Ireland’s Global Positioning
Ireland is the second richest country in the world boasting a GDP per capita of $143,179 and a wealth per adult of $247,080. The country has demonstrated a remarkable recovery despite the persisting challenges after the COVID-19 pandemic. The unemployment rate in the country reached 28.2% in March 2020, however, it has successfully turned the situation around by returning back to pre-pandemic lows in May 2023. This was supported by a strong export sector and a robust domestic economy. In 2022, its economy surged by 16.6%, reaffirming its standing as a leader in the European Union.
One of the fundamental drivers of its success is the presence of multinational companies in the tech, pharmaceutical, and medtech sectors in the country. These market leaders have resulted in a significant surge in Ireland’s exports, which was moderated in 2023 due to lower pharmaceutical and technology exports. Its international ties with other leaders in the world such as the United States further solidify its position. In 2022, Ireland’s investment stock in the United States reached $295 billion. While, US goods and services exports to Ireland crossed $100 billion, signifying a two-way economic partnership between the countries.
The country still faces challenges that it must overcome to emerge as an even more powerful economy. High energy costs present considerable concerns for the country. Its reliance on imported gas from the UK has resulted in price fluctuations in its power and transport systems. The inflation in the country eased down from its peak of 9.5% in October 2022 to 6.4% in September 2023. In the first quarter, the annual inflation in Ireland slowed down to 1.6% in April from 1.7% in March. However, addressing energy security remains one of the top priorities of the Irish government. The country devised an Energy Security plan to strengthen energy security by 2030, which includes transposing Europe’s Energy Efficiency Directive by 2025. This plan will assess the existing policies and increase resilience by implementing risk-based reliability standards in the electricity sector. It also commits to promising more jobs in the clean energy sector. It aims to increase the number of jobs in solar and wind generation from 3,000 to 8,000.
Moreover, Project Ireland 2040 focuses on improving the infrastructure of the country, while focusing on green and digital economies. The country has a strong internet penetration, which fuels the digitalization demands in the country. Opportunities exist for collaboration and innovation in medtech, smart energy, green technologies, AI, and cyber securities, among others.
MedTech Sector in Ireland
Ireland is a recognized powerhouse in the global MedTech industry. The sector has nearly 42,000 employees and 450 innovative companies, out of which 80% are SMEs. 90% of the top 10 MedTech companies are headquartered in Ireland, as reported by InnoPharma Education. Ireland has established itself as an innovation hub in medical technology. It is the largest employer of medical device professionals per capita and the second largest exporter of medtech devices in Europe. It exports MedTech products that are worth €12.6 billion annually to more than 100 countries. Ireland’s position in the market is evident by its global impact represented by its dominance in stents and ventilator manufacturing. Ireland is responsible for manufacturing 80% of stents and 50% of acute hospital ventilators globally.
Medtronic plc (NYSE:MDT) is a leader in the global medical technology industry, with a presence in over 150 countries and a workforce of more than 95,000 people. It is an Irish-American healthcare technology company that focuses on developing medical devices and tech solutions ranging from cardiovascular, neuro, and spinal health issues to diabetes. The company also significantly invests in research, represented by its commitment of $2.7 billion for R&D and its substantial 49,000 patent portfolio.
The healthcare technology leader is expected to grow in the coming quarters, driven by strong progress in its cardiovascular portfolio. Its cranial and spinal technologies business is also making strides. The launch of next-generation Micra AV2 and VR2 leadless pacing devices has fueled the growth of the company’s cardiovascular business. MDT will derive further growth by penetrating into existing and new markets.
Medtronic plc (NYSE:MDT) has also emerged as a MedTech powerhouse with its increased investments in AI-powered solutions. The company has made tremendous progress over the past few years in the AI healthcare market. In the third quarter of the fiscal year 2024, its AI-powered spinal and cranial procedure ecosystem, AiBLE experienced better-than-expected growth. MDT stands out among its competitors as it is capitalizing on the digital transformation landscape in spine surgeries. It is leading the way with its AI-driven ecosystem, boasting a global footprint of more than 10,000 systems, four times greater than its competitors. Its cranial and spinal technologies segment witnessed a 9% growth in Q4 after recording a 6% growth in every quarter in the fiscal year 2024. The quarter proved to be an outstanding three months for capital sales with the neurosurgery segment growing by 14%. The company logged double-digit revenue growth in its surgical technologies including Mazor Robotics, StealthStation navigation, O-arm imaging, and Midas Rex-powered surgical instruments.
Medtronic plc (NYSE:MDT) advanced its commitment to AI in MedTech by launching a new software for its GI Genius endoscopic system, an endoscopy module designed to assist doctors in detecting colorectal polyps and lesions during colonoscopy procedures. The software, called ColonPRO, will improve the polyp detection accuracy in colorectal cancer screenings, solidifying MDT’s existing efforts in AI-assisted healthcare. The workflow automation and reduced false positives features of the new AI software will improve patient care and also reduce costs for the company while providing increased efficiency. MDT expects a strong adoption of its AI-integrated surgical planning solutions. The company has also launched 14 new AI algorithms for its touch surgery performance insights. These algorithms will analyze the surgical procedures automatically, allowing surgeons to assess performance objectively.
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Methodology
To compile our list of the 11 wealthiest people in Ireland, we consulted the real time billionaires data from Forbes and ranked the wealthiest people in Ireland in ascending order of their net worths, as of June 29.
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The Wealthiest Person in Ireland
1. Shapoor Mistry
Net Worth as of June 29: $9.5 billion
Shapoor Mistry is the wealthiest person in Ireland. He runs the 157 years old construction and engineering company, Shapoorji Pallonji Group. His late brother Cyrus was the chairman of Tata Sons, which is the parent company of Tata Group. The biggest asset of the Mistry family is their 18.4% stake in Tata Sons. The 59 year old billionaire has Irish citizenship, however, he resides in Mumbai. He has raised his wealth to $9.5 billion in 2024, up over 35% from 2023.
Curious to learn about other wealthy individuals in Ireland? Check out our report on the 11 Wealthiest People in Ireland.
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