Rich list 2016: Ryanair's Michael O'Leary joins billionaire club
Ryanair boss Michael O'Leary has joined the billionaire's club for the first time, according to the new Sunday Independent Rich List 2016/
Ryanair boss Michael O'Leary has joined the billionaire's club for the first time, according to the new Sunday Independent Rich List 2016/
Every single one of the 1.9m Irish workforce would have to slave away tax free for more than 15 months to create the same wealth as Ireland's top 300 people.
Mullingar’s Niall Horan has rocketed up Ireland Rich List 2016 to be published in the Sunday Independent this weekend.
Billionaire dealmaker Dermot Desmond expects the bulk of Ladbrokes shareholders to agree to the gambling firm's under-fire €2.85bn merger deal with rival Gala Coral, despite his vehement opposition...
Nick Webb visits Cork for for a combination pig-out and walk-it-off weekend in the "real capital" of Ireland.
Rothschild banker and new Smurfit Kappa group director Jim Lawrence has made the biggest personal purchase of shares by any non-executive board member of a major Irish company this year, spending almost €4m to buy a stake in the cardboard box company.
The amount of mortgage money drawn down will drop by almost a third in the last three months of the year, compared with the same period in 2014, according to the Association of Expert Mortgage Advisors.
Marks & Spencer has seen a 10pc rise in the number of 'party' dresses sold in Ireland since last year as consumers continue to spend money in the improving economy.
Barry Maloney, the former Digifone boss turned hugely successful tech investor, and billionaire financier Dermot Desmond have led a near €2m funding round for WholeWorldBand, the innovative music creation and sharing site developed by 10cc drummer Kevin Godley.
Paddy Power's managing director of retail for Ireland and the UK, Christian Woolfenden, has left the bookmakers.
Facebook's 500 Irish staff may be sitting on a €120m paper fortune as shares in the social media behemoth burst through the $100 mark last Friday, valuing the company at just over €250bn.
Billionaire financier Dermot Desmond has spent €8.4m buying shares in Toronto-listed Kennady Diamonds as part of a private placement. The IFSC-based dealmaker bought 4.5 million shares last...
Dan and Linda Kiely's Voxpro, which has its headquarters in Cork, is raising up to €20m from investors as it continues its turbocharged...
AS THE dust settles on Budget Day, it's clear that some sectors did far better than others. Sunday Independent Business editor Nick Webb examines the winners and losers.
Serial entrepreneur Ray Nolan holds a 2pc stake in flight comparison website Skyscanner, which has achieved tech 'unicorn' status after being valued at close to €1.35bn.
Anna Malmhake: Manufacturing & exports
Four major hedgefunds and institutional investors have disclosed short positions in Aidan Heavey's Tullow Oil, as they bet that the Africa focussed oil company's share price will fall further.
Ryanair has beefed up its management team as it plans to grow its ancillary revenues from sales of hotel rooms, concert tickets and airport security fast pass vouchers.
The National Pensions Reserve Fund, which manages assets to cover future pension needs of State employees, is a shareholder in the German car group Volkswagen - which slumped in value last week, following revelations that the company had fiddled its emissions tests to beat regulations.
Aston Martin, the British car brand immortalised by the James Bond movies, is ramping up its efforts to grow sales in the Irish market.
Denis O'Brien's Digicel is planning to double its revenues as it scales up its presence in the business solutions sector.
Ireland's most high-profile property developer, Johnny Ronan, is expected to claim Nama was 'hell bent' on taking down his company Treasury Holdings. It is understood he will make the claims in a written statement to the Banking Inquiry, due for publication this week.
The world's technology community descended on San Francisco last week for Dreamforce 2015, the biggest software conference on the planet. Some 170,000 visitors were expected to attend the conference hosted by Marc Benioff's Salesforce. Stripe's John Collison was one of the keynote speakers - but we met some of the other Irish people making waves in Silicon Valley.
Michael O'Leary's decision to change Ryanair's focus to become more consumer- and business flyer-friendly has seen the value of his stock options and shares soar, pushing his personal wealth passed the €1bn mark last Friday. This makes him the country's 12th billionaire, based on the Sunday Independent Rich List rankings.
