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Oil rich countries have long used sovereign-wealth funds to store their windfall profits from periods of high prices for future years when hard times might arise.
Ireland on Tuesday created its own sovereign wealth fund thanks to outsize tax revenues from international companies seeking to lower their tax bills.
In the past eight years, the country of five million people has watched its corporate tax income triple to the tune of 22.6 billion euros last year, equivalent to almost $24 billion—giving it a budget surplus last year of a comfortable €8 billion euros.
According to GDP per capita statistics, Ireland is the wealthiest country in the world. Could this be true?
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