Four Irish tycoons worth €8bn in the ranks of the super rich

Ireland's four wealthiest men now have a combined wealth of $10

Ireland's four wealthiest men now have a combined wealth of $10.6 billion (€8 billion), consolidating their place in the company of the world's ultra-rich.

The rapid expansion in the wealth of insurance tycoon Seán Quinn, Cambell's soup heir John Dorrance III, newspaper magnate Sir Anthony O'Reilly and financier Dermot Desmond once again ensured them a place on the latest annual list of the world's richest people in Forbes, the US business magazine.

None of them have money to match that of Bill Gates (51), the Microsoft founder whose $56 billion fortune means he retains the title of the world's richest man for the 13th year in a row. He was closely followed by businessman Warren Buffett ($52 billion)

But while Forbes has identified 176 new billionaires in the booming global economy, not even the tireless growth of the Celtic Tiger could propel any more of Ireland's millionaires on to the Forbes list.

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Thus there was no mention of telecoms entrepreneur Denis O'Brien, who added some $800 million to his fortune last week in a refinancing of his Caribbean mobile phone business Digicel.

Neither was there a place on the list for Bono, the U2 singer who himself acquired an interest in Forbes last year in a $250 million deal with his business partners.

But Ireland's four wealthiest men had a good time of it last year. A $2 billion rise to $4.5 billion in the wealth of Mr Quinn saw him enter the ranks of the top 200 wealthiest people in the world in 177th place. Famous for buying out the health insurer Bupa some weeks ago, Ireland's wealthiest man shared 292th place last year with Mr Dorrance.

According to Forbes, Mr Dorrance saw his wealth grow by a mere $100 million last year to $2.6 billion. He has slipped to 349th place on the list but his growing fortune suggests there is no threat to his inheritance.

Sir Anthony is eclipsed in the latest list by Dermot Desmond,whose sale last year of London City Airport helped bring his fortune to $1.8 billion. He now occupies 557th place on the list, up from 756th a year ago.

While Sir Anthony's wealth grew to $1.7 billion from $1.4 billion, the $300 million rise in the value of his fortune did not prevent him slipping on the Forbes list to 583th place from 562nd.

Arthur Beesley

Arthur Beesley

Arthur Beesley is Current Affairs Editor of The Irish Times