Irish people now the world’s leader in inflating property prices

A report from the Bank of Ireland this morning shows that Ireland’s net wealth grew by 19% to €805 billion in 2006. The fabulously vulgar report – cover on the left here – states that the asset base of the top 1% of the population increased from €86 billion in 2005 to €100 billion in 2006. That means about 42,000 people in Ireland own one eighth of its wealth. Apparently property is the main driver of their wealth. And there I was thinking that it was people.

On the week that the British army are confining themselves to barracks in the 6 counties, can we take a moment to celebrate the irony of the success in our new colonial masters: all hail the 42,000.