That is apart from the small financial hubs according to the Standard & Poor’s agency ratings. With the exception of world financial centres like Liechtenstein and Bermuda and the oil kingdoms of Norway and Qatar, Ireland is now the world’s richest country with an average income of 44,000.

The Standard & Poor’s agency ratings show Ireland lying in sixth position for the second year in a row, easily beating the likes of the US and Britain who took 11th and 18th places respectively.

Ireland’s national average income has risen from 39,335 last year to a new high of 44,000.

The increase in wealth is reflected in spending both on property and on the High Street.

Economists attribute the boom to low taxes, increased stability in the North of Ireland, American investment and a highly skilled but relatively low-cost labour force.

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