There is more grass to grace stories in Canada than one can count. However, the 10 richest men in Canada are people at the very top of the food chain; industrialists, capitalists, and movers of the economy who have not just created wealth for themselves but have created corporations that provide jobs, and keep the economy going. Their combined net worth of $80 billion makes them the most powerful men in Canada and some of the most influential in the world.
Interestingly, there are a few new names on the list that have come in to replace some of the people we are more familiar with. This movement is caused by the dominance of some industries, and the waning of others in what can be described as the never-ending cycle of economic relevance.
Canada is a North American country that is filled with a lot of rich folks that have contributed to the growth of the country in one way or the other. Canada is known to be the second-largest country in North America and it actually one of the most developed countries you can find anywhere.
This article will therefore not only provide a hint about who the richest men in Canada are; it will also give us information about what sectors of the Canadian economy are growing in relevance, and maybe still open for investors.
Top 10 Richest Men In Canada
1. David Thomson And Family
Net Worth: $50.5 billion
Date Of Birth: 12 June 1957
Business Interests: Media
David Thomson, the Third Baron of Fleet comes from a wealthy Anglo Canadian family with diversified holdings in Canada. He has however managed to grow his family fortunes quite considerably. He acquired the media giant Reuters which is known throughout the world for its unbiased news coverage. Before that, his family was already very well established in the media industry, and David Thomson inherited the Thomson Corporation and his Title in 2006 when his father died.
The Thomson Reuters company has since then been growing from strength to strength, therefore increasing the Thomson Fortune quite considerably. David Thomson is the richest man in Canada; a position he has held for a number of years. The Thomson Reuters company has about 24,400 people in its employ, some of who work off-site from its towering headquarters in Bay Street, Toronto. The company is a publicly-traded company and recently paid out a quarterly dividend of 0.51 Canadian Dollars per share. The price of the company share is on a clear uptrend on a yearly chart; indicating that more money is coming to David Thomson, and to those who have invested in his company.
2. David Cheriton
Net Worth: $11.7 Billion
Business Interests: Google
David Cheriton is a professor emeritus at Stanford University; not just the type of person to stand in front of a class and teach, but also to practice what he preaches. David Cheriton was approached by two of his students to invest in their tech startup; a search engine to curate information better. That investment has paid off handsomely; he is now worth more than $11 billion.
He has gone on to become a proper venture capitalist with several other companies in his portfolio, including Arista Networks. David Cheriton is going to continue making money; Google is still the dominant search engine and continues to create more innovative solutions to digital advertising.
3. Joseph Tsai
Net Worth: $8.8 billion
Business Interests: E-Commerce/Technology, Sports
Joseph Tsai was born in Taiwan, and he received his education in the United States of America. He has however chosen Canada as his home. Joseph Tsai is the co-founder of Alibaba; one of the leading eCommerce websites in the world. With his 2 percent holding in the company, he is the second-largest shareholder- only after Jack Ma. Joseph Tsai is a commanding figure in Canada’s Tech Industry.
Alibaba currently employs over 250 million people and recently created 40 million jobs in one year. On a five-year chart, you can see the clear uptrend, which means that there is even more money coming to Joseph Tsai and his company’s investors.
In September 2019, Tsai became the owner of the Brooklyn Nets, a top basketball team in America. The team and their arena cost Joseph Tsai around 3 billion dollars, thus diversifying his fortune quite considerably.
4. Galen Weston Jr. And Family
Net Worth: $8.7 Billion
Business Interests: Retail
Galen Weston Jr inherited the chairman’s seat of George Weston when his father died in April 2021. He is therefore the fourth-generation scion of his family’s company, fully in charge of a company established by his great-grandfather in 1882. Galen Weston Jr is the Chairman of George Weston; the Canadian food and retail giant. The company has 140,800 employees, and total revenue of $54.705 CAD.
He is also the Chairman of Loblaw Company which is a Retail giant that controls a supermarket chain including franchises throughout Canada. Loblaws employs about 200,000 and has total revenue of $51.859 billion CAD.
