Five Irish citizens in 'Forbes' list of billionaires

Five Irish citizens are numbered among the 1,426 billionaires that Forbes magazine says control the global economy.

It’s not a bad strike rate for a country with just one in 1,400 of the world’s population. However, all except one have slipped down the magazine’s annual billionaires’ list, published yesterday.

Top of the Irish billionaires is Indian industrialist and construction magnate Pallonji Mistry (83), who became a citizen 10 years ago on the basis of his marriage to Irish national Pat Perin Dubash. However, he still lives in Mumbai.

His family’s 18 per cent stake in Tata Sons, a Mumbai-based conglomerate with products including Jaguar cars and Tetley’s Tea, and the Shapoorji Pallonji construction business are worth $10.5 billion (€8.06 billion). His fortune ranks him at 103, according to Forbes, seven places below the 96 he achieved last year. However, his wealth increased from $9.7 billion.

Racing enthusiast

He has another, albeit indirect, Irish connection. Mr Pallonji’s son Shapoor is a racing enthusiast who owns a stud farm in northern India. Irish jockey Richard Hughes, who works there during the winter, has ridden a number of Shapoor Pallonji’s horses to victory in high-profile races.

Telecoms and media magnate Denis O’Brien (54) is next, with a fortune of $5.2 billion and a ranking of 233, 28 places below 2012, although he is $200 million richer.

Forbes attributes most of Mr O’Brien’s wealth to his Digicel mobile phone network, the biggest operator in the Caribbean and Central America.

In the Republic, Mr O’Brien has a 29.9 per cent stake in the Independent newspaper group and owns a number of radio stations, including Newstalk and Today FM.

Campbell’s Soup billionaire

Campbell’s Soup billionaire John Dorrance (69), once reckoned to be the world’s richest Irish man, is at 613 with assets of $2.4 billion. His wealth has remained stable, but his ranking has fallen sharply, from 521.

Dublin resident Mr Dorrance is originally from the US but took out Irish citizenship in the early 1990s when he moved here, shortly before selling his 10.5 per cent stake in Campbell’s.

Descriptions of Mr Dorrance as secretive seem apt given that not even Forbes has an up-to-date photo of him.

Glen Dimplex founder and chairman Martin Naughton (73) is another whose wealth has remained the same but whose position has slipped. With $2 billion he is number 736 on the list, 102 behind the 634th position he occupied last year.

Glen Dimplex, which makes electric heaters, kettles, toasters and a range of other such appliances, employs 7,000 people in 22 locations, including Ireland.

Mr Naughton has also had interests in other businesses, including a stake in the Merrion Hotel in Dublin and, at one stage, the now defunct Sunday Tribune newspaper.

Dermot Desmond

He may be last on the list, but financier Dermot Desmond (62) is the only one who has improved his position, moving to 831 from 854, courtesy of a $1.8 billion fortune that is $300 million larger than in 2012.

Mr Desmond has investments in everything from biometrics to exploration and healthcare businesses through Dublin-based International Investment and Underwriting.

He is also a shareholder in football club Glasgow Celtic and bookie Ladbrokes. Recently he sold his Betdaq betting exchange business to Ladbrokes for €30 million.

‘Forbes’ list the top 10

1 Carlos Slim Helú (73) and family, Mexico:$73 billion Mobile telecoms, interests in mining , industry, property

2 Bill Gates (57), US:$67 billion Microsoft founder who still owns 5 per cent of the company

3 Amancio Ortega (76),Spain: $57 billion Controls 60 per cent of Inditex, which owns retailer Zara

4 Warren Buffett (82), US:$53.5 billion Head of investment group Berkshire Hathaway

5 Larry Ellison (68), US:$43 billion Founder of tech company Oracle

= 6 Charles Koch (77),US: $34 billion Chief executive of Koch Industries, focused on refining and chemicals

= 6 David Koch (72),US: $34 billion Executive VP of Koch Industries

8 Li Ka-Shing (84),Hong Kong: $31 billion Real estate and industrial groups, owner of telecom network 3

9 Liliane Bettencourt (90)and family, France: $30 billion Cosmetics through a 30 per cent stake in L'Oréal

10 Bernard Arnault (63)and family, France: $29 billion Chairman and chief executive of Louis Vuitton Moët Hennessy