The Bank of Ireland (BOI) has today reported that Ireland was found to be the second wealthiest country in a survey of the eight leading OECD nations and that property investment is the main factor in its success.

Ireland was placed behind Japan in the list and it was noted that the average wealth per head of Irish citizens was almost €150,000 (£103,600).

The report claimed that concerns over rising debt levels in the country may be overstated and also forecast that the level of wealth was likely to be sustained over the coming years.

"The report highlights that much of this wealth has been created through gains in property investment and through a willingness to borrow to invest further," said Mark Cunningham, managing director of Bank of Ireland private banking.

"It has been entrepreneurial and more risk orientated than many other developed countries where inheritance features more prominently. The current allocation of Irish wealth to equities and cash, by contrast, is less than any of the other countries in the report."

It was predicted that, while property will remain the dominant area of investment, diversification may become more prominent in the future, as the wealth in the country matures and investors seek to protect their gains.

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    Carol McDonald