Galen Weston comes from one of the more established families in Canada; there is every indication that he will continue to generate wealth not just for himself, but for his investors.
5. Huang Chulong
Net Worth: $6.1 Billion
Business Interests: Real Estate
Huang Chulong is a billionaire Chinese Canadian. He was born in China, and still lives there, but he is a Canadian by virtue of his huge investments in the country. He is a very well-established name in the real estate industry; his privately held Galaxy Group owns more than 538 million square feet of real estate in China. Interestingly, his early life was one of poverty; he worked as a street trader in China during his teenage years, and he then went to the Philippines where he worked as a trader.
After he clocked 40 years old, he went back to China and founded Century Golden Resources with which he started developing properties during the commercial property boom of the ’90s. Having amassed a great deal of wealth, he looked outside the shores of China and has now become quite established in Canada, earning himself a place on the top 10 richest men in Canada list.
6. Mark Scheinberg
Net Worth: $4.9 Billion
Source Of Wealth: Online Gambling
Mark Scheinberg made his money from online gambling; he founded PokerStars with his father. He was the 75% owner of the firm until 2014 when he sold off his stake for nearly $3 billion. He is an Israeli-Canadian who now controls diversified investments in real estate and luxury hotels. He has lived in Canada since his family moved here when he was 13 years old.
7. Emanuele (Lino) Saputo & Family
Net Worth: $5.2 Billion
Business Interests: Dairy Products, Sports
Emmanuele Saputo was born in Italy but came to Canada as a boy when his father brought the family to the country. His father started then started making cheese and delivering the product. He had only $500, and a bicycle. The Saputo family is one of Canada’s biggest grass to grace stories: the company now boasts revenues in excess of $14 billion and has employees numbering about 18,000.
The Saputo Company now has operations in the United States, Argentina, Australia, and the United Kingdom, while its products are sold in about 60 countries. The family has also divested some of its capital by buying the Football Clubs (soccer) Montreal Impact (Canada) and Bologna (Italy).
8. James Irving
Net Worth: $4.7 Billion
Business Interests: Diversified
James Irving is an accomplished old man; he inherited control of J.D Irving; a conglomerate with interests in shipbuilding, timber, frozen foods, retail, and other industries. Recently, his two sons have taken control of the companies, although James Irving is still the owner.
JD Irving employs over 18,000 people and remains one of Canada’s biggest single landowners. The company has a huge share of the global pulp trade and is expanding its interests in retail and other areas.
9. Jim Pattison
Net Worth: $4.3 Billion
Business Interests: Diversified
Jim Pattison is a self-made billionaire. He started his business journey with one GM dealership back in 1961, and has gone on to create a billion-dollar business empire- earning him the title of ‘Canada’s Warren Buffet.’ He now owns a 40% stake in forest products company Canfor, the Canadian franchise rights to Great Wolf Lodge, but perhaps his most notable achievement is his ownership of Guinness World Records.
10. Anthony Von Mandl
Net Worth: $3.3 Billion
Source Of Wealth: Alcoholic Beverages
White Claw Hard Seltzer is a widely popular alcoholic beverage that has been accepted by the majority of Canada’s market. There was a recent 40% rise in the brand’s sales, while the sales figures have continued on the rise. Anthony Von Mandl is also the owner of Mike’s Hard Lemonade. He has been in the alcohol business since the age of 22.
- Top 10 Richest Women In Canada
- Top 10 Richest Families In Canada
- Top 10 Richest Provinces In Canada
- Top 10 Richest Companies In Canada
- Top 10 Richest Cities In Canada
That is all the evidence you need as a student of wealth to know that money is not static; it goes up and down like the beach tides. Some of the richest men in Canada have seen their wealth increase, while others have seen their wealth go down. Some have cashed out completely from the companies they have founded, while others have divested some of their capital so as avoid sudden shocks that can occur in the world’s economy these days.