Net Worth: $1.97 Billion
- Source of Wealth Finance
- Birth Place Macroom, Ireland
- Marital Status Married (Pat Desmond)
- Full Name Dermot Desmond
- Nationality Ireland
- Date of Birth August 14, 1950
- Ethnicity Irish
- Occupation Financier, Businessman
- Education St Augustine's and Good Counsel College, New Ross
- Children 4
About Dermot Desmond
Irish businessman and financier Dermot Desmond has an estimated net worth of $1.97 billion as of April 2016 according to Forbes.
Dermot Desmond was born on August 14, 1950 in Macroom, Ireland. Currently, he is married to Pat Desmond with whom he has four children. Prior to his success today, Desmond has worked for Citibank then Pricewaterhouse Coopers as a banking consultant.
Desmond is known to be the founder of NCB Stockbroker. Founded in 1981, the company developed into a largest independent brokerage in Ireland. After selling the company for $39 million to Ulster Bank in 1994, Desmond established his own International Investment & Underwriting which is a private equity firm. Currently, he holds investments in Mountain Province Diamonds, Daon which is a biometrics company, Glasgow soccer club Celtic PLC and Barchester Health.
In 1995, he acquired London City Airport for £23.5 million from Mowlem. Eventually, it became the most profitable airport in the United Kingdom. In October 1996, he sold the airport for £750 million to a consortium which was Credit Suisse, AIG and GE Capital. It was in 1997 when he purchased Sandy Lane Hotel, a luxurious 5 star Barbados resort. Before the resort re-opened in 2001, it underwent a renovation which cost around $45 million. Currently, he owns stakes in Mountain Province Diamonds, a diamond mining company which is valued at £25 million.