Low-cost fashion retailer Primark's opening of its first US store in Boston may silence calls for it to be spun off from parent group Associated British Foods (ABF).
Kingspan chief executive Gene Murtagh made a near €3.6m profit by exercising a large block of stock options and selling the whole lot. Company filings show that Murtagh cashed in 36,195 options at a price of €10.90 each before selling them at €21.60. He also cashed in a further 148,000 special options at 13 cent each before selling them all last Wednesday. Murtagh still has 1.13m shares worth close to €25m.
Eircom chief executive Richard Moat and his management team shared a near-€28m pay packet last year, according to company documents.
Hawk Protection, part of industrialist and Irish Continental Group chairman John McGuckian's Cooneen textile empire, has landed part of a €44m contract with the US Army to provide bullet-proof vests. Hawk will team up with Bethel Industries and KDH Defence Industries for the fixed-term contract for the Soldier Protection System modular vest which was recently awarded by Army Contracting Command in Maryland. It is understood that the winning group beat off four other bidders, with the contract set to be completed in early 2019.
Stock market volatility caused by fears over the health of the Chinese economy knocked $82m off the sale price of Domhnal Slattery's aviation leasing group Avolon. Last week, Bohai Leasing, a unit of Chinese aviation and shipping conglomerate HNA Group, agreed to buy Avolon for $31 per share, which attributes an enterprise value of $7.6bn to the Irish group.
Diageo is trialling a new, revolutionary non-alcoholic version of the iconic Guinness stout in Asia, as it seeks to counter a growing government campaign against excessive alcohol consumption in the region.
Paddy Power now has 207 'millionaire' shareholders after markets reacted positively to plans to create a €7.5bn gambling giant by merging with rival Betfair.
Kelly Martin, the man who saved Ireland's biggest drug company Elan from debt annihilation before selling it to Perrigo for $8.6bn, is to become chief executive at Irish listed biotech investor Malin, as it moves into its next stage of development.
Declan Ganley's broadband technology group Rivada has just raised $50m (€44m) from a group of institutions and high-net-worth players, including the legendary Silicon Valley investor Peter Thiel, who made billions backing Paypal, Facebook and Stripe. Rivada had a pre-funding valuation of $650m (€572m).
Persuading one of the world's smartest and most sought-after investors to take part in a $50m funding round sends out the clearest signal yet that Declan Ganley's Rivada Networks is a serious contender.
Private equity groups Carlyle, BC Partners and Onex Group are believed to be trying to buy Ardagh's tin can unit, Oressa, which is valued at about €2.4bn.
Former Treasury boss Johnny Ronan has teamed up with the Wilbur Ross-backed Cardinal Capital to develop Dublin's tallest building at Tara Street train station.
Fast-growing advertising technology group TVadSync has teamed up with serial telecoms investor Sean Melly to raise over €500,000 as it rolls out its innovative new service which may change the way advertising companies interact on smartphones and tablets.
Retail - The "internet of things" is going to completely change retail, according to Reep Rewards boss James Lenehan. "Pre-emptive shopping" where your fridge decides that you are out of milk and buys some online will be "on steroids" he suggests.
Denis O'Brien is going to have to sell something new. For the last decade, the Digicel chief has persuaded bond market investors to lend him $6.5bn to expand his mobile phone operation in the Caribbean and Pacific.
The Irish League of Credit Unions, which oversees the troubled credit union sector, is to spend €50,000 to send 11 of its board members on a 14,000km round trip to a conference in Denver, Colorado, at the foot of the scenic Rocky Mountains.
Mark Roden's fast growing Ding has doubled in size, following the buyout of its US rival iSend, turning it into the biggest player in the fast growing airtime remittance space.
Denis O'Brien's communications group Digicel is "evaluating" an approach to buy its mobile-phone mast business in the Asian state of Myanmar.
Goldman Sachs' private equity division is set to turn a quick profit by "flipping" property in Dublin's Docklands just over a year after buying it from the IBRC.
Sean Gallagher, the high-profile former presidential candidate, Dragon and Sunday Independent columnist has raised over €25m to buy commercial property with the launch of his new Clyde Real Estate group.
