Canada’s wealthiest people have not been spared the misery of last year’s market crash; with falling corporate valuations and a weaker Canadian dollar. You can only expect the men who own the companies to see their fortunes plummet as exports have declined.
Nevertheless, Canada has an impressive array of business magnates, captains of industry, who can hold their own anywhere in the world, with the same confidence and audacity that they control the flow of money in Canada. The top 10 richest men in Canada are those who have huge investments in technology, food and retail, as well as other sectors of the growing economy.
Top 10 richest people in Canada
1. David Thomson & Family
Net worth: $31.6 billion
David Thomson, head of the media empire Thomson Reuters, tops the list as he has for some time, although he really shouldn’t, given that his company Thomson Reuters has seen a sharp decline (almost 30% ) and so ideally it should be at the bottom of the list.
However, David Thomson still tops the list as losses were heavy at almost every corner. In addition, his wealth will rise as Thomson Reuters’ operating profit rose 60% in 2019, offering prospects for a more determined rise once the economic climate returns to good.
Net Worth: $10 billion
E-commerce mogul Joseph Tsai, who is also a co-founder of Alibaba, and the owner of Brooklyn Nets are next on this list. He remains the second largest shareholder of the eCommerce site with a 2% stake. That 2 percent stake is enough to make him one of the richest men in Canada, one of the largest stakeholders in e-commerce and the second-largest shareholder in Alibaba, behind only Jack Ma.
3. Galen Weston & Family
Net Worth: $7 billion
Galen Weston Jr. has some big shoes to fill; with the death of his father Galen Weston on April 12e, In 2021, he inherits control of his family’s retail empire, as well as the responsibility of carrying the Weston family name. His father Galen Weston was the third generation head of George Weston, the Canadian food and retail giant founded in 1882 by his grandfather. With Galen Weston taking control, the family has now been running the empire for four generations.
Net worth: $55 billion
Source: Google/Information Technology
As Google shares continue to rise steadily, David Cheriton’s fortune is also increasing, making him currently the fourth richest person in Canada. David Cheriton is Professor Emeritus of Computer Science at Stanford. He made an early investment in Google, which was founded by two diligent Stanford students. Since his success at Google, Cheriton has co-founded three computer networking companies, including Arista Networks, cementing his position as one of the largest information technology investors.
Net worth: $5.1 billion
Source: Real estate investments
Huang Chulong is a Canadian citizen residing in China or a Chinese billionaire with a Canadian passport. In the year under review, Huang is Canada’s biggest winner, with an increase of more than $2 billion. His privately held Galaxy Group has huge real estate investments in both China and Canada. His company recently developed more than 538 million square feet of real estate in China.
Net Worth: $4.9 billion
Mark Scheinberg and his father are successful gamblers who have enjoyed great success with their gambling startup. In 2001, Mark Scheinberg and his father, Isai Scheinberg, founded PokerStars, an online gaming site. Mark once owned 75% of the company, but cashed in in 2014. Selling his stake in the company earned him more than $3 billion. He has since grown that fortune to more than $4.9 billion, making him one of the richest men in the country.
Net Worth: $4.5 billion
Source: Diversified investments
James Irving has built an empire for his two sons to enjoy; they are now at the helm of his conglomerate; JD Irving. The Irvin Empire is a diversified conglomerate that includes one of Canada’s largest shipbuilders, JD Irvin. The company is also active in lumber, frozen foods, retail and distribution, and more. One of the Irvin companies, Irving Woodlands, is the sixth largest landowner in America. That company owns more than 1.25 million acres.
Net Worth: $4.3 billion
Source of wealth: diversified investments
Jim Pattison hasn’t just made a name for himself; he has created a legacy. His story is that of inspiration and what a man can do if he has the guts! This is the story of a man who started with one GM dealership in 1961 and then transformed that small company into a billion dollar business empire. Jim Pattison, a self-made billionaire and one of the richest people in Canada, now owns Guinness World Records, the Canadian franchise rights to Great Wolf Lodge and a 40% stake in forest products company Canfor, among other viable business ventures.
9. Emanuele (Lino) Saputo & family
Net Worth: $3.8 billion
Source: Cheese Making
Lino Saputo was born in Italy to a cheesemaker named Giuseppe Saputo. When he graduated from high school in the 1950s, his family emigrated to Canada. Emanuele Saputo started a dairy business with $500 and a bicycle for deliveries. The company has grown into a billion-dollar enterprise; in 2019, Saputo Inc sold more than $9 billion worth of cheese, milk, and other products. Now in his 80s, Emanuele Saputo is handing over more and more responsibilities to his three children.
10. Anthony Von Mandl
Net Worth: $3.3 billion
Source of wealth: alcoholic beverages
Anthony Von Mandl didn’t suddenly become a billionaire; he has worked his way up the ladder in the beverage industry for several years. Anthony Von Mandl has been in the beverage industry since he was 22 years old.
Recently, one of its products has dominated the market; White Claw Hard Seltzer, and that success led Von Mandl to the billionaires. That product saw an increase in sales of about 40%, according to the company. Anthony Von Mandl also owns Mike’s Hard Lemonade, as well as other exotic drinks.
The richest people in Canada are expected to get richer in the coming year as international trade recovers, the Canadian dollar appreciates and the stock market picks up again. The list consists of diversified investments from various sectors, including real estate, e-commerce and retail. The Canadian business climate is so promising that several other businessmen are knocking on the door, soon to become billionaires, making this list even more interesting.