THE richer they were, the harder they fell. Ireland’s super-wealthy suffered a dramatic reversal of fortune in a devastating year for the world economy, as their assets plummeted in a stock market meltdown and the collapse of Irish and international property markets.

The total wealth of the 250 richest people in Ireland is now €40.23 billion, a drop of 25% on last year. Some €13.3 billion was wiped off the combined wealth of the top 250, the sharpest decline since The Sunday Times began tracking Irish wealth 13 years ago.

In all, 73% of the 250 richest suffered a decline in their wealth. The 10 richest people in Ireland lost €4.92 billion between them. But 34 others — the highest number since The Sunday Times survey began in 1996 — fell off of the list of Ireland’s 250 wealthiest.

It is only the third year since the Irish list began that the combined wealth of Ireland’s richest 250 has fallen and the first time that the elite’s assets have declined in value over two consecutive years. The super-rich lost €6 billion in the credit crunch in 2007. A dip in 2002 following the dotcom crash proved to be a blip.

Sean Quinn and his family, who topped The Sunday Times Rich List last year, endured the sharpest decline in wealth, dropping to number 2 in the rankings. The 62-year-old Quinn and his family lost €1.6 billion last year, a drop of 38%. They lost more than €1 billion on Anglo Irish Bank shares alone and their combined worth is now €2.5 billion.

The Rich List also reveals that Sir Tony O’Reilly has lost his billionaire status after enduring a nightmare year. The food and publishing magnate saw 45% carved off his personal wealth in 2008, shedding €739m. O’Reilly, who fell from number 5 to 6 on this year’s list, is now worth €887m.

O’Reilly also suffered the ignominy of the collapse of Waterford Wedgwood.

Barry O’Callaghan, a 39-year-old Cork publisher, lost his status as Ireland’s youngest billionaire this year. His €1.2 billion fortune plummeted by 72% to €348m.

Ireland now boasts five billionaires, compared with seven 12 months ago.

Hilary and Galen Weston, the Irish-Canadian couple who own Brown Thomas, regained the top slot after being displaced by Quinn last year. The couple bucked the downturn, increasing their wealth by €1.1 billion, a rise of 29% on last year. They were the only members of this year’s top 20 who are worth more than they were a year ago.

The couple’s wealth was boosted by a stronger Canadian dollar and by a surge in the value of one of their principle companies, George Weston, one of north America’s largest food processors.

Denis O’Brien, the mobile phone entrepreneur, retains third place. The 51-year-old tax exile’s wealth fell by €239m, or 11%, leaving him with a fortune of €1.9 billion. The sharpest cut to O’Brien’s wealth was caused by an 80% drop in the value of his 26% holding in Independent News and Media.

Dermot Desmond, the financier nicknamed the Kaiser, saw the value of his empire slashed by 11% after suffering losses on property and shares in Irish banks and Celtic football club. Desmond, who is now worth €1.6 billion, is at number four.

Despite losing €204m, a quarter of his wealth, John Magnier, the bloodstock tycoon, rose from 10th to seventh place on this year’s list. Magnier, the owner of Coolmore stud, is now worth €624m. JP McManus, the gambling and investment titan, found that his Midas touch deserted him in 2008, as his wealth fell by ¤140m, or 22%. McManus, who rose from 17 to 11 on the list, is now worth €483m.

The highest new entry on the list, at number 48, is Victor and Kathleen Stafford and family, the shipping magnates who also own Lifestyle Sports. The couple are worth ¤187m.

Michael O’Leary, the Ryanair chief executive, reclaimed his place in the top 20 this year. The buccaneering airline chief lost 3%, or almost €10m in 2008, but is still worth ¤351m.

The highest climber on the list was Roma Downey, a Derry-born actress, and her husband, Mark Burnett, the creator of reality television formats such as The Apprentice and Survivor. The couple have risen from 82 to 28 on the list. Based on buy-out speculation, Burnett’s production company is now worth €261m, almost double last year’s valuation.

A persistent trend since the list began in 1996 is the absence of businesswomen in the top 50. This year there are only five, one less than last year. The highest is Margaret Heffernan, the co-owner of Dunnes Stores, who climbed from 20 to 15, despite losing €105m. Heffernan is now worth ¤443m.

The moneyed elite’s attachment to tax shelters is also evident. Almost half of the top 50 have registered their operations or themselves in overseas havens, with the Isle of Man, Malta and Barbados proving most popular. The average age of the top 10 was 64.8, proving it takes time to grow a fortune but only a year to lose one.

Times Recommends

• No apology for Germany’s own Nazi victims
• Intricate web of fear and hope tying down deal
• Victims remembered a year after Mumbai attacks