If there’s one thing we can learn from this list of Edmonton’s wealthiest citizens, it’s that the easiest way to become a millionaire is to have a relative who began an oil firm a few decades ago. Some of the most famous families in Alberta are on this list, and they have all made an impact on the economy in their own way.
The richest men in Edmonton are Daryl Katz, Fred & Ron Mannix, Estate Of Ronald Southern, N. Murray Edwards, Jim Riddell (The Riddell Family), David Werklund, Brad Shaw (The Shaw Family), David Cheriton, Ron Joyce, Ghermezian Brothers
Top 10 Richest People In Edmonton
1. Daryl Katz
Daryl Katz, who is the son of a pharmacist, studied at the University of Alberta and then went into the pharmaceutical business himself. In 1991, he bought the Canadian rights to a U.S. franchise called the Medicine Shoppe. This made him a lot of money. From 1991 to 2016, he worked to turn this business into the Katz Group of Companies, a group of companies with interests in pharmacy, real estate development, and sports and entertainment. He sold his pharmaceutical division to the American McKesson Corporation in 2016.
The Katz Group of Companies has grown to become one of Canada’s most successful privately held corporations. Daryl Katz is worth $4.36 billion, according to Forbes.
Daryl Katz is the new owner of the Edmonton Oilers, a major hockey team in Alberta. In the early 2000s, he made many offers to acquire the franchise, all of which were rejected. After years of rejection, his $242 million CAD bid was approved in 2008. The current market value of the brand is around $698 million Canadian dollars.
Katz is not only a major investor in the hockey industry, but also in Silver Pictures, a film production business that has worked on such films as Project X, The Matrix 4, and The Nice Guys.
2. Fred & Ron Mannix
Throughout Canada’s history, the Mannix family has played a significant role in the country’s economic development. Back in 1898, when their great-grandfather was just getting started, he bought a team of horses and secured a contract with the Canadian Pacific Railway. Since then, the family business has contributed to several landmark building projects throughout Canada, including the Trans Canada Highway, St. Lawrence Seaway, and the subway systems in both Toronto and Montreal.
Later in the 1980s, when Fred Mannix Sr. was inducted into the Canadian Business Hall of Fame, he retired from the business to make room for his sons. He divided the business, with Fred running the Mancal Company and Ron running the newly established Coril Holdings Ltd. They are both diversified corporations with interests in coal, oil, building, and property.
The Mannix family is worth $3.3 billion, as reported by Canadian Business. One of Canada’s richest families, Fred and Ron prefer to keep their personal lives out of the spotlight. So little exists about them online that a simple Google search yields almost nothing. Both boys, however, are generous members of society who earned degrees from the University of Alberta.
3. Estate Of Ronald Southern
One of Canada’s most successful businessmen, Ronald Southern died in 2016. Despite his immense wealth, he was noted for never forgetting his Canadian origins. Canadian Business reports that Ron Southern’s family is worth around $2.3 billion.
Ronald’s first business was a company that let construction companies rent trailers that could be moved around. He intended to utilize the profits from this company to finance his medical education at the University of Alberta. However, he saw a need for a more durable trailer that could weather the severe Canadian winters, so the Alberta Trailer Company was founded. Never once did he turn to gaze at his old life.
This business is now called Atco, and it has grown into many other fields, but power and utilities are still its main business. With a workforce of over 9,000, Atco was finally taken over by Ronald’s daughter in 2003.
4. Murray Edwards
It’s hard to find a better illustration of the “rags-to-riches” American dream than N. Murray Edwards. Edwards’ ancestors came from Mexico and worked as farmers and blacksmiths. Subsequently, both of his parents went to work as professionals in their own fields, first as an accountant and then as a teacher. Edwards himself attempted to make ends meet by working as a hockey referee and on a trash crew during the summers. What a humble beginning for a future millionaire.
After enrolling at the University of Saskatchewan with the intention of studying law, he changed careers at the age of 28 to fulfill a commitment to a dying friend.
5. Jim Riddell (The Riddell Family)
Clay Riddell was the son of a mailman before building his oil business. In 1974, he founded Paramount Resources, which became a major oil driller. He spun out eleven firms from Paramount and still owns most of them. His kids inherited his riches and enterprises.
Jim Riddell is Trilogy Energy’s CEO. Sue Riddell runs Perpetual Energy. Mike Rose is Tourmaline Oil’s CEO.
6. David Werklund
David Werklund worked as a brand manager for an energy firm before becoming a billionaire. This prompted him to start Concord Well Servicing in 1979. This corporation evolved from one rig to the third-largest in Canada.
7. Brad Shaw (The Shaw Family)
J.R. Shaw launched Shaw Communications as Capital Cable in 1966. J.R. built the firm to 10,000 people and $4 billion in revenue by 2020. J.R. Shaw died in 2020, and his son Brad sold Shaw Communications to Rogers. This $20 billion agreement merges two industrial giants.
8. David Cheriton
Canadian billionaire David Cheriton built his fortune by combining his knowledge of computers with his investing savvy. He was one of the first people to invest in Google and is the chief scientist and co-founder of Arista.
9. Ron Joyce
Doughnut King Ron Joyce co-founded Tim Hortons with Bill Rosenberg in 1964. That was the beginning of his rise to fame, and he has since expanded his firm into one of the most prosperous restaurant chains in the world.
10. Ghermezian Brothers
The Ghermezian Family is worth $650 million, according to BNN Bloomberg. Their net worth dropped from $2.43 billion to $650 million due to COVID-19’s impact on their real estate holdings.
Eskandar, Raphael, Nader, and Bahman Ghermezian are four Iranian Jewish brothers who founded the Triple Five Company. The brothers expanded a rug business into a real estate development enterprise.
Business development and management skills has made those on this list of the top 10 richest in Edmonton stand out from their contemporaries.