Naughton on Forbes Rich List

LOUTH man Martin Naughton is one of just five Irish men who made it onto the latest Forbes magazine’s Rich List.

LOUTH man Martin Naughton is one of just five Irish men who made it onto the latest Forbes magazine’s Rich List.

The 71-year-old Dundalk-born entrepreneur is ranked in 651st place with his fortune estimated at US $1.9bn. The media-shy aeronautical engineer is the head of Glen Dimplex, the world’s largest manufacturer of electrical heating appliances.

He founded the major supplier of stoves, and electrical fireplaces, Glen Electric in 1973, before acquiring the rival Dimplex company four years later.

The richest Irish citizen on the list is Pallonji Mistry, an 81-year-old construction magnate. Mr Mistry is ranked 103rd on the list with a fortune of $8.8 billion (up $3.2bn since the end of the Celtic Tiger in 2007).

Mr Mistry is resident in Mumbai, India. He made his riches through the construction sector and personal inheritance.

Mr Mistry is followed by telecommunications and publishing magnate Denis O’Brien, aged 52, who is worth $4.2bn. He is ranked 254th.

John Dorrance, aged 67, of Campbell’s Soup and inheritance is ranked 488th with $2.4bn in wealth. Dermot Desmond, aged 60, is ranked 782nd on the list with a fortune of $1.6bn.

A native of Macroom, he went from selling football magazines outside Tolka Park as a teenager to become one of Ireland’s most long-standing billionaires. He founded NCB Stockbrokers in 1981.