximize profit for their landlords.
The four largest residential landlords here in the US illegally evicted hundreds of non-paying tenants during the Covid-19 CDC housing moratorium using illegal methods, i.e. locking out tenants, shutting off utilities etc. and actually made large profits in that period. Evection filings remain on renters' public records. This can make it more difficult for renters to access future housing, since most landlords will not rent to a tenant with a history of eviction.
This Reminds me of how cold and calculating English landlords were during the Great Hunger Irish genocide of 1845 also named as the Irish Famine by English Political elites. No Irish protestants died of starvation, during this period, millions of Catholics did in ditches, workhouses coffin ships and US and Canada. Average lifespan for the one million immigrants was two to four years. The Catholic Irish lost the potato crop as a food, income and subsequently their rental small hovel farm / home. It was demolished by removing the roof the same day as the eviction to prevent the renter from protection from the elements and made their demise that much quicker. All Catholic homes and farms were rental property with strictly enforced leases that prevented relatives and neighbors from taking in starving homeless disease ridden evicted fellow Catholics.
I believe you, its obvious. Problem in this country is we have always had the same government. Slightly different names, but the same, and last election, they ganged up together to prevent change. We need to keep moving to the left politically, we don't have your problems with guns and gawd and absolute loons in power and we don't have the obvious grifting greedy powerful donors money in politics. But we do need a change in government soon or the corporations are going to own us too.