Ex teacher heads pay list

A former schoolteacher who quit to pursue his dream of using computers to educate children has become Ireland’s top earner, it was revealed today.

Pat McDonagh, from north Dublin, heads the Sunday Times Pay List 2001 after raking in £85m during the past year from his company Riverdeep.

He founded the company in 1995 and it has become the largest internet trainer for schoolchildren in the US, making him a fortune when he sold 15% of it on the American Nasdaq market in June.

Budget airline Ryanair has created three of the tycoons in the top 10 earners, including its chief executive Michael O’Leary in sixth place.

Despite earning £28.2m in the past year - The vast bulk of it from selling a small stake in the company in February - he refuses to wear suits or travel first class.

Cathal and Declan Ryan, whose father founded Ryanair, are in joint eighth place, having earned £17.7m each from the sales of part of their stakes.

Taking second place in the Irish Pay List is Allen McClay, founder of pharmaceutical giant Galen, followed closely by the company’s chairman John King in third position.

McClay earned £65.2m and King made £65m, largely from selling their shares.

Irish rockers U2, meanwhile, fall just short of the pay top 10, coming in at 13th place overall with £11.78m each, a combined total of £58.9m.

All 12 of their albums were in the top 200 in Britain at one stage this year and sales of their latest album, All That You Can’t Leave Behind, have gained them about £40m in the 12 months to September.