Billionaire Denis O'Brien is changing the focus of his Digicel mobile operator as it prepares to float in New York in what could be the most valuable IPO of an Irish-linked company ever. Some industry estimates have suggested that the company could have an enterprise value of around $13bn, including its $6.5bn in debt.
Three men with Dublin homes within 200m of each other have built up three enormously successful companies backed by close on $18bn in debt raised from the bond markets.
Aer Lingus chief executive Stephen Kavanagh and his chief finance officer Bernard Bot may receive bonuses worth €1.31m as their long-term incentive scheme will pay out when IAG takes over the airline after its €1.4bn buyout offer.
Cairn Homes, the Irish housebuilder has hired top Nama insider Brian Carey, who will join the company when his 'gardening leave' ends next month.
Billionaire hedge-fund trader Crispin Odey is shorting Bank of Ireland in the largest bet against the Irish banking system since the financial crisis in 2008.
Larry Murrin CEO, Dawn Foods - "From the food industry's perspective, from an exporting perspective, I don't think a Greek exit would be immediately damaging. What is potentially more damaging is the ripple effect it would create. It would take Europe into the fiscal unknown.
Audley Capital, the activist hedge fund investor run by feared corporate raider Julian Treger has emerged as owning a 6pc stake in Irish exploration firm Circle Oil. The Limerick headquartered resources company has seen its share price fall 60pc on the AIM index since last September.
Former Google Ireland chief John Herlihy has taken up his first new role since leaving the online search giant in April. Herlihy ran Google for 10 years, building it up into one of the largest multinational players in the country as it expanded into Silicon Docks.
Richie Boucher's Bank of Ireland has conducted extensive risk assessments and contingency planning exercises to prepare the bank for the impact of Brexit - Britain leaving the EU.
"Digital is just so quick to change and quick to move. If you are operating on a strategy from 2013, it's already absolutely redundant," according to Maximum Media founder Niall McGarry, which operates the fast-growing JOE.ie and Her.ie websites.
Moored beside a beautifully restored wooden trawler on the East Ferry marina in Cobh, is Ireland's only machine gun-toting, stealth-enabled high-speed military interceptor. The super-fast attack boat has been developed at a cost of around €1m over the last two years by entrepreneur Frank Kowalski at his nearby Safehaven Marine in Youghal.
Alan Foy's cloud telephony group Blueface is planning to raise up to €20m in equity and debt to fund a number of acquisitions as its continues its growth across Europe.
An African focussed private equity fund chaired by former Boomtown Rats front man Bob Geldof has bought a 42pc stake in Orient Bank Limited, a mid-tier commercial bank in Uganda, from Keystone Bank, a state-owned Nigerian bank. The 8 Miles LLP fund completed the deal in recent weeks.
Serial entrepreneur Michael Carey, who built up Jacobs Fruitfield into one of the country's biggest food companies before selling out to Valeo, has raised up to €20m to launch a new biscuit venture.
So, just who has access to the corridors of power and influences the decision makers? Who can get face time with the Minister for Finance Michael Noonan and his top official, Secretary-General Derek Moran?
From the top pocket of his elegant suit, Blatter started to pull out some tickets. Would I like to go to the Champions League Final, he asked. AC Milan were due to play Juventus in the first all-Italian champions league final at Old Trafford later that evening. The centre of Manchester was thronged with chanting Rossoneri and Bianconeri fans and tickets for the final had sold out months earlier.
Jack and Stephen Teeling are covered in dust. The final dollops of paint are being applied to the brand new €10m Teeling Distillery in the heart of Dublin's Liberties.
Rory McIlroy's Irish open was a bit of a nightmare. But the really interesting stuff - as usual - took place before the Open actually started. There was well over €20bn worth of entrepreneurial wealth on display.
Pat Doherty's Harcourt Developments, one of the largest property companies in the State, has agreed a debt refinancing deal with US private equity firm Oaktree. The loans were made via Oaktree's Luxembourg subsidiary HRGT s.a.r.l.
