Ireland Among Richest OECD Nations in 2024, Driven by Multinationals and Services

Ireland ranked among the richest OECD countries in 2024, slightly surpassing the US in Net National Income (NNI) per person, adjusted for price levels. Only Norway and Luxembourg had higher NNI. This measure provides a more realistic economic picture than GDP, which overestimates Ireland's resources due to foreign-owned asset depreciation.

Even excluding exceptional corporation tax revenue, which is estimated to be about half of the total and unrelated to real economic activity, Ireland remains one of the richest OECD countries, though about 5 per cent behind the US, Netherlands, and Denmark. Between 2013 and 2024, the economy averaged 3.4 per cent annual growth without this exceptional tax, with foreign multinationals contributing about a quarter of this growth.

Professional services were the most significant contributor to growth from 2013 to 2024, with Irish-owned businesses accounting for 18 per cent, double that of multinational professional services firms. Manufacturing, IT, and distribution also made important contributions, largely driven by foreign-owned pharmaceutical companies in manufacturing and foreign firms in IT, though smaller Irish IT firms also contributed.

Ireland's economic success relies on a highly skilled workforce, with 57 per cent of graduates in manufacturing—the highest in the EU. This demand has been met by returning Irish emigrants and significant immigration. Sustained success requires promoting domestic firms, building on the achievements of Irish IT and professional services companies, and wise investment of temporary tax windfalls. Good governance and long-term education investment have been crucial, but future challenges include infrastructure deficits and reducing reliance on imported fossil fuels.