Rich list shows region's increasing wealth

The Sunday Times Rich List has shown that Northern Ireland's wealthy have risen in fortune to £10.7 billion.

The Belfast Telegraph reports that the province saw one of the largest increases in wealth of any region in Britain or Ireland.

Building products and financial services magnate Sean Quinn is the most wealthy person in Ulster, with his estate estimated to be worth around £3.7 billion.

Owners of the Belfast-based Lagan Group Kevin and Michael Lagan are the second-most wealthy and are thought to have amassed a £928 million fortune.

The third richest person in Northern Ireland is Lord Ballyedmond, whose fortune is estimated to be worth £570 million.

Higher wealth levels in the province mean more people have estates worth more than the £312,000 nil-rate inheritance tax (IHT) band.

Any fortune worth more than this is taxed at a rate of 40 per cent.

Solicitors in Northern Ireland can offer IHT tax advice to those worried about losing money through high IHT obligations.

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