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U2 climb the rich chart thanks to taxfree royalties

Posted on Monday, April 23 @ 06:22:48 CEST by Macphisto

(Irish Times) -- U2's tax-free status under the artists' royalty exemption scheme has helped to lift the rock band to number five in a list of Ireland's 100 richest people.

The band has reportedly received £3 in royalties for each of the 85 million albums sold in its 23-year career. Included in those sales was an estimated £21 million in the past year from their latest album All That You Can't Leave Behind, bringing to £475 million U2's estimated wealth and moves the band up one place in the Sunday Times annual Richest 100 survey.

For the second year running the top two spots were occupied by Mr John Dorrance (£1.63 billion), who made his fortune through shares inherited in Campbell, the American food giant; and Sir Tony O'Reilly (£1.61 billion), owner of Independent News and Media.

Ryanair founder Mr Tony Ryan and his family rose one place to third with a valuation of £665 million. The airline's chief executive, Mr Michael O'Leary, was the biggest mover in the top 20, climbing nine places to 11th with £315 million.

Topping the young millionaires' list were the four children of Elizabeth McMahon, the late daughter of the founder of Dunnes Stores, with £226 million; followed by Mr Shane Ryan, son of Mr Tony Ryan, with £178 million.

Three siblings in the Keating family, who own the Kepak Group, were third in the "aged 30 or under" list with £41 million. Others in the top 10 on this list were the members of The Cranberries pop group (£38 million), footballer Roy Keane (£12 million), members of boy band Westlife (£4.9 million), The Corrs (£4.3 million) and singer Ronan Keating (£4.2 million).

Irish-born people whose wealth was created solely outside Ireland or Britain were excluded from the lists.

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