Quinn falls off list of Irish billionaires

IRELAND'S SUPER-RICH are officially shrinking in number, with the elimination of Seán Quinn from the annual Forbeslist of the world's wealthiest cutting the Irish billionaire total to a mere five.

The small but exclusive group has otherwise held its own, with telecoms entrepreneur Denis O’Brien, Glen Dimplex founder Martin Naughton and financier Dermot Desmond all retaining their billionaire positions according to the influential magazine.

The collective $18.9 billion (€13.7 billion) wealth of the Irish billionaires pales, however, beside the $74 billion pot guarded by the world’s richest man, Mexico’s Carlos Slim. A telecoms magnate, Slim added $20.5 billion to his riches in 2010, more than anybody else on the 1,210-strong list.

The increase allowed him to pull away from the two individuals closest to him: Microsoft’s Bill Gates and Warren Buffett of Berkshire Hathaway. There will, however, be no embarrassment for the two businessmen, who both beefed up their fortunes by $3 billion during the year.

The Irish list is headed by Indian-born businessman Pallonji Mistry who holds an Irish passport due to the Irish citizenship of his wife and children.

Mistry’s fortune, gained in large part from his shareholding in the Indian Tata Group, is estimated at $8.8 billion, having grown from $5.8 billion last year.

Denis O’Brien comes next with $4.2 billion, which marks a healthy increase on last year’s $3.5 billion.

His closest competitor for the number two spot is US-born John Dorrance III, the low-profile heir to the Campbell’s soup fortune who received an Irish passport some years ago. Dorrance’s fortune is estimated to have remained steady at $2.4 billion.

A new entry to the list in 2010, Louth businessman Mr Naughton is also judged to have grown his riches this year. The wealth of the domestic appliance expert is now put at $1.9 billion, up from $1.5 billion a year earlier.

Dermot Desmond is not estimated to have grown his fortune this year, but is believed to have maintained it at $1.6 billion.

In 2010, Seán Quinn was estimated to be worth $2.3 billion, placing him just behind O'Brien on the Forbeslist. He had previously headed the table with a $6 billion estimated fortune.

The Fermanagh businessman’s interests took a negative turn just after last year’s list was compiled, however, when the Quinn Insurance business was placed in administration.

The Irish list also shrank in 2009 when Sir Anthony O’Reilly made an exit.

When all members of the Forbeslist are included, the global billionaires' club has a combined wealth of $4.5 trillion, according to the magazine, which points out that this is greater than Germany's annual economic output.

Some 214 new names joined the list this year, with almost half of these coming from the Bric nations of Brazil, Russia, India and China. Russia now has 101 billionaires, while China has 115. Moscow has bumped New York off top spot as home to the greatest number of billionaires, boasting 79 compared to the US city’s 58.

The youngest billionaire on the list is Dustin Moskovitz, a co-founder of Facebook with Mark Zuckerberg and Eduardo Saverin, who are also listed.

Moskovitz (26) is eight days younger than his former college roommate, Zuckerberg, according to Forbes.

The magazine has been producing its rich lists for 25 years, valuing individuals’ assets and balancing this against their debt.

It acknowledges that it cannot “pretend to know what is listed on everyone’s private balance sheet” but adds that “some folks do provide that information”.

It also notes that “some co-operate, others don’t”.

'FORBES' RICH LIST: IRELAND'S FIVE

1 PALLONJI MISTRY

Pallonji Mistry (81) is estimated to have a net worth of $8.8 billion (€6.4 billion), up from $5.8 billion a year ago. Holder of an Irish passport due to the Irish citizenship of his wife and children, Mistry is chairman of the India-based construction group, Shapoorji Pallonji, which is run by his sons. His biggest asset is a stake of almost one-fifth of Tata Sons, the holding company for Indian conglomerate, Tata Group. Tata’s interests include engineering, IT, hotels, consumer products and chemicals. In Britain, it owns Jaguar, Land Rover and Tetley.

Described by Forbesas "reclusive", Mistry is 103rd on the magazine's overall list. His place of residence is listed as Mumbai in India.

2 DENIS O’BRIEN

Denis O'Brien's wealth is estimated by Forbesto be up from $3.5 billion to $4.2 billion (€3.05 billion) last year. Aged 52, O'Brien's fortune is rooted in his foundation of Esat Digifone in the 1990s. The business was sold to BT, allowing him to focus on the developing mobile markets of the Caribbean. His Digicel group, based in Bermuda, is the largest operator in the region. He also has strong links with Haiti.

O’Brien has extensive media interests through ownership of 42 radio stations and a stake in Independent News & Media. He is also a shareholder in Aer Lingus.

Forbeslists O'Brien's residence as Dublin, although his address was recently given in High Court proceedings as St Sligma, Malta. He is number 254 in the overall list.

3 JOHN DORRANCE

John Dorrance’s wealth flows from his inheritance of a 10.5 per cent stake in Campbell, the huge US food group built from the invention by his grandfather of condensed soup.

Relatively low-profile, Dorrance (67) gained an Irish passport in the 1990s under a government job-creation scheme, which is now defunct.

The move allowed him to avoid large US tax payments when he sold down his Campbell stake, but has also seen him spend up to half the year at his home in south Dublin.

He is a fan of hunting.

