Canada’s richest people have not been spared the woes of the recent year’s market crash; with company valuations going down, and a weaker Canadian dollar. One can only expect that the men who own the companies will see their fortunes go down, as exports have declined.
Nevertheless, Canada has an impressive array of business moguls, captains of industry who can hold their own anywhere in the world, with the same surety and audacity that they control the money flow in Canada. The Top 10 richest men in Canada are those that 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 just as he has done for some time, although he really should not be doing so, based on the fact that his company Thomson Reuters has seen a sharp decline, (nearly 30%) and so, ideally he should go down the list.
David Thomson, however, is still top of the list because losses were heavy in almost every corner. Besides, his wealth is set to go up because operating profits of Thomson Reuters went up 60% in 2019, showing prospects of a more determined rise as soon as the economic climate becomes good again.
2. Joseph Tsai
Net Worth: $10 Billion
Ecommerce magnate Joseph Tsai, who is also the co-founder of Alibaba, and Brooklyn Nets owner comes up next on this list. He remains the eCommerce site’s second-largest shareholder with a 2% stake. That 2 percent stake is enough to make him one of the richest men in Canada, one of the biggest stakeholders in e-commerce, and the second-largest stakeholder in Alibaba, only behind only Jack Ma.
3. Galen Weston & Family
Net Worth: $7 Billion
Source: Retail Commerce
Galen Weston Jr. has some big shoes to fill; with the passing away of his father Galen Weston on April 12th, 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 by his grandfather in 1882. With Galen Weston’s assumption of control, the family is now four generations into the running of the empire.
4. David Cheriton
Net Worth: $55 Billion
Source: Google/Information Technology
As Google shares continue to make a steady rise, so does the fortune of David Cheriton, making him presently the fourth wealthiest person in Canada. David Cheriton is a Stanford emeritus professor of computer science. He made an early investment in Google, which was founded by two industrious Stanford graduate students. Since his success with google, Cheriton has cofounded three computer networking companies, including Arista Networks, thus consolidating his position as one of the biggest investors in information technology.
5. Huang Chulong
Net Worth: $5.1 Billion
Source: Real Estate Investment
Huang Chulong is a Canadian citizen who lives in China or a Chinese Billionaire who has a Canadian passport. In the year under review, Huang is Canada’s biggest gainer, with a rise of over $2 billion. His privately held Galaxy Group has massive real estate investments in China as well as Canada. His company has recently developed more than 538 million square feet of real estate in China.
6. Mark Scheinberg
Net Worth: $4.9 Billion
Mark Scheinberg and his father are successful gamblers who have hit big time with their gambling startup. In 2001, Mark Scheinberg and his father, Isai Scheinberg, founded PokerStars, an online gaming site. Mark at one time owned 75% of the firm but cashed out in 2014. For selling his stake at the company he earned more than $3 billion. He has since grown that fortune to over $4.9 billion, making him one of the richest men in the country.
7. James Irving
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; J.D. Irving. The Irvin Empire is a diversified conglomerate that includes one of Canada’s biggest shipbuilders J.D Irvin. The company is also active in timber, frozen foods, retail sales and distribution, and more. One of the Irvin companies, Irving Woodlands, is the sixth-largest landowner in America. That company owns over 1.25 million acres.
8. Jim Pattison
Net Worth: $4.3 Billion
Source Of Wealth: Diversified Investments
Jim Pattison has made not just a name for himself; he has created a legacy. His story is that of inspiration and what a man can do when he has the guts! This is the story of a man who started out with one GM dealership in 1961 and then transforming that small business into a billion-dollar Business Empire. A self-made billionaire and one of the richest people in Canada, Jim Pattison 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 by the name of Giuseppe Saputo. When he finished his secondary schooling in the 1950s his family immigrated to Canada. Emanuele Saputo started a dairy company with $500 and a bicycle for deliveries. The company has grown into a multibillion-dollar establishment; in 2019, Saputo Inc sold more than $9 billion of cheese, milk, and other products. Now in his 80’s 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 did not suddenly become a billionaire; he has worked up the ladder in the beverage-making industry for several years. Anthony Von Mandl has been in the beverage industry since he was 22 years old.
Recently, one of his products has dominated the market; White Claw Hard Seltzer, and that success have propelled Von Mandl into the billionaire ranks. 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 become richer in the coming year as international trade recovers, the Canadian Dollar increases in value, and the stock market finds its feet again. The list is made up of diversified investments from various sectors including real estate, e-commerce, and retail commerce. The Canadian business climate is so promising that several other businessmen are knocking on the door, and will soon become billionaires, making this list even more interesting.