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SEVEN of the 16 euro billionaires in Ireland, including JP McManus, have seen an unprecedented 3.2 billion euros wiped from their combined fortunes in 12 months, according to the 2020 Sunday Times Rich Irish List.
Denis O’Brien, Dermot Desmond, John Magnier and McManus have all seen their assets dwindle. According to the “Definitive Guide to Wealth on the Island of Ireland”, McManus and his family are the 15 richest in Ireland.
The list, published today in a special 28-page supplement, says his wealth in 2020 is 1,027 million euros, a reduction of 418 million euros.
The dramatic falls by some of Ireland’s best-known entrepreneurs are offset by the combined earnings of more than € 5 billion earned by eight of Ireland’s other billionaires.
Representing more than half of this, witnessing a 55% increase in their joint fortune, are former Castletroy College students Patrick and John Collison, who came in second and are now worth € 7.75 billion. The success of Stripe, its world’s leading online payments operation, has added 2.75 billion euros to its net worth last year.
On the list of the rich, millionaires responsible for software companies, video games and online gambling have increased their wealth by 2 billion euros. The total value of the fortunes of Ireland’s 300 richest people has risen 7.3% to € 93.7 billion, the highest combined total of wealth in the 24-year history of the Irish Rich List.
It’s been a miserable eight months for the wealthy families who dominate Ireland’s hotel industry. The Gallaghers, Monahans, Roches, Fitzgeralds, Flannerys, Hastings and O’Callaghans have seen more than 800 million euros of their wealth disappear combined with the restrictions of the pandemic.
Also a drop from € 49 million to € 158 million for Caroline Downey and Denis Desmond, the biggest live entertainment promoters in Ireland and the UK. In transportation, the Ryan family is down 209 million euros, Michael O’Leary of Ryanair is down 42 million euros, Eamonn Rothwell of the ferry operator ICG is down 45% and Bob Ethchingham of the Applegreen service stations is down one. twenty-one%.
The broad global food and supermarket interests of the Sunday Times’ top-of-the-rich Irish family for the 12th year in a row, South Dublin-born Hilary, and children Alannah and Galen Weston Jr, cushioned their $ 11.8 billion fortune. of euros. This offset a drop in the value of its Brown Thomas, Arnotts and Selfridges department stores.
There is a record 75 women on the list, up from 66 in 2019. Jacqueline Kelly, who is ranked 30th overall, shares a fortune of 596 million euros, almost ten times more, 532 million euros in 2019, with her husband, Michael. Founded Fineos, an Australian-listed Dublin and Kilkenny software fulfillment company, one of the best performing companies in the world stock market in the last 12 months.
The number of new entrants has dropped slightly to 29, and the entry threshold for the 2020 Irish Rich List increased by € 8 million to a record € 65 million. Nicole Gordon, 29, co-owner of the Gordon chemical chain in Northern Ireland, is now the youngest millionaire among the 300 richest in Ireland, with a shared fortune of 74 million euros. The oldest debutant, at 82, is Ed Crawford, Donald Trump’s United States ambassador to Ireland, worth € 174 million.
Trump’s former golf partner Rory McIlroy, 31, based in Florida, is the first athlete to become one of Ireland’s 100 richest people, ranking 81st, after earning 48 million euros on last year to bring his fortune to 205 million euros. Cage fighter Conor McGregor, 32, has risen € 17 million to € 132 million, in part thanks to sales of his Proper No Twelve whiskey. Ballymena-born actor Liam Neeson has risen € 5 million to € 122 million, while Belfast Lockdown protester Sir Van Morrison has risen € 2 million to € 66 million.
The Sunday Times Rich Irish List is compiled by Sunday Times wealth experts Colm Murphy and Robert Watts using a wide range of accounts, annual reports, shareholder presentations and other sources, as well as generally private information shared by those listed. on the list.
For the Sunday Times’ full Rich Irish List, detailing the 300 entries from across Ireland, check out The Sunday Times this weekend.
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