Dermot Desmond is a renowned Irish businessman and financier known for his notable contributions to the international business scene. Being one of the most successful entrepreneurs in Ireland, he has built several companies, including National City Brokers, International Investment & Underwriting (IIU), and London City Airport, among others.
In this article, Covemarkets will delve into Dermot Desmond net worth, salary, age, height, weight, education, career, personal life, and recent news as of 2023.
|Full Name:||Dermot Desmond|
|Popular Name:||Business Tycoon Dermot Desmond|
|Birth Date:||August 14, 1950|
|Age:||73 (as of 2023)|
|Parents:||Mr. and Mrs. Desmond|
|Birth Place:||Macroom, County Cork, Ireland|
|Education:||Scoil Mhuire, Marino and Good Counsel College in New Ross|
|Children:||Brett Desmond, Zoe Desmond|
|Dating:||No known information|
|Net Worth:||$2 – $2.2 Billion (as of 2023)|
|Source of Wealth:||Business and Finance|
What is Dermot Desmond Net Worth and Salary 2023?
As of 2023, Dermot Desmond’s estimated net worth is $2 billion – $2.2 billion, according to Sunday Independent, placing him as Ireland’s ninth-richest person. His businesses and investments have propelled him to wealth and success over the years.
Dermot Desmond began his career at Citibank before briefly working as a financial consultant for Pricewaterhouse Coopers in Afghanistan.
Desmond’s current salary is not publicly available. However, as a billionaire, he undoubtedly earns a significant amount of income from his various business ventures.
Dermot Desmond Wiki
Age: Dermot Desmond was born on August 14, 1950, which makes him 73 years old as of 2023.
Height and Weight: Desmond’s height and weight are unknown.
Parents: Desmond was born and raised in Macroom, County Cork, and Marino, Dublin, to parents whose names are yet to be disclosed publicly.
Education: Desmond attended Scoil Mhuire, Marino, and Good Counsel College in New Ross before leaving school in 1968 to work at Citibank in Dublin.
Career and Awards
Dermot Desmond is a renowned Irish businessman and financier. He has amassed a fortune estimated at €2.04 billion, making him the ninth-richest person in Ireland according to the Sunday Independent.
His business career began in 1968 when he started working at Citibank in Dublin. Later, he moved to Price Waterhouse in Kabul, Afghanistan.
In 1981, Desmond founded National City Brokers in Dublin, which competed with established stockbroking firms like Davy’s and Goodbodys. He sold this company to Ulster Bank in 1994 for a reported £39 million.
In 1995, he founded International Investment & Underwriting (IIU), a private equity firm that serves as his primary investment vehicle. IIU controls several companies, including DAON, a biometric-enabling technology company.
His current ventures include Daon, a biometrics company, Mountain Province Diamonds, Barchester Healthcare, and Celtic PLC, a Glasgow soccer club.
- Desmond was a major shareholder in Irish food company Greencore, selling his shares in 2006.
- He purchased 33.1% of Latvian Rietumu Banka in 2005 for a reported €66 million.
- He bought London City Airport from Mowlem for £23.5m in 1995 and sold it in October 2006 for a reported £750 million.
- He founded BETDAQ, a betting exchange operator based in Ireland, in 2000 and sold it to Ladbrokes for €30 million in 2013.
Desmond also made significant investments in sports. He is the largest individual shareholder of the Scottish Premiership football club Celtic F.C. He previously held a stake in Manchester United, which he sold to Malcolm Glazer in 2005.
In 2019, he purchased a 25% stake in League of Ireland club Shamrock Rovers. Additionally, Desmond’s racehorse Commanche Court won several prestigious races, including the Triumph Hurdle (1997), the Irish Grand National (2000), and the Punchestown Gold Cup (2000).
Despite his successful business career, Desmond faced controversy. The Moriarty Tribunal found that he made substantial payments to Taoiseach Charles Haughey. Desmond claimed these were loans, but the Tribunal did not accept this explanation.
Furthermore, a company law inspector appointed by the government investigated complicated dealings involving Desmond and the purchase and sale of the former Johnston Mooney and O’Brien site in Ballsbridge, Dublin.
While Desmond represented himself as an intermediary in the sale, the inspector’s report said Desmond, businessman JP McManus, and John Magnier were beneficiaries of the sale, a claim Desmond disputed.
Desmond has received several awards throughout his career. In 2014, he was awarded the Irish America Business 100 Award for his contribution to Irish business in America. He was also awarded an honorary doctorate from the National University of Ireland, Galway, for his outstanding contribution to Irish business.
Desmond is married to Pat Desmond, and they have four children together. They live in Ireland.
Dermot Desmond News 2023
- August 2023: Desmond sells his Dublin city house for more than €9 million.
- July 2023: Datalex, a software company in which Desmond is a major shareholder, announces plans to hold off on a share sale.
- June 2023: Brendan Rodgers, the former Celtic manager, is reportedly in talks with Desmond about a return to the club.
- May 2023: Desmond’s investment firm, NTR plc, announces plans to acquire a majority stake in a renewable energy company.
- April 2023: Desmond’s company, PrePayPower, is fined €4.5 million by the Irish Competition and Consumer Protection Commission for overcharging customers.
- March 2023: Desmond’s company, Brookfield Renewable Partners, announces plans to invest €1 billion in renewable energy projects in Ireland.
- February 2023: Desmond’s investment firm, NTR plc, announces plans to acquire a majority stake in a waste management company.
- January 2023: Desmond’s company, Providence Equity Partners, announces plans to sell its stake in a media company.
Social Media Accounts
FAQs about Dermot Desmond
What are Dermot Desmond’s notable investments?
Desmond is known for his involvement in various high-profile investments. He played a role in the growth of Datalex, an e-commerce solutions provider for the travel industry, and also invested in Baltimore Technologies, an early internet security company.
Is Dermot Desmond involved in philanthropy?
Yes, Dermot Desmond is involved in philanthropic endeavors. He has made substantial donations to various charitable causes in Ireland and internationally. His philanthropic efforts include supporting education, healthcare, and initiatives aimed at improving social welfare.
How is Dermot Desmond connected to sports, particularly Celtic Football Club?
Dermot Desmond is a significant shareholder in Celtic Football Club, a professional football club based in Glasgow, Scotland. He has been involved with the club since the early 1990s and has played a role in its financial stability and growth.