O’Brien now Ireland’s wealthiest man

Communications tycoon Denis O'Brien has become Ireland's wealthiest man, according to the latest rich list from Forbes magazine.

The magazine says the 50-year-old Communicorp boss is worth €2.2bn.

That makes him wealthier than Sean Quinn, who saw his fortune drop from €4.6bn to just €1.17bn during the past year due to a string of bad investments.

Media mogul Anthony O'Reilly has dropped out of the billionaires' list, while Dermot Desmond's fortune is reported to have fallen by €782.8m to €1.17bn.

Overall, the world's billionaires are estimated to have lost about one-quarter of their combined wealth last year.

Bill Gates regained his position as the richest person in the world, overtaking investor Warren Buffett, whose personal fortune fell by $25bn (€19.6bn).