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| -Super-rich list shrinks as slump hits home | |
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| Tweet Topic Started: Aug 17 2008, 12:04 PM (68 Views) | |
| JoanneVIP | Aug 17 2008, 12:04 PM Post #1 |
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THE BOSS
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17th August 2008 -Super-rich list shrinks as slump hits home The total number of Ireland's super rich -- which reached a high of 33,000 in 2006 -- may well show a decrease when the latest 'Wealth of the Nation' report by Bank of Ireland Private Banking is published next month. This rich elite have the power to kickstart the stalled economy on their own. Excluding property and focusing primarily on financial wealth, one per cent of the population accounts for 34 per cent of the wealth. Many made their money during the development and construction boom, but all spheres of economic activity are represented in the millionaires' club. As well as a huge amount of builders who have quietly amassed large fortunes in the last decade brick by brick are the young, gifted and rich like actor Colin Farrell, whose fortune is now in excess of €30m, and footballer Robbie Keane, now one of the richest footballers in Britain following his recent move to Liverpool -- his fifth big-money transfer. Also represented are U2, Westlife, the Riverdance impresarios Moya Doherty and John McColgan, pop kingmaker Louis Walsh, and other high-profile sports stars like Roy Keane, as well as those who have been enormously wealthy for a long time: the O'Reilly family, the Ryan family, the Quinn family, Dermot Desmond, John Magnier and JP McManus, and latterly businessmen Denis O'Brien and Derek Quinlan. Last week, Philip Lynch, chief executive of One51, the investment and advisory group, made an appeal in the Irish Times to non-resident millionaires to come home to spend their money, and use their business acumen to give a kiss of life to the Celtic Tiger. "There are several highly successful Irish individuals who do not reside in Ireland. These are individuals who have become global players in various businesses and have succeeded at the highest levels. These are individuals who have enormous energy, ability, contacts and vision," he declared. "At a time when Ireland needs to refocus on its creativity and add value, the Government should encourage these key individuals to return to Ireland with an innovative set of proposals including a request that they pay a defined contribution to the Revenue Commissioners and further increase their level of investment in Ireland in sectors of their expertise," he said. The Government is also targeting the super rich. As the debate raged over the reintroduction of third-level fees, Education Minister Batt O'Keeffe said low-income earners have nothing to fear and that there were a large number of millionaires who could afford to send their children to college. The last Wealth of the Nation report estimated the number of millionaires in Ireland had increased from 30,000 to 33,000 between 2005 and 2006. Bank of Ireland Private Banking's definition of a millionaire calculates the sum of total assets, excluding principal private residence. The report estimated that there are about 330 individuals with a net worth in excess of €30m, a further 3,000 with a net worth of between €5m and €30m, with the remaining having a net worth of between €1m and €5m Indepdent |
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| JoanneVIP | Aug 17 2008, 12:25 PM Post #2 |
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THE BOSS
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Its cool to see the lads still on the list |
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| MrsMaryByrne | Aug 17 2008, 12:31 PM Post #3 |
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Mary
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thanks for posting..it is great to see them on the list |
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| Gloria | Aug 17 2008, 03:27 PM Post #4 |
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Westlife DIVA star
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Thanks for posting Jo.Nice to see them still on the list.I don't suppose they are earning as much,but they ar enot hard up. :lol: |
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7:25 PM Jul 11