Former US president Bill Clinton's foundation was paid between "$500,001 to $1m" for giving a speech to the JP McManus funded All Ireland Scholarships group in Limerick. Last week, the Clinton Foundation published details of fees received for speeches given by Bill, Hilary and Chelsea Clinton over the last 13 years. Up to $26m was earned by the Clinton family for their charitable foundation by delivering speeches around the world over that period.
Ameriprise, the world's biggest financial planning company, has built up a 3pc stake in recently floated Permanent TSB. Last week, the €20bn valued US investor bought shares in the lender led by Jeremy Masding.
Low-profile bio-tech investor Seamus Mulligan is working on a revolutionary new treatment that could save the live of heroin overdose victims. Last year his new business Adapt Pharma raised €95m from investors - primarily Mulligan himself - develop new drug treatments. Adapt is working on a nasal spray for "the emergency treatment of known or suspected opioid overdose". This includes heroin...
Last week, the Central Bank fined Western Union Payment Services Ireland a whopping €1.75m because major failings in its anti-money laundering practices could have left the group's payment services open to being used for terrorist financing or for money laundering.
Siobhan Talbot's Glanbia is on the hunt for a new chairman after Liam Herlihy stepped down following last week's shareholder meeting.
Cork based specialist engineering firm Kentech is thought to be close to selling a stake to a major international private equity group.
Semi-state airport operator Dublin airport Authority DAA has paid €4.3m to its chairman's Padraig O'Riordain's law firm over the last three years.
The Central Bank, which is tasked with maintaining the safety and integrity of the Irish banking system, was duped in an elaborate money transfer scam late last year.
"We're basically waiting to see how beaten up people's psyches get and where they're willing to sell assets."
Stockbroking and investment bank bonuses have hit their highest level since 2006, according to Andrew Lynch of fast-growing recruitment firm Mason Alexander.
New Google Ireland boss Ronan Harris has warned against a "mad" spending binge ahead of next year's General Election.
It's day four of the Ronan Harris epoch at Google. "I haven't broken anything yet," he smiles as he prods the coffee machine in the canteen on the 12th floor of Google's headquarters in Dublin.
It's a proper shemozzle. One of the best fights in corporate Ireland is about to heat up again.
You'd think Fianna Failers would want to keep well away from the banks, given their role in wrecking them.
Herb Hribar left Eircom last year as the telecom company owners bottled it when wobbly stock markets derailed their long-running plans to float the debt-laden €2bn- valued company.
Along with many of the other bankers at the helm of the banks during the boom, things are going swimmingly for former BoI boss Brian Goggin.
Lax information technology systems at the IDA left sensitive information more vulnerable to hackers, the Sunday Independent can reveal.
Richard Quirke, the former Garda turned slot-machine tycoon, has being buying up land near Two Mile Borris in Tipperary as he pushes ahead with plans to get his proposed €480m mini-Las Vegas casino and leisure plan off the ground.
A biotech firm developing medicines derived from cannabis and backed by former Elan executive Tom Lynch, is raising €160m from investors on Nasdaq to fund a multi-front research and development programme and roll out new products derived from the plants.
Serial entrepreneur Brian Cooney has sold his Canford Healthcare business to €20bn valued US property group Ventas in a €75m deal.
Veteran deal-maker Joe Moran has returned to house-building with Moran Park Homes, just over three years after his Manor Park Homes collapsed with debts of €170m during the crash.
Ulster Bank chief executive Jim Brown saw his overall pay package jump by 66pc last year as the bank returned to profit for the first time since the financial crisis.
Ulster Bank is understood to have received close to €220m for its near 25pc stake in Jurys Inns - just over a year after valuing its shareholding at zero.
Tom Hill, the former chief of CRH's US operations, has spent almost €420m to buy a portfolio of assets being sold by cement group Lafarge ahead of its proposed merger with Holcim. Hill set up cement buyout firm Summit Materials after leaving CRH.
Castleknock's Jennifer Kelly has been promoted to Google's vice president, the highest rank attained by any Irish person within the €350bn valued online search and advertising behemoth.
Billionaire Bill Gates, the world's richest man, has slashed his stake in Bank of Ireland, selling more than three quarters of his shares in the bank. The Bill and Melinda Gates Foundation, held over 61.6m shares worth €18.5m in Bank of Ireland according to filings last year.
