One of the most prominent entrepreneurs in the country has called for major tax cuts for people earning over €500,000 per year.

Frank Murphy of Monex - the Kerry-based currency software company - says changing the income tax regime to benefit the highest earners would allow them to pump more money into the economy.

He says the move makes 'a lot of sense' and would attract the world's wealthiest people to move to Ireland.

While the Taoiseach Enda Kenny has said Budget 2016 will focus tax cuts on those earning between €30,000 and €70,000.

He said these earners are the "hard-pressed middle", and will be the focus of government help in the budget.

Mr Murphy had a net worth estimated at more than €80m last year.

And he told Breakfast Business here on Newstalk he does not intend for his proposal to be socially 'divisive'.