In this article, we will look at the 11 Wealthiest People in Ireland.
Ireland’s Global Positioning
Ireland is the second richest country in the world boasting a GDP per capita of $143,179 and a wealth per adult of $247,080. The country has demonstrated a remarkable recovery despite the persisting challenges after the COVID-19 pandemic. The unemployment rate in the country reached 28.2% in March 2020, however, it has successfully turned the situation around by returning back to pre-pandemic lows in May 2023. This was supported by a strong export sector and a robust domestic economy. In 2022, its economy surged by 16.6%, reaffirming its standing as a leader in the European Union.
One of the fundamental drivers of its success is the presence of multinational companies in the tech, pharmaceutical, and medtech sectors in the country. These market leaders have resulted in a significant surge in Ireland’s exports, which was moderated in 2023 due to lower pharmaceutical and technology exports. Its international ties with other leaders in the world such as the United States further solidify its position. In 2022, Ireland’s investment stock in the United States reached $295 billion. While, US goods and services exports to Ireland crossed $100 billion, signifying a two-way economic partnership between the countries.
The country still faces challenges that it must overcome to emerge as an even more powerful economy. High energy costs present considerable concerns for the country. Its reliance on imported gas from the UK has resulted in price fluctuations in its power and transport systems. The inflation in the country eased down from its peak of 9.5% in October 2022 to 6.4% in September 2023. In the first quarter, the annual inflation in Ireland slowed down to 1.6% in April from 1.7% in March. However, addressing energy security remains one of the top priorities of the Irish government. The country devised an Energy Security plan to strengthen energy security by 2030, which includes transposing Europe’s Energy Efficiency Directive by 2025. This plan will assess the existing policies and increase resilience by implementing risk-based reliability standards in the electricity sector. It also commits to promising more jobs in the clean energy sector. It aims to increase the number of jobs in solar and wind generation from 3,000 to 8,000.
Moreover, Project Ireland 2040 focuses on improving the infrastructure of the country, while focusing on green and digital economies. The country has a strong internet penetration, which fuels the digitalization demands in the country. Opportunities exist for collaboration and innovation in medtech, smart energy, green technologies, AI, and cyber securities, among others.
MedTech Sector in Ireland
Ireland is a recognized powerhouse in the global MedTech industry. The sector has nearly 42,000 employees and 450 innovative companies, out of which 80% are SMEs. 90% of the top 10 MedTech companies are headquartered in Ireland, as reported by InnoPharma Education. Ireland has established itself as an innovation hub in medical technology. It is the largest employer of medical device professionals per capita and the second largest exporter of medtech devices in Europe. It exports MedTech products that are worth €12.6 billion annually to more than 100 countries. Ireland’s position in the market is evident by its global impact represented by its dominance in stents and ventilator manufacturing. Ireland is responsible for manufacturing 80% of stents and 50% of acute hospital ventilators globally.
Medtronic plc (NYSE:MDT) is a leader in the global medical technology industry, with a presence in over 150 countries and a workforce of more than 95,000 people. It is an Irish-American healthcare technology company that focuses on developing medical devices and tech solutions ranging from cardiovascular, neuro, and spinal health issues to diabetes. The company also significantly invests in research, represented by its commitment of $2.7 billion for R&D and its substantial 49,000 patent portfolio.
The healthcare technology leader is expected to grow in the coming quarters, driven by strong progress in its cardiovascular portfolio. Its cranial and spinal technologies business is also making strides. The launch of next-generation Micra AV2 and VR2 leadless pacing devices has fueled the growth of the company’s cardiovascular business. MDT will derive further growth by penetrating into existing and new markets.
Medtronic plc (NYSE:MDT) has also emerged as a MedTech powerhouse with its increased investments in AI-powered solutions. The company has made tremendous progress over the past few years in the AI healthcare market. In the third quarter of the fiscal year 2024, its AI-powered spinal and cranial procedure ecosystem, AiBLE experienced better-than-expected growth. MDT stands out among its competitors as it is capitalizing on the digital transformation landscape in spine surgeries. It is leading the way with its AI-driven ecosystem, boasting a global footprint of more than 10,000 systems, four times greater than its competitors. Its cranial and spinal technologies segment witnessed a 9% growth in Q4 after recording a 6% growth in every quarter in the fiscal year 2024. The quarter proved to be an outstanding three months for capital sales with the neurosurgery segment growing by 14%. The company logged double-digit revenue growth in its surgical technologies including Mazor Robotics, StealthStation navigation, O-arm imaging, and Midas Rex-powered surgical instruments.
