Canada’s Richest People
An extensively researched ranking of the country’s wealthiest grocers, tech giants, developers, investors and other mega moguls
When it comes to wealth, some things never change. The bulk of Canada’s money is still held by a few at the top. On average, a billionaire will earn a typical Canadian’s yearly salary by January 2. What has changed is where that affluence lives. Now, mixed among the evergreen hedge fund managers and real estate moguls are e-commerce giants, crypto cowboys, tech wizards. Compared to eras past, it’s a whole new world of wealth.
For almost 20 years, our sister publication, Canadian Business, kept tabs on the 100 richest people in the country, an ambitious project that was last published in 2017. Seven years, one pandemic and a cost-of-living crisis later, we thought it was time to take a fresh look at the uber-wealthy in this country—so we partnered with Canadian Business to bring the Rich List back to life.
The people on this list own grocery stores, hotels, restaurants and wineries. You may not have heard all their names, but they’re definitely part of your lives. Others have disrupted industries (looking at you, Uber co-founder Garrett Camp) while more still have quietly amassed wealth by building some of Canada’s biggest behind-the-scenes companies, like Serge Godin’s IT consultancy, CGI. As a group, their wealth has ballooned over the last two decades: the combined net worth of the 10 richest Canadians is now $261 billion, compared to $60 billion in 2004.
Some readers may expect to see Elon Musk at the top of this list. While his mother is Canadian, and some sources suggest he obtained citizenship as a teenager, we were unable to verify this fact and thus left him off the list. According to Forbes, Musk’s net worth is US$247.2 billion—placing him in another stratosphere altogether.
Where the Numbers Come From
Money is a touchy subject. Most people don’t want to talk about it—especially those who have a lot of it. So, to come up with our list of the 40 wealthiest Canadians, we needed to rely on information in the public domain.
For those who have holdings in public companies, that included management information circulars, insider trading reports and SEC filings. (Share prices used in the calculations were from the end of the day on September 24.) Private companies were valued based on sales and output and using industry comparisons. A few families did confide financial information, which we took into account when doing the calculations. All net worths are conservative estimates and don’t include assets where we didn’t have enough information to perform a proper valuation.
We contacted all the individuals and families on the list to verify the estimated net worth we assigned them, but few responded.
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1. Thomson family $98.15B
Media and information distribution
The late Roy Thomson turned one newspaper into a publishing empire, passing the role of chair—and his peerage title, Baron Thomson of Fleet—to his son, Kenneth, when he died in 1976. Ken ran the company for 30 years, making several acquisitions, then sold the newspaper business in 2000 to focus on electronic information, like financial data. In 2002, a few years before his death, Ken stepped down as chair of Thomson Corporation, and his eldest son, David, stepped up. David then landed the biggest deal in the company’s history: acquiring the global newswire Reuters for US$17 billion. Today the company is a global information business, providing data, software and services to the financial, legal and news industries. Shares of Thomson Reuters have ballooned more than 150 per cent in the last five years alone, sitting at $231.42 a pop at the time of our valuation. The family holding company, Woodbridge, owns about 70 per cent of the firm’s shares.
The family’s reach and influence extend far beyond Thomson Reuters. Woodbridge owns the Globe and Mail—David, the third Baron Thomson of Fleet, also serves as chair—and a minority stake in BCE Inc., which owns Bell Canada. David is a co-owner of the Winnipeg Jets, while Woodbridge has a minority interest in the Montreal Canadiens. David’s younger brother, Peter, invests in early-stage fintech companies through his firm, Thomvest Ventures, and owns a rally racing team, Thomson Motorsport, and their sister, Taylor, is a real estate investor who previously worked as an actor. Cousin Sherry Brydson has invested in aviation through De Havilland Aircraft of Canada and owns the Elmwood Spa in Toronto, while two other cousins, Linda Campbell and Gaye Farncombe, also have stakes in Woodbridge.
David is an avid art collector, as was his late father. The family’s donated collection—including some 300 works by the Group of Seven and Tom Thomson, 145 paintings by Cornelius Krieghoff and Peter Paul Rubens’s 17th-century masterpiece The Massacre of the Innocents—is on display at the Art Gallery of Ontario in Toronto, while David has several Picassos in his personal collection, alongside some of John Constable’s landscapes paintings of the English countryside. While the family’s fortune will continue to benefit the next generation, only one person can inherit the title of Baron: David’s 18-year-old son, Benjamin.
