Finance Finance News Healthcare magnate Paul Ramsay dies

Healthcare magnate Paul Ramsay dies

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Ramsay Health Care founder Paul Ramsay, one of Australia’s richest men, has died.

The 78-year-old died overnight in his home town of Bowral in NSW, after suffering a heart attack while sailing in Spain a week ago.

Mr Ramsay was Australia’s ninth richest person and the 499th richest person in the world, with an estimated fortune of $US3.3 billion ($A3.57 billion), according to Forbes.

“He will be greatly missed by his family, friends, colleagues, staff and doctors and anyone that knew him, throughout the world,” Ramsay Health Care said on Friday.

Most of Mr Ramsay’s wealth came from his 36 per cent stake in Ramsay Health Care, which has more than quadrupled in value since 2009.

His stake in Ramsay Health Care will be left to his charitable foundation.

Mr Ramsay started the company in 1964 when he purchased a guest house on Sydney’s north shore and converted it into a psychiatric hospital.

The company was floated in 1997 and now has more than 150 hospitals and clinics across Australia, Europe and Asia.

Mr Ramsay was also chairman of regional broadcaster Prime Media Group for nearly 30 years, before stepping down recently after selling his 30 per cent stake in the company.

He also owned a stake in soccer club Sydney FC and was the club’s chairman from 2009 to 2012.

In 2002, he was made an Officer of the Order of Australia for services to the community.

Mr Ramsay, who was single and had no children, maintained a relatively low public profile, but was known for his political and charity donations.