Medtronic plc (NYSE:MDT) advanced its commitment to AI in MedTech by launching a new software for its GI Genius endoscopic system, an endoscopy module designed to assist doctors in detecting colorectal polyps and lesions during colonoscopy procedures. The software, called ColonPRO, will improve the polyp detection accuracy in colorectal cancer screenings, solidifying MDT’s existing efforts in AI-assisted healthcare. The workflow automation and reduced false positives features of the new AI software will improve patient care and also reduce costs for the company while providing increased efficiency. MDT expects a strong adoption of its AI-integrated surgical planning solutions. The company has also launched 14 new AI algorithms for its touch surgery performance insights. These algorithms will analyze the surgical procedures automatically, allowing surgeons to assess performance objectively.
Now, let’s delve into the wealthiest people in Ireland.
Dublin, Ireland
Methodology
To compile our list of the 11 wealthiest people in Ireland, we consulted the real time billionaires data from Forbes and ranked the wealthiest people in Ireland in ascending order of their net worths, as of June 29.
At Insider Monkey we are obsessed with the stocks that hedge funds pile into. The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).
11 Wealthiest People in Ireland
11. John Armitage
Net Worth as of June 29: $1.5 billion
John Armitage is ranked among the wealthiest people in Ireland. He is the chief investment officer and cofounder of a hedge fund firm, Egerton Capital which has $14 billion under management. Since its inception in 1995, Egerton Capital has generated $23.9 billion of net gains. As of June 29, Armitage is worth $1.5 billion
10. Dermot Desmond
Net Worth as of June 29: $2.2 billion
Dermot Desmond is an Irish billionaire who started his career at Citibank and later joined Investment Bank of Ireland and PricewaterhouseCoopers. He founded NCB Stockbrokers in 1981, making it one of the largest Independent brokerages in Ireland. He sold the company for $39 million in 1994. With these earnings, he started his private equity firm, International Investment & Underwriting, which has stakes in travel software firm Datalex, Mountain Province Diamonds, Barchester Healthcare, and Glasgow soccer club Celtic PLC. He has a net worth of $2.2 billion, as of June 29.
9. Eugene Murtagh
Net Worth as of June 29: $2.6 billion
Eugene Murtagh is the founder of Kingspan Group, a building materials manufacturer that sells insulation products for industrial and commercial projects. He has 15% stakes in the Dublin and London-listed company. Kingspan has 212 manufacturing facilities in 80 countries and more than $8 billion in revenue, as of 2022. In 2021, Eugene stepped down as the chairman and non-executive director of the company. He is one of the wealthiest billionaires in Ireland.
8. John Dorrance III
Net Worth as of June 29: $2.6 billion
John Dorrance is an heir to the Campbell’s Soup fortune, which his grandfather invented. His relatives are the largest shareholders of the company. However, John sold his shares in the mid 90s and moved to Ireland. He has a net worth of $2.6 billion, as of June 29.
7. Denis O’Brien
Net Worth as of June 29: $2.7 billion
Denis O’Brien controls the mobile phone network provider, Digicel. The network operator provides its services in Asia Pacific, the Caribbean, and Central America. He sold his Esat Telecom Group, to British Telecom Group in 2000 for $2.8 billion. He has also invested in healthcare and the PGA Catalunya and Quinta do Lago resorts. The billionaire sold his stake in Mediahuis in 2019 and lost hundreds of millions on his investment. He also sold a radio company called Communicorps to Bauer Media in 2021. As of June 29, he is worth $2.7 billion.
6. Firoz Mistry
Net Worth as of June 29: $4.7 billion
Firoz Mistry is the son of the former chairman of Tata Sons, Cyrus Mistry. It is the holding company of the Tata Group. Firoz inherited part of his family’s stake in the company, after his father’s death in 2022. He is one of the richest billionaires in Ireland.
5. Zahan Mistry
Net Worth as of June 29: $4.7 billion
Zahan Mistry is the brother of Frioz and son of the former chairman of Tata Sons, Cyrus Mistry. He is ranked 5th on our list of the wealthiest people in Ireland with a net worth of $4.7 billion.