The late Roy Thomson turned one newspaper into a publishing empire, passing the role of chair—and his peerage title, Baron Thomson of Fleet—to his son, Kenneth, when he died in 1976. Ken ran the company for 30 years, making several acquisitions, then sold the newspaper business in 2000 to focus on electronic information, like financial data. In 2002, a few years before his death, Ken stepped down as chair of Thomson Corporation, and his eldest son, David, stepped up. David then landed the biggest deal in the company’s history: acquiring the global newswire Reuters for US$17 billion. Today the company is a global information business, providing data, software and services to the financial, legal and news industries. Shares of Thomson Reuters have ballooned more than 150 per cent in the last five years alone, sitting at $231.42 a pop at the time of our valuation. The family holding company, Woodbridge, owns about 70 per cent of the firm’s shares.
The family’s reach and influence extend far beyond Thomson Reuters. Woodbridge owns the Globe and Mail—David, the third Baron Thomson of Fleet, also serves as chair—and a minority stake in BCE Inc., which owns Bell Canada. David is a co-owner of the Winnipeg Jets, while Woodbridge has a minority interest in the Montreal Canadiens. David’s younger brother, Peter, invests in early-stage fintech companies through his firm, Thomvest Ventures, and owns a rally racing team, Thomson Motorsport, and their sister, Taylor, is a real estate investor who previously worked as an actor. Cousin Sherry Brydson has invested in aviation through De Havilland Aircraft of Canada and owns the Elmwood Spa in Toronto, while two other cousins, Linda Campbell and Gaye Farncombe, also have stakes in Woodbridge.
David is an avid art collector, as was his late father. The family’s donated collection—including some 300 works by the Group of Seven and Tom Thomson, 145 paintings by Cornelius Krieghoff and Peter Paul Rubens’s 17th-century masterpiece The Massacre of the Innocents—is on display at the Art Gallery of Ontario in Toronto, while David has several Picassos in his personal collection, alongside some of John Constable’s landscapes paintings of the English countryside. While the family’s fortune will continue to benefit the next generation, only one person can inherit the title of Baron: David’s 18-year-old son, Benjamin.
2. Changpeng Zhao $61.02B
Cryptocurrency
Chinese-born crypto king Changpeng Zhao, known as CZ, spent his teen years in Canada and graduated from McGill University’s computer science program. He founded the cryptocurrency exchange Binance in 2017 and grew it into the world’s largest by trading volume, with a market cap that hovers around US$90 billion. Zhao owns 90 per cent of the company and nearly two-thirds of its token, BNB, now the fourth-largest coin by market cap in the world, valued at more than US$600 per unit at the end of September. But Zhao hasn’t been able to enjoy the spoils: he pleaded guilty late last year to failing to maintain an effective anti–money laundering program and spent the summer in prison. He resigned as CEO, and the company was slapped with a US$4.3-billion fine. Zhao was released from custody on September 27, but his legal challenges aren’t over: Binance still faces a complaint by the U.S. Securities and Exchange Commission that it violated federal security laws, including operating unregistered national securities exchanges.
Chinese-born crypto king Changpeng Zhao, known as CZ, spent his teen years in Canada and graduated from McGill University’s computer science program. He founded the cryptocurrency exchange Binance in 2017 and grew it into the world’s largest by trading volume, with a market cap that hovers around US$90 billion. Zhao owns 90 per cent of the company and nearly two-thirds of its token, BNB, now the fourth-largest coin by market cap in the world, valued at more than US$600 per unit at the end of September. But Zhao hasn’t been able to enjoy the spoils: he pleaded guilty late last year to failing to maintain an effective anti–money laundering program and spent the summer in prison. He resigned as CEO, and the company was slapped with a US$4.3-billion fine. Zhao was released from custody on September 27, but his legal challenges aren’t over: Binance still faces a complaint by the U.S. Securities and Exchange Commission that it violated federal security laws, including operating unregistered national securities exchanges.
