Ireland’s Economic Reliance on Multinationals Faces Scrutiny, Stripe Founders Urge Action

Ireland’s long-standing economic model, heavily reliant on foreign direct investment (FDI) from multinational corporations, is facing increasing scrutiny. A new report, commissioned by Stripe founders John and Patrick Collison, warns that a shift in global economic patterns necessitates urgent government action to bolster domestic growth and reduce vulnerability. The report highlights the necessitate to diversify Ireland’s economic base and foster a stronger startup and scale-up ecosystem.

The FDI-Driven Growth Model

For the past 50 years, Ireland has experienced significant economic growth, with real income per person tripling from approximately €17,500 in 1970 to over €53,000 in 2023. This growth has been largely fueled by FDI, particularly from the United States. However, the report argues that this reliance is becoming increasingly precarious.

Geopolitical Shifts and the Risk to FDI

The report, authored by Alan Ahearne, a former advisor to Taoiseach Micheál Martin and economics professor at the University of Galway, points to “fundamental geopolitical shifts,” “increased trade protectionism,” and “fragmenting globalisation” as key threats to the continued flow of FDI. Ahearne warns that these changes are not temporary shocks but rather structural upheavals that could reshape global capital flows.

The Need for Domestic Growth

To mitigate these risks, the report urges the Irish government to focus on stimulating growth within the domestic sector. This includes generating tax revenues to fund essential public services like healthcare and education, as well as investing in much-needed infrastructure.

Attracting Talent and Boosting Innovation

The report also recommends implementing tax incentive schemes to attract highly skilled individuals from abroad to work for Irish companies, drawing inspiration from successful models in Israel and Portugal. Crucially, the report emphasizes the need to boost Ireland’s startup and scale-up landscape to drive productivity growth.

Collison Brothers’ Advocacy

John and Patrick Collison, whose payments company Stripe is valued at approximately $159 billion (€135 billion) as of 2026, have become increasingly vocal about the need for economic reform in Ireland. Last October, John Collison highlighted the excessive bureaucracy hindering large-scale infrastructure projects.

In a joint statement, the Collison brothers emphasized that “in an increasingly competitive and volatile world, putting in place the systems and conditions to accelerate scientific and technological progress will be critical for future living standards in Ireland.”

Recent Recognition and Stripe’s Growth

The Collison brothers were awarded the 2025 Impact Ireland Award by Venturewave Capital, recognizing their global entrepreneurship and contribution to Ireland’s technology sector. Stripe recorded weekly revenues of $98.59 million in 2024.

As of 2025, John Collison’s net worth is estimated at US$9.3 billion.