It seems we haven't yet made the choice between Boston and Berlin . . . at least when it comes to money. But why should we when Ireland stands as the second-wealthiest nation in the world, with wealth per capita of 196,000? It doesn't appear to matter if we are as profligate as the Yanks, because we are still managing to save more than 10% of our personal income . . . even better than the Germans!

Still, that personal savings figure masks a relatively low level of net financial wealth in our portfolio. It should come as no surprise that Irish wealth is tied up largely in property and not investments. Just how much is a bit of a shocker, though: a whopping 72%. That compares to an average in other Anglo-Saxon economies in the high 50s, according to O'Sullivan, and is exceeded among advanced economies only by Spain, which is in the midst of a housing market slowdown of its own.

O'Sullivan believes, though, that we're coming to our senses and "looking to diversify assets geographically and in terms of asset class", which should be welcome news to the asset managers who look after pension funds. After all, the 71bn in Irish pension fund assets at the end of 2006 was dwarfed by the 671bn tied up in property.

But O'Sullivan's diversification forecast sounds like the triumph of hope over experience in light of the revival of the buy-tolet market. CSO figures show that rental yields grew 11.8% in the year to June, making investment property attractive as residential prices flatline. EBS certainly thinks so, if the publication of their 'Buying to Let' guide to getting into the rental market is anything to go by.

According to manager of EBS mortgages, Shammy Khan, we're not ready to give up our property addiction just yet.

"Investors are not looking for a quick buck or a two-to-three year equity play . . . rent is the key area, " he said. "The Irish psyche is about getting into property and it's very difficult to change people's minds on that."