Ireland is the world's fastest-growing international financial centre

International financial activity in Ireland grew by 194% in real terms between 2015 and 2025, against a global average of just 17%, new data shows

Report said Ireland’s growth had been underpinned by a significant increase in reinsurance premiums and fintech investment. Picture: Maxpix 

Ireland has recorded the fastest growth in international financial activity over the past decade, with activity here almost trebling, surpassing growth levels seen in China and India.

London think tank, New Financial, published its International Financial Centres Index, showing international financial activity in Ireland grew by 194% in real terms between 2015 and 2025, against a global average of just 17%. 

That growth rate puts Ireland ahead of India (111%), China (67%), Switzerland (59%) and Singapore (53%), and far ahead of every other European centre.

In its report, New Financial said Ireland’s growth had been underpinned by a significant increase in reinsurance premiums and fintech investment.

The performance has lifted Ireland to 12th place overall in the think tank's ranking of international financial centres, up from 14th in both 2015 and 2020. 

The report groups Ireland with Switzerland as large, specialised hubs for funds and asset management, though it notes both remain smaller international centres overall than France, Canada or the Netherlands.

A separate index for best business environments for financial markets saw Ireland rise to 12th position from 17th in 2020. The index measures a region's economic, financial, regulatory, and tax attractiveness.

While Ireland ranks highly for international activity, it sits just 32nd for domestic financial activity, slipping four places since 2015. It was a similar story for Luxembourg, which sits sixth overall but 40th domestically.

Both countries are noted for their financial services sectors, which serve multinational clients but with relatively modest connections to financing the domestic economy.

Singapore entered the top five finance hubs for the first time after steadily attracting foreign bank assets and direct investment. The city state has jumped from ninth place in 2015, overtaking the likes of China and Luxembourg.