Even as the Irish economy purrs for many, painful memories of the financial crisis still burn bright in the minds of Ireland's ultra-wealthy, who remain prudent when it comes to managing their wealth.
The last crisis showed the risk of concentrating the majority of your wealth into one asset class in one country.
During the Celtic Tiger-era of the late 1990s to 2007, wealth soared due to debt-laden investment in the Irish property market, driven by excessive valuations. When the property bubble burst, many of Ireland's wealthiest, including several who remain on the Rich List, were hit badly after putting too many of their eggs into one leaky basket.
Adam Cleland, the chief financial officer of new Irish wealth advisor Argeau, said the ultra-wealthy are taking steps to de-risk their investment portfolios, with concerns that another recession is overdue. As a result, Ireland's very rich are increasingly seeking to diversify their wealth, looking to new sectors and different countries.
"Given the more recent generation of much of Ireland's wealth, with its concentration among first-generation entrepreneurs rather than the inter-generational wealth seen in some other European countries, [wealth in Ireland] is more actively managed," he said.
"While Irish investors are typically low key and tend to avoid publicity, they are interested in being connected to the next generation of young entrepreneurs and ventures they might back."
The make-up of investments in Ireland varies but remains tied to property and equity, as it does across much of the world.
John Crowe, founder and chief executive of Kestrel Capital, said the wealthy here have at least a third of their investible wealth in "illiquid type investments" where they put money into areas such as real estate or private equity.
He said Irish wealth, with its close links to technology and the life sciences, is also increasingly becoming more linked to the US investment houses. "There is a US flavour to what they do, so equity is a big portion of their wealth," he said.
Crowe said the wealthy would have done well last year, with global equity markets up 25pc.
Despite the bull market conditions, many among Ireland's wealthiest remain mindful that a recession could be around the corner.
Alan Merriman, the executive chairman of Elkstone Partners, said his Irish clients are discerning about how they invest their wealth. "When we look at our Irish client base, there is still a significant amount of money held in cash. The lingering effects of the last great financial crash are still with us. Irish investors are prudent, but risk appetite is slowly increasing.
"Most Irish people are more comfortable investing in their own businesses, where they feel they have more control, while property continues to be a cornerstone of where Irish wealth resides."
Merriman said there is a growing appetite in Ireland for "alternative investments", meaning more money going into private credit, venture capital and hedge funds.
The wealth manager also described some of the generational differences playing a role in Ireland's wealth story, driving variations in the kind of plays being made. "Older generations are more related to property, while younger wealth can tend to be more adventurous," he said.
He feels the younger generations have grown up with the ability to access information online, which has led to their investment style being "more considered" than older generations.
This investment style has translated into how likely the Irish are to flaunt their wealth. Merriman said the difference in the behaviours of the ultra-wealthy is particularly evident when traveling.
"It is part of the Irish DNA," he said. "We are low-key, understated and don't like drawing attention to ourselves. Whether it's London, Milan or Miami, money is a lot more flash elsewhere. In Ireland, people are more reserved and keep to themselves."
However, Argeau's Cleland feels an increasing number of the wealthy here are investing in areas of interest, driven by growing values linked to high demand in Asia. "The other non-traditional asset classes, such as art, classic cars and wine, have performed very well," he said. "They've attracted attention not just around the world, but also increasingly amongst the Irish."
Looking forward, Cleland, Crowe and Merriman agree new trends are infiltrating investment behaviours of the ultra-wealthy, not just globally, but also in Ireland.
One noticeable trend picked up by Merriman is the rise of "impact investing", where investors are looking to back worthy causes with a return. "It might be for social good, vegan trends or climate change," he said. "That is much more in the discussion now than it would have been even three or four years ago.
"The younger generations are driving that in particular. People are much more interested in not just what the money is going to make, or the prospect, but actually, if it is going into a good, clean business.
"People don't want their money to go into sectors that don't have those attributes. That has become very noticeable."