Forbessays his $2.4 billion fortune neither grew nor shrank last year, leaving him at 488th in the magazine's overall list.

4 MARTIN NAUGHTON

First appeared on the list last year and has, according to Forbes, grown his wealth from $1.5 billion to $1.9 billion (€1.4 billion) in the meantime. He makes his money from the manufacture and sale of domestic appliances through the Irish-based Glen Dimplex group.

He founded the company as Glen Electric in 1973, turning it into Glen Dimplex with the purchase of Dimplex from receivership in 1977. Brands now controlled by the group include Belling, Morphy Richards, Roberts and Creda.

A noted philanthropist, Naughton is a consistent supporter of the arts, as well as funding numerous educational programmes. He said last year he had no plans to retire. Naughton is 651st in the overall Forbeslist.

5 DERMOT DESMOND

His worth is estimated by Forbesto have stuck at $1.6 billion (€1.16 billion) last year, with the financier's source of wealth listed as "finance, self-made".

Desmond (60) is one of Ireland’s best-known businessman. He started his career in banking before spending time as a banking consultant in Kabul, Afghanistan.

He founded NCB Stockbrokers in 1981, selling it to Ulster Bank in 1994. This propelled him into the world of private equity through his IIU investment company. A key inspiration in the establishment of the International Financial Services Centre, Desmond has over the years profited from interests in London City Airport and the Sandy Lane resort in Barbados. He is at 782 in the overall Forbesrankings.

'FORBES' RICH LIST THE TOP 10:

1.Mexican Carlos Slim Helu held on to his top spot this year, putting some distance between himself and Bill Gates by adding $20.5 billion to his fortune. Aged 71, his fortune is based in Latin American telecoms, but he also has interests in mining, property, retail and the New York Times. Forbes says he is worth $74 billion, with two thirds of this drawn from his America Movil business.

2.Bill Gates is by now almost equally well-known as Microsoft founder and philanthropist. Aged 55, he is co-chair of the Bill & Melinda Gates Foundation, which Forbes describes as "the world's most influential charity". He has so far given away more than $30 billion to the foundation, which helps with problems such as polio, TB and invests in areas such as the development of famine-resistant crops. That leaves him with $56 billion, according to Forbes.

3.Warren Buffett is the elder of the billionaire group, having turned 80 as his fortune soared to $50 billion last year. His interests are based in Berkshire Hathaway, an insurance to food to utilities holding company that started life as a textiles firm. Along with Bill Gates, he is trying to persuade the richest people in the US to pledge half their fortunes to charity.

4.Frenchman Bernard Arnault, 62, is estimated by Forbes to be worth $41 billion, making him the richest European. He is a luxury guru, with his LVMH company housing brands such as Dior, Louis Vuitton and Dom Perignon. Last year, LVMH took a 20 per cent stake in Hermes, with Mr Arnault promising he is a friendly shareholder. His other interests include a hotel, a stake in French retailer Carrefour and a yacht business.

5.Larry Ellison, like Bill Gates, is a university dropout who probably did better than all of his former classmates. Founder of software company Oracle, his fortune of $39.5 billion was boosted last year by a one-third jump in the group's shares. Highly-acquisitive, Oracle has most recently digested the purchase of Sun Microsystems. Aged 66, Mr Ellison is heavily involved in yachting, finally winning the America's Cup last year after a decade-long quest.

6.Indian Lakshmi Mittal controls the world's largest steelmaker, ArcelorMittal, which grew profits to $2.9 billion last year. Forbes says London-based Mr Mittal, 60, is Europe's richest resident. He has splashed the cash in a number of high-profile areas, including funding a sculpture for London's Olympic Park and buying a 340-acre country estate outside the English capital. Forbes says he is worth $31.1 billion

7.Amancio Ortega is not as well-known as his self-made clothing phenomenon, Zara. The Spanish native is estimated to have earned a fortune of $31 billion from the Inditex group that owns Zara, as well as a number of other brands including Massimo Dutti and Stradivarius. The business operates in almost 80 countries, while Mr Ortega also has interests in property, utilities and tourism. He is the son of a railway worker.

8.Eike Batista is the second-youngest of the top ten, at 54. The Brazilian is estimated to be worth $30 billion, drawing his self-made fortune from mining and oil through the EBX Group. Recently, he has been expanding his world view, seeking investors in London and New York. Beyond energy, his investments span ship-building, tourism and logistics. Last month, he took control of Canadian gold company Ventana.

9.The baby of the top-ten, Indian Mukesh Ambani is aged 53. Forbes says he is worth $27 billion, based on interests in petrochemicals, oil and gas through Reliance Industries. Reliance is India's most valuable company and, notably, has just concluded an investment deal with BP. Outside India, he spent $3.3 billion on US shale gas investments last year. A Stanford University dropout, he and his wife have built a 27-storey "sky palace" in Mumbai.

10.Christy Walton is the only woman in the top ten, winning her place through her stake in Walmart, which she inherited from her husband. Worth $26.5 billion, Ms Walton took control of the interest following the death of John Walton in an airplane accident in 2005. Mr Walton's father and brother had founded the retail giant. Ms Walton has also done well in recent years on the back of her late husband's investment in solar energy firm First Solar. Aged 56, she is known as a philanthropist.