Irish tycoons join billionaire’s club
The two Irish businessmen have been named among 587 billionaires by international business magazine Forbes.
However, both men have slipped down the global rankings over the past year, despite actually seeing the size of their wealth increase.
Mr Dorrance, a US citizen who is classified as Irish by nature of holding an Irish passport, is ranked as No 216 on the list with an estimated personal wealth of €2.4 billion. The 60-year-old recluse, who inherited his wealth, fled to Ireland in 1994 to avoid higher tax rates in the US.
The media-shy billionaire slipped from No 162 in 2003, although his wealth rose by about €80m.
Meanwhile, Dr O’Reilly is placed at No 514 in the list with his personal fortune estimated at €896m through earnings from varied business roles in such companies as Heinz, Independent News & Media and Waterford Wedgwood.
Dr O’Reilly’s listed wealth does not include the €30m he earned from the sale of his holding in Eircom last week.
Although his value is less than €1bn, he makes the list as Forbes makes its calculations in dollars, thus estimating the value of Dr O’Reilly’s assets at $1.1bn.
He dropped from No 427 last year, although like Mr Dorrance, his worth is also believed to have risen by about €80m over the past 12 months.
However, Forbes may have overlooked two other Irish businessmen who may also be eligible.
Ryanair founder, Tony Ryan and his three sons, Cathal, Declan and Shane are believed to have a net worth of €1.1bn, although the value of their shareholding in the budget airline has fluctuated recently.
Similarly, the well-known financier, Dermot Desmond has probably also seen his wealth grow in the past 12 months to exceed €1bn.
The controversial tycoon who has a reputation for shrewd investments has significant shareholdings in several companies including London City Airport and Celtic football club.
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