There are now eight Irish billionaires, Oxfam report shows

now eight Irish billionaires Oxfam report shows
Patrick Collison, Irish scientist and entrepreneur and co-founder of Stripe with his brother John from County Limerick, during the second day of the Dublin Web Summit today at the RDS. He was the winner of the 41st Young Scientist and Technology Exhibition in 2005 at the age of sixteen. Photo: Mark Stedman/RollingNews.ie

There are now eight Irish billionaires, Oxfam report shows

Limerick’s Patrick Collison, scientist and entrepreneur and co-founder, with his brother John, of digital payment service Stripe has, with his brother, become the newest Irish billionaire, according to Oxfam. There are now eight Irish billionaires, says Oxfam.

There was a record surge in the number of billionaires globally last year with a new one created every two days, a report by Oxfam prepared for last week’s World Economic Forum in Davos said.

It said there are now 2,043 dollar billionaires worldwide.

The richest one per cent continue own more wealth than everyone else on the planet combined, it said.

The Oxfam report, Reward Work, Not Wealth, said growing inequality has arisen out of the global network of tax havens which help the hide at least $7.6 trillion from various tax authorities.

On the other hand, the 3.7 billion people who make up the poorest half of the world saw no increase in wealth.

Limerick brothers John and Patrick Collison who founded the digital payments company, Stripe, became the latest Irish billionaires last year bringing the total number to eight.

The other six Irish billionaires club are Indian construction magnate Pallonji Mistry, who holds Irish citizenship and is worth $14.3 billion, and US-born Lone Star Funds owner John Grayken who became an Irish citizen in 1999, and is worth $6.6 billion, telecoms businessman Denis O’Brien, Campbell’s Soup heir John Dorrance, financier Dermot Desmond, and Glen Dimplex founder Martin Naughton.

All eight Irish billionaires have a combined wealth of just over $40 billion, said Oxfam.


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