THE maverick property developer Johnny Ronan has amassed a €300m war chest to build and develop prime real estates sites in Dublin and London.
Trade Union Siptu is the single biggest official funder of politicians in the country. And it made a right mess of it too. The union spent just over €19,000 on donations to local election candidates last year, as well as giving €1,000 to Emer Costello MEP. It also gave the Labour Party €2,950 - which was more than the €2,500 permissible limit. It had to take €450 back.
Aer Lingus has gifted former chief executive Christoph Mueller lucrative long term share rights despite his departure from the airline last month as IAG tries to take over the €1.4bn-valued carrier.
The previous career of Bank of Ireland's €490,000-a-year governor came back to bite him last week.
The Irish Management Institute (IMI), the organisation which has shown top Irish executives how to run their businesses, has managed to make a profit for the first time since the economic crisis started in 2007, during which time it has racked up hefty losses.
US billionaire James Goodnight, the so-called 'godfather of data analytics' has emerged as one of the anchor backers of Malin, the Irish medical investor group which is set to be Europe's biggest ever biotech flotation when it raises €320m in an IPO later this week.
Michael Noonan is investing in gold on his own behalf.
Rupert Murdoch's vast media group Sky is thought to be close to signing a landmark deal with TV3 to sell its programmes to international customers.
The former chief executive of RSA Ireland blamed his subordinates for the accounting problems that cost the UK insurer hundreds of millions.
Traditional industries such as manufacturing, engineering, finance and energy businesses formed the basis of much of the wealth detailed by the Sunday Independent Rich List this year. While new industries such as technology, telecoms or e-payments created fortunes, the bulk of the wealth his held by those in more "old fashioned" sectors.
The restoration of the fortunes of Ireland's super-rich continues with gusto. After seeing their collective net worth hit by the double-whammy of crashing property prices and an unprecedented stock market collapse from 2007 onwards, the wealthy minority have seen their wealth levels improve again over the last year.
Celebrities from the world of music, film and sport have made huge money over the last year boosted by mega endorsement contracts, enormously successful Hollywood blockbusters or a rather controversial music deal with Apple. Here are the top five from the Sunday Independent Rich List.
Bookmaking chain Ladbrokes may call in an examiner to help turn around its loss-making Irish operations.
Ireland's 'Green Bill Gates' is normally a master at creating fortunes.
Dundalk billionaire Pearse Lyons has said that his fast-growing Alltech animal nutrition behemoth could be worth "between $2.5bn to $3bn" (€2.2bn to €2.63bn) following its latest growth spurt, which has seen revenues jump "comfortably over $1bn".
Some of Ireland's biggest listed companies - ranging from bookmaker Paddy Power to drinks giant C&C and food behemoth Kerry group - have subsidiaries or joint ventures in tax havens, Sunday Independent research has found.
Aer Lingus has indicated that more jobs will be created if Willie Walsh's IAG is successful in its €1.36bn takeover approach for the former state airline.
TV3 is spending up to €14m on its soap Red Rock over the next two years. It's the first new soap in a generation and a major investment by the Ballymount TV company.
Albert Manifold left his Wicklow house on January 2. The 52-year-old CRH chief executive only made it home last week. In the intervening period, cement giant CRH agreed the biggest deal in its 40-year history - the €6.5bn buyout of a portfolio of assets being sold by building materials firms Holcim and Lafarge.
Park Developments Michael Cotter has cut the price of his 79ft superyacht Whisper, which is being sold by Pegaso yacht brokers for €2.25m.
Noel Smyth, the solicitor turned property mogul, has joined with Sean Kelly's Benton Property to help redevelop the landmark Boland's Mills in the heart of Dublin's "Google Land". A €150m 14-story sky-scraper and residential units are planned for the site.
At least one wealthy Irish investor was whacked by the soaring Swiss franc.
The world's biggest multinationals are concerned about what the sale of Aer Lingus will mean for their businesses and future foreign investment into Ireland.
The Government's criticism of tax incentives aimed at encouraging research and development by companies is totally misguided, one of the country's biggest accounting firms has said.