Co Fermanagh cement and insurance tycoon Sean Quinn was one of the 10 biggest losers on this year’s Sunday Times Rich List, with a massive £1.44bn sliced off his fortune.

The Derrylin-based businessman, who lost more than £1bn on his stake in Anglo Irish Bank when it was nationalised in January, saw his wealth fall by almost 40% to £2.3bn.

The loss was the largest among Ireland’s elite and lost Mr Quinn the title of richest person in Ireland.

That accolade went to former model Hilary Weston, who is married to Canadian supermarket owner Galen Weston and has family wealth of £4.5bn.

All of the top 10 Northern Ireland millionaires saw their bank balances dented by the effects of the recession, particularly the slump in property values.

Construction magnates Kevin and Michael Lagan, the owners of Lagan Holdings, saw their fortune slip from £928m to £250m.

That put them behind Lord Ballyedmond — the Conservative peer who owns Newry pharmaceutical firm Norbrook — who was estimated to be worth £440m.

Fourth, with £250m, was Co Antrim developer Sam Morrison, just ahead of fellow property investor Gerard O’Hare, with £220m.

Rounding out Northern Ireland’s top 10 richest were Almac founder Sir Allen McClay (£190m), |fellow pharmaceuticals investor Dr John King (£160m), former betting shop owners Barney and Frances Eastwood (£150m), Shamus Jennings from property firm Rotary (£146m) and the holder of Europe’s largest KFC franchise, Michael Herbert (£145m).

One of only a handful of new Ulster entries on the list of Ireland’s 250 wealthiest was Belfast’s Paul Smith, who funded the multi-Oscar winning film Slumdog Millionaire. He and wife Sarah King were worth £32m.

Among the newcomers on the young richlist were Holywood’s 19-year-old golfing sensation Rory McIlroy, who is estimated to be worth £3m.

The Co Down player is already the world’s 17th-ranked golfer and has amassed more than £800,000 in prize money since turning professional.

Also on the list of Ireland’s top 20 millionaires under the age of 30 were fellow golfer Graeme McDowell (£6m), singer Katie Melua (£10m) and Belfast-born actress Kiera Chaplin (£28m).

Music legend Van Morrison’s heavy touring schedule and the release of his 32nd studio album Keep it Simple kept his net worth steady at a cool £50m.

But ex-Formula One driver Eddie Irvine was among the host of wealthy individuals hit by the property crash and saw his estimated fortune drop by £40m to £80m.

One riser on the list was Derry-born actress Roma Downey, who is married to Mark Burnett, the creator of television shows Survivor and The Apprentice.

The couple's combined fortune of £235m moved them up to joint 28th place from 82nd last year.

Building contractor Seamus McAleer was a new entry to the Top 250, with an estimated £45m fortune.

NORTHERN IRELAND RICH LIST

1 Sean Quinn (below) £2,295m

2 Lord Ballyedmond £440m

3 Kevin and Michael Lagan £250m

4 Sam Morrison £250m

5 Gerard O'Hare £220m

6 Sir Allen McClay £190m

7 Dr John King £160m

8 Barney and Frances Eastwood £150m

9 Shamus Jennings £146m

10 Michael Herbert £145m