3. Galen Weston Jr. $18.05B
Groceries and real estate
Galen Weston Jr. became a household name by appearing as an everyman in a series of television commercials promoting Loblaw’s President’s Choice brand. In 2020, he also became the controlling shareholder in Wittington Canada, the family holding company that in turn has a controlling stake in George Weston Ltd., a majority owner of Loblaw. The stock price of Loblaw—whose chains include No Frills, Valu-mart and Provigo—tripled over the last three years (all while food prices have become increasingly unaffordable). George Weston Ltd. is more than a grocery giant: it owns 61 per cent of Choice Properties REIT, which holds more than 700 retail and industrial properties nationwide, with Loblaw as its biggest tenant. Weston’s personal properties include a 500-acre estate near Caledon, Ontario.
Galen Weston Jr. became a household name by appearing as an everyman in a series of television commercials promoting Loblaw’s President’s Choice brand. In 2020, he also became the controlling shareholder in Wittington Canada, the family holding company that in turn has a controlling stake in George Weston Ltd., a majority owner of Loblaw. The stock price of Loblaw—whose chains include No Frills, Valu-mart and Provigo—tripled over the last three years (all while food prices have become increasingly unaffordable). George Weston Ltd. is more than a grocery giant: it owns 61 per cent of Choice Properties REIT, which holds more than 700 retail and industrial properties nationwide, with Loblaw as its biggest tenant. Weston’s personal properties include a 500-acre estate near Caledon, Ontario.
4. Irving Family $14.47B
Forestry, oil and construction
The Irving dynasty has reigned over New Brunswick for well over a century, with a suite of companies that touch nearly every industry in the province, including forestry, oil, real estate, media, construction, food, retail, shipbuilding and transportation. After years of growth and oversight by brothers James (J.K.), Arthur and John (Jack), tides are shifting. Irving Oil, which operates Canada’s largest oil refinery, was put up for strategic review last year, and Arthur’s daughter, Sarah, left the company. One possibility: a sale of the refinery, which imports the majority of its oil from the United States, Saudi Arabia and Nigeria, to an international buyer. Regardless of the outcome, the Irving name will continue to dominate New Brunswick for years to come: J.K.’s sons, Jim (above) and Robert, now oversee J.D. Irving, which includes the family’s forestry, shipbuilding and transportation divisions. Both Arthur and J.K. died earlier this year, in their nineties.
The Irving dynasty has reigned over New Brunswick for well over a century, with a suite of companies that touch nearly every industry in the province, including forestry, oil, real estate, media, construction, food, retail, shipbuilding and transportation. After years of growth and oversight by brothers James (J.K.), Arthur and John (Jack), tides are shifting. Irving Oil, which operates Canada’s largest oil refinery, was put up for strategic review last year, and Arthur’s daughter, Sarah, left the company. One possibility: a sale of the refinery, which imports the majority of its oil from the United States, Saudi Arabia and Nigeria, to an international buyer. Regardless of the outcome, the Irving name will continue to dominate New Brunswick for years to come: J.K.’s sons, Jim (above) and Robert, now oversee J.D. Irving, which includes the family’s forestry, shipbuilding and transportation divisions. Both Arthur and J.K. died earlier this year, in their nineties.
5. McCain Family $13.16B
Food processing
In 1957, four brothers from Florenceville, New Brunswick, launched a food-processing company that would change dinnertime forever. Under the leadership of brothers and co-CEOs Harrison and Wallace McCain, McCain Foods grew into a multinational frozen foods corporation. Things fell apart in the 1990s, when a protracted feud over who would run the company led Wallace to leave McCain along with his sons, Michael and Scott (above), and buy up a significant stake in Maple Leaf Foods. Both Harrison and Wallace are now deceased, and Scott has returned to the fold as chair of McCain Foods, which now rakes in $14 billion a year in revenue. (Our valuation of the McCains doesn’t include Michael, who retains a stake in Maple Leaf Foods.)
