Desmond joins the euro billionaire list

Financier and entrepreneur Mr Dermot Desmond has joined Ireland's elite club of euro billionaires, according to the Sunday Times rich list, published yesterday.

He is the third of three Irish euro billionaires, according to the list, coming after Mr John Dorrance, grandson of the man who set up the Campbell's soup group; and Sir Anthony O'Reilly and his wife, Lady Chryss Goulandris.

The newspaper estimated the wealth of Mr Dorrance, a former US national who received an Irish passport in 1996, as €2,384 million and that of Sir Anthony and his wife at €1,984 million.

Mr Desmond, who like Sir Anthony is not tax resident in the Republic, is estimated as being worth €1,034 million.

Fourth on the list is Mr Tony Ryan and family. Mr Ryan, who founded Ryanair and GPA avaition, is estimated as being worth €810 million. He lives in Monaco.

U2 are given fifth place, with a value of €663 million, with Dr Allen McClay, founder of pharmaceutical firm Galen Holdings, coming next. His value is estimated at €468 million.

Next on the list come: Mr Martin Naughton, founder of Glen Dimplex (€442 million); Mr J.P. McManus, gambler and money market trader, (€406 million); Ms Margaret Heffernan, of Dunnes Stores (€406 million); and Mr Denis O'Brien, founder of Esat, (€405 million). Mr McManus is a tax exile. Mr O'Brien was, but is in the process of moving his residency back to the Republic.

Other people on the list are: dancer Mr Michael Flatley (€403 million); Mr Frank Dunne, of Dunnes Stores (€398 million); Mr Sean Quinn, aggregates and industry (€395 million); Mr Michael O'Leary, Ryanair (€429 million); Dr Mike Lynch, of Autonomy Corporation, Cambridge, England, (€363 million); and Mr Pat McDonagh of Riverdeep (€361 million).

The richest person in Britain is the Duke of Westminster, who is worth £4,700 million sterling (€7,520 million).

Raised in Northern Ireland, the Duke owns 300 acres in Mayfair and Belgravia in London, as well as tens of thousands of acres in England, Scotland and Ireland. Mr Hans Rausing (£4,500 million sterling), a Swedish food packaging magnet, came second.