The Republic of Ireland, a country of only five million inhabitants, was one of the hardest impacted by the 2008 financial crisis. Following politically challenging reform measures such as severe salary cutbacks in the public sector and banking industry reorganisation, the island country restored fiscal health, increased employment rates, and saw its per capita GDP expand rapidly.
Ireland is one of the world’s major corporate tax havens, benefiting multinational corporations significantly more than the average Irish citizen. Many prominent US corporations, including Apple, Google, Microsoft, Meta, and Pfizer, relocated their fiscal residency to Ireland in the mid-2010s to take advantage of the country’s low corporate tax rate of 12.5%, one of the lowest in the developed world. According to Central Statistics Office data, these multinational corporations accounted for around 56% of total value added to the Irish economy in 2022, up from 53% in 2021. Nonetheless, Ireland intends to harmonise its minimal company tax rate in 2024 with the worldwide benchmark of 15%.
Although Irish households are clearly better off than in the past, according to OECD data, national family per-capita disposable income is somewhat lower than the overall EU average. With a significant wealth disparity (the wealthiest 20% of the population earns about five times as much as the bottom 20%), most Irish citizens would certainly reject the idea that they are not just rich but the richest in the world.
https://www.gfmag.com/global-data/country-data/ireland-gdp-country-report
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