In 1957, four brothers from Florenceville, New Brunswick, launched a food-processing company that would change dinnertime forever. Under the leadership of brothers and co-CEOs Harrison and Wallace McCain, McCain Foods grew into a multinational frozen foods corporation. Things fell apart in the 1990s, when a protracted feud over who would run the company led Wallace to leave McCain along with his sons, Michael and Scott (above), and buy up a significant stake in Maple Leaf Foods. Both Harrison and Wallace are now deceased, and Scott has returned to the fold as chair of McCain Foods, which now rakes in $14 billion a year in revenue. (Our valuation of the McCains doesn’t include Michael, who retains a stake in Maple Leaf Foods.)
6. David Cheriton $12.64B
Information technology
Vancouver-born David Cheriton was teaching computer science at Stanford University in California when he met students Sergey Brin and Larry Page. He provided their little startup, Google, with $100,000—one of the first investments in the company, and a gamble that would go on to be worth over US$1 billion. Teaching at Stanford also introduced him to German whiz Andy von Bechtolsheim, and the two would go on to work together on a number of companies. They co-founded Arista Networks, a large computer networking company with expertise in data centre and AI networking, in 2008; Cheriton’s stake in Arista is now worth over $5 billion. Cheriton lives in Palo Alto, California, and taught at Stanford until 2016. He continues to invest in tech companies and currently serves as chief data centre scientist at networking hardware firm Juniper Networks.
Vancouver-born David Cheriton was teaching computer science at Stanford University in California when he met students Sergey Brin and Larry Page. He provided their little startup, Google, with $100,000—one of the first investments in the company, and a gamble that would go on to be worth over US$1 billion. Teaching at Stanford also introduced him to German whiz Andy von Bechtolsheim, and the two would go on to work together on a number of companies. They co-founded Arista Networks, a large computer networking company with expertise in data centre and AI networking, in 2008; Cheriton’s stake in Arista is now worth over $5 billion. Cheriton lives in Palo Alto, California, and taught at Stanford until 2016. He continues to invest in tech companies and currently serves as chief data centre scientist at networking hardware firm Juniper Networks.
7. Rogers family $12.47B
Media and communications
Ted Rogers famously turned a Toronto radio station into Rogers Communications, a multi-billion-dollar telecom giant that counts among its assets the Toronto Blue Jays, a stake in Maple Leaf Sports & Entertainment and the country’s largest wireless provider. Ted set up the Rogers Control Trust before his death in 2008 as a way to keep the company in the family; his descendants are beneficiaries of the trust, which owns 97.5 per cent of the company’s voting shares and 9.89 per cent of the non-voting shares. It was the structure of this trust—with Ted’s only son, Edward Rogers III as chair—that led to the Succession-esque family squabble over who would reign over Dad’s empire. In January, things seemed to settle when sisters Melinda Rogers-Hixon and Martha Rogers left the board. A third sister, Lisa Rogers, joined it in 2023, while Ed cemented his place at the top when he was promoted from chair to executive chair of the Rogers board in August.
Ted Rogers famously turned a Toronto radio station into Rogers Communications, a multi-billion-dollar telecom giant that counts among its assets the Toronto Blue Jays, a stake in Maple Leaf Sports & Entertainment and the country’s largest wireless provider. Ted set up the Rogers Control Trust before his death in 2008 as a way to keep the company in the family; his descendants are beneficiaries of the trust, which owns 97.5 per cent of the company’s voting shares and 9.89 per cent of the non-voting shares. It was the structure of this trust—with Ted’s only son, Edward Rogers III as chair—that led to the Succession-esque family squabble over who would reign over Dad’s empire. In January, things seemed to settle when sisters Melinda Rogers-Hixon and Martha Rogers left the board. A third sister, Lisa Rogers, joined it in 2023, while Ed cemented his place at the top when he was promoted from chair to executive chair of the Rogers board in August.
8. Joseph Tsai $11.73B
E-commerce and sports
Joseph Tsai holds a 1.4 per cent stake in Alibaba, the Chinese e-commerce giant he helped build. Now, as chair, he’s steering Alibaba through a rough patch. Its market value is down 64 per cent since 2020, driven by Beijing’s big-tech crackdown, in which the government has introduced stricter regulations, fined companies for monopolistic behaviour and halted major deals—including the IPO of Alibaba’s affiliate, Ant Group. In June, Tsai sold a minority stake in BSE Global, which owns the Brooklyn Nets, to fellow billionaire Julia Koch. His family office, Blue Pool Capital, also recently bought a Manhattan penthouse for US$188 million, adding to the two units he already held in the same building, which faces onto Central Park.
Joseph Tsai holds a 1.4 per cent stake in Alibaba, the Chinese e-commerce giant he helped build. Now, as chair, he’s steering Alibaba through a rough patch. Its market value is down 64 per cent since 2020, driven by Beijing’s big-tech crackdown, in which the government has introduced stricter regulations, fined companies for monopolistic behaviour and halted major deals—including the IPO of Alibaba’s affiliate, Ant Group. In June, Tsai sold a minority stake in BSE Global, which owns the Brooklyn Nets, to fellow billionaire Julia Koch. His family office, Blue Pool Capital, also recently bought a Manhattan penthouse for US$188 million, adding to the two units he already held in the same building, which faces onto Central Park.
9. Jim Pattison $10.05B
Car dealerships, forestry, grocery and advertising
At 96, Jim Pattison still oversees the Vancouver-based Jim Pattison Group, the conglomerate he started with a GM dealership in 1961. His empire now pulls in $16 billion each year from more than 20 divisions across eight disparate industries. Among his holdings: Pattison Outdoor Advertising, Pattison Media, Ripley Entertainment, Great Wolf Lodge, Guinness World Records and Pattison Food Group, which includes Save-On-Foods and Monte Cristo Bakery. He donates 10 per cent of his annual income to charity and has pledged to give away half of his fortune during his lifetime and beyond. Along with his private company, Pattison has holdings in West Fraser Timber, Westshore Terminals and Canfor worth more than $2.8 billion.
At 96, Jim Pattison still oversees the Vancouver-based Jim Pattison Group, the conglomerate he started with a GM dealership in 1961. His empire now pulls in $16 billion each year from more than 20 divisions across eight disparate industries. Among his holdings: Pattison Outdoor Advertising, Pattison Media, Ripley Entertainment, Great Wolf Lodge, Guinness World Records and Pattison Food Group, which includes Save-On-Foods and Monte Cristo Bakery. He donates 10 per cent of his annual income to charity and has pledged to give away half of his fortune during his lifetime and beyond. Along with his private company, Pattison has holdings in West Fraser Timber, Westshore Terminals and Canfor worth more than $2.8 billion.
10. Desmarais Family $9.96B
Financial services
Paul Desmarais Sr. built a $5-billion fortune through asset management firm Power Corporation of Canada; he died in 2013, leaving a massive inheritance to his four children through the Desmarais Family Residuary Trust. His sons, André and Paul Jr. (above, left to right), ran the Montreal firm as co-CEOs for 24 years, overseeing several acquisitions. Now their sons, cousins Paul III and Olivier, have plans to snag younger, tech-savvy investors. Paul III runs the company’s growing fintech unit, which includes a stake in Wealthsimple, while Olivier is chair of Power Sustainable, a climate-focused alternative asset manager. In addition to the family trust’s stake in Power Corporation, André, Paul Jr., Paul III and Olivier all have personal shares in the company.
Paul Desmarais Sr. built a $5-billion fortune through asset management firm Power Corporation of Canada; he died in 2013, leaving a massive inheritance to his four children through the Desmarais Family Residuary Trust. His sons, André and Paul Jr. (above, left to right), ran the Montreal firm as co-CEOs for 24 years, overseeing several acquisitions. Now their sons, cousins Paul III and Olivier, have plans to snag younger, tech-savvy investors. Paul III runs the company’s growing fintech unit, which includes a stake in Wealthsimple, while Olivier is chair of Power Sustainable, a climate-focused alternative asset manager. In addition to the family trust’s stake in Power Corporation, André, Paul Jr., Paul III and Olivier all have personal shares in the company.
11. Alain bouchard $9.62B
Retail
He’s been called the “King of Convenience” for his dominion over 16,000 convenience stores. Alain Bouchard opened his first shop in 1980, then teamed up with three partners to launch Couche-Tard. He spent 40 years expanding aggressively, gobbling up competitors like Mac’s, Perette and Circle K. Based in Laval, Quebec, Alimentation Couche-Tard is now Canada’s largest convenience store chain, with more than US$69 billion in sales annually and more than 150,000 employees worldwide. Bouchard, who stepped down as CEO in 2014, is still executive chair of the company and holds a 12.9 per cent stake. The company is trying to double its size by buying its main competitor, the Japanese 7-Eleven owner, Seven & i Holdings.
He’s been called the “King of Convenience” for his dominion over 16,000 convenience stores. Alain Bouchard opened his first shop in 1980, then teamed up with three partners to launch Couche-Tard. He spent 40 years expanding aggressively, gobbling up competitors like Mac’s, Perette and Circle K. Based in Laval, Quebec, Alimentation Couche-Tard is now Canada’s largest convenience store chain, with more than US$69 billion in sales annually and more than 150,000 employees worldwide. Bouchard, who stepped down as CEO in 2014, is still executive chair of the company and holds a 12.9 per cent stake. The company is trying to double its size by buying its main competitor, the Japanese 7-Eleven owner, Seven & i Holdings.
12. Richardson family $9.43B
Agriculture, transportation, oil and financial services
The Canadian grain giant James Richardson & Sons Ltd. is older than Canada itself. Now overseen by fifth-generation president and CEO Hartley T. Richardson (pictured), the Winnipeg-based family corporation is expanding. JRSL controls over 25 per cent of Canada’s grain exports through Richardson International; runs Manitoba’s largest oil producer, Tundra Oil & Gas; owns a fleet of trucks through Bison Transport; and holds more than 42 per cent of shares in RF Capital, or Richardson Wealth, a wealth management firm with $37 billion in assets. Hartley is now in his sixties and the succession race is on: various sixth-generation members of the family are peppered throughout the business, including several serving on the Richardson International board of directors.
The Canadian grain giant James Richardson & Sons Ltd. is older than Canada itself. Now overseen by fifth-generation president and CEO Hartley T. Richardson (pictured), the Winnipeg-based family corporation is expanding. JRSL controls over 25 per cent of Canada’s grain exports through Richardson International; runs Manitoba’s largest oil producer, Tundra Oil & Gas; owns a fleet of trucks through Bison Transport; and holds more than 42 per cent of shares in RF Capital, or Richardson Wealth, a wealth management firm with $37 billion in assets. Hartley is now in his sixties and the succession race is on: various sixth-generation members of the family are peppered throughout the business, including several serving on the Richardson International board of directors.
13. Apostolopoulos Family $9.4B
Real estate and entertainment
Greek-Canadian brothers Steve (above), Peter and Jim Apostolopoulos control a vast portfolio of commercial properties through Triple Group of Companies, founded by their late father, Andreas. Holdings include Durham Live, a 240-acre entertainment district in development in Pickering, Ontario, anchored by the Pickering Casino Resort; office towers in Detroit; and Toronto’s TriBro Studios, home to productions from Disney, Netflix and Bell Media. Steve has recently stepped into the spotlight, launching bold bids for major sports franchises in 2023, including the NFL’s Washington Commanders for US$6 billion and the Ottawa Senators for an estimated US$1 billion (neither deal went through).
Greek-Canadian brothers Steve (above), Peter and Jim Apostolopoulos control a vast portfolio of commercial properties through Triple Group of Companies, founded by their late father, Andreas. Holdings include Durham Live, a 240-acre entertainment district in development in Pickering, Ontario, anchored by the Pickering Casino Resort; office towers in Detroit; and Toronto’s TriBro Studios, home to productions from Disney, Netflix and Bell Media. Steve has recently stepped into the spotlight, launching bold bids for major sports franchises in 2023, including the NFL’s Washington Commanders for US$6 billion and the Ottawa Senators for an estimated US$1 billion (neither deal went through).
14. Tobias LÜtke $9.38B
E-commerce
Tobias Lütke built the Shopify platform in 2004 to sell snowboards online, but quickly realized there was much more value in the software itself. Today, millions of e-commerce businesses around the world, including Gymshark and Mattel, run on the Shopify platform, earning the company over $7 billion per year. When brick-and-mortar stores closed during the pandemic, scores of companies turned to Shopify to develop their online presence, sending its stock soaring to $214 per share (stock-split adjusted) in 2021 before correcting in 2022. It’s now trading at about $108 per share, and the 44-year-old Lütke, who moved from Ottawa to Toronto in 2023, owns roughly six per cent of the company. He takes a symbolic $1 salary but received one of Canada’s biggest stock-based compensation packages this year, valued at $205 million.
Tobias Lütke built the Shopify platform in 2004 to sell snowboards online, but quickly realized there was much more value in the software itself. Today, millions of e-commerce businesses around the world, including Gymshark and Mattel, run on the Shopify platform, earning the company over $7 billion per year. When brick-and-mortar stores closed during the pandemic, scores of companies turned to Shopify to develop their online presence, sending its stock soaring to $214 per share (stock-split adjusted) in 2021 before correcting in 2022. It’s now trading at about $108 per share, and the 44-year-old Lütke, who moved from Ottawa to Toronto in 2023, owns roughly six per cent of the company. He takes a symbolic $1 salary but received one of Canada’s biggest stock-based compensation packages this year, valued at $205 million.
15. Zekelman Family $9.1B
Steel
Barry Zekelman (above) was 19 when his dad died suddenly, leaving his $1.5-million company, Atlas Tube, based near Windsor, Ontario, to Barry and his brothers, Clayton and Alan. The trio grew the business into a multinational company, sold it in 2006, then bought a majority stake in a new, bigger version five years later. Today, Zekelman Industries, led by Barry, is a U.S.-based steel pipe and tube manufacturer and a key player in modular home construction. (His brothers still serve as directors.) This summer, the company bought a five per cent stake in one of its suppliers, Sault Ste. Marie’s Algoma Steel—and the board isn’t ruling out a complete takeover. In 2021, Barry, who still owns a home near Windsor, bought Steven Spielberg’s 282-foot yacht and renamed it Man of Steel.
Barry Zekelman (above) was 19 when his dad died suddenly, leaving his $1.5-million company, Atlas Tube, based near Windsor, Ontario, to Barry and his brothers, Clayton and Alan. The trio grew the business into a multinational company, sold it in 2006, then bought a majority stake in a new, bigger version five years later. Today, Zekelman Industries, led by Barry, is a U.S.-based steel pipe and tube manufacturer and a key player in modular home construction. (His brothers still serve as directors.) This summer, the company bought a five per cent stake in one of its suppliers, Sault Ste. Marie’s Algoma Steel—and the board isn’t ruling out a complete takeover. In 2021, Barry, who still owns a home near Windsor, bought Steven Spielberg’s 282-foot yacht and renamed it Man of Steel.
16. Peter Gilgan $8.64B
Home construction
Peter Gilgan’s Mattamy Homes—named after the eldest of his eight children, Matthew and Amy—has built 135,000 homes since 1978 throughout the GTA and across Canada and the United States. The company’s current projects include a large community in Tucson, Arizona, with 50 single-storey home sites, and converting Toronto’s Cloverdale Mall into a mixed-use urban neighbourhood, a $6-billion development set to create more than 5,000 rental and condo units. After spending years constructing dream homes for others, Gilgan began work on his own in 2018, levelling a beachfront house in Naples, Florida, to replace it with an eco-friendly, net-zero megamansion decked out with solar panels and heat pumps. Construction on the home finished early this year.
Peter Gilgan’s Mattamy Homes—named after the eldest of his eight children, Matthew and Amy—has built 135,000 homes since 1978 throughout the GTA and across Canada and the United States. The company’s current projects include a large community in Tucson, Arizona, with 50 single-storey home sites, and converting Toronto’s Cloverdale Mall into a mixed-use urban neighbourhood, a $6-billion development set to create more than 5,000 rental and condo units. After spending years constructing dream homes for others, Gilgan began work on his own in 2018, levelling a beachfront house in Naples, Florida, to replace it with an eco-friendly, net-zero megamansion decked out with solar panels and heat pumps. Construction on the home finished early this year.
17. Anthony von Mandl $8.24B
Wine and beverages
At age 22, Anthony von Mandl was importing wines into Canada and selling them out of the trunk of his car in Vancouver. A few years later, he proclaimed to the Kelowna Chamber of Commerce that the Okanagan, with a then-fledgