Grafton Street in Dublin has become the world's fifth most expensive street in which to run a shop, according to a survey published today.

It has jumped from 10th place last year to overtake the most expensive shopping streets in Sydney, Moscow and Munich, according to the research by London firm Cushman & Wakefield Healey & Baker (CWHB).

Rents have soared by 46 per cent in just 12 months, with an annual rent of €3,372 per sq m.

The news is further confirmation of the Republic's new status as one of the world's most affluent countries, ahead of the UK in gross domestic product per head.

"This reflects the health of the wider Irish economy," said David Hutchings, head of research for CWHB.

"It shows not just the growth of general affluence but also the growth of a specific affluent high-net-worth individual group within the market," Mr Hutchings added.

Grafton Street is home to Brown Thomas, Bewley's Cafe, Weirs, a jeweller's shop, and a range of other generally upmarket retail outlets.

CWHB looked at the most expensive shopping streets in the world to come up with its Top 10 Global League Table. The first four positions were the same as last year.

Fifth Avenue in New York came in first with an annual rent of $10,226 (€8,020) per sq m. It has 55 stores, constricting supply and pushing up the price to retailers.

Companies that have expanded in Fifth Avenue or opened new stores there this year include Louis Vuitton, Pucci and Bottega Veneta, with a De Beers flagship set to open soon.

Second in the table was the Champs Elysées in Paris, with the rent there reaching €6,118 per sq m. Causeway Bay in Hong Kong took third place with rents of €4,900 per sq m. This was followed by Oxford Street in London (€4,452).

Ginza in Tokyo was one of the fastest risers, jumping from 15th last year to ninth today after a rise in rents of 43 per cent.

The US saw the least rental growth of just 0.4 per cent. Asia Pacific had the most, at 11.7 per cent. while rental growth in Europe was 5.1 per cent.