Monday 25 September 2017

Worth of Ireland's top 300 wealthiest soars above €100bn

Significant gains for the super-rich in Sunday Independent Rich List

'According to estimates, well-invested portfolios of wealthy individuals were up by 8pc or more last year' Stock photo
'According to estimates, well-invested portfolios of wealthy individuals were up by 8pc or more last year' Stock photo

Samantha McCaughren Business Editor

The worth of the 300 wealthiest people in Ireland has hit €100bn, following a bumper year for property, bonds, stocks and other assets.

According to the Sunday Independent Rich List, the estimated wealth of the country's richest people has increased by over €12bn to €100.03bn on last year's numbers. The total was boosted by some significant gains in the tech sector.

One of the most noteworthy performances came from Limerick brothers John (26) and Patrick (28) Collison, the founders of payments company Stripe. Last year, their wealth was estimated to be €1.38bn. But both brothers became billionaires in their own right since then, when Stripe's latest fundraising gave the company a $9bn (€8.4bn) valuation. The Collisons are believed to now hold at least 12pc each, making John the youngest self-made billionaire in the world.

Others to have joined the list of billionaires include Eugene Murtagh of insulation maker Kingspan, which has enjoyed a share price increase of more than 25pc since early 2016. His holdings are now worth around €900m, while he has other assets.

Paul Coulson, chairman of packaging giant Ardagh, also saw a significant boost to his wealth following the flotation of the company on the New York Stock Exchange. His stake is now valued at €1.5bn, significantly higher than the previous estimate.

The Mistry family top the rankings once again, with a total wealth of €15.4bn. Pallonji Mistry (87) is a reclusive Indian tycoon with an Irish passport, and is married to Dublin-born Patsy Perin Dubash.

The wealthiest Irish-born individual is Denis O'Brien, a shareholder in Independent News & Media, publisher of this newspaper. His wealth is estimated to be €4.9bn.

There are 12 new entries, including James Murphy, whose health and beauty products company Lifes2Good sold its hair business to US corporation Church & Dwight for €150m.

According to estimates, well-invested portfolios of wealthy individuals were up by 8pc or more last year, with the MSCI World Index, a global measure of stock exchanges, up 8.15pc by the end of 2016. Several asset classes grew more than this, particularly some tech stocks.

While 2017 got off to a good start, concerns are emerging about the impact US president Donald Trump's policies will have on the world economy.

Sunday Indo Business

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