There likely needs to be a bigger debate on the role of Ireland’s investment infrastructure as the basis to support our domestic economic growth, according to international investment expert and strategic adviser to Unio, Mike O’Sullivan.
“While some of these have relatively large, powerful financial centres, Ireland has not and there is a sense that the change in our economy and society has not been matched by a growth in infrastructure across a range of areas – security and defence is a notable one, as is housing and the way we welcome migrants. Wealth and asset management is another example,” O’Sullivan said.
“It is well known that our economy remains overly reliant on investment by multinationals, and that there is over-investment in property, and, arguably, cash deposits are also very high. Ideally, there should be more Irish wealth invested in international, diversified portfolios. “As such, there are many Irish people who are ‘under-advised’ in terms of their wealth, and this points to a growing need for a more developed investment infrastructure in Ireland. What is also needed is a new way of thinking about and discussing wealth. There are perhaps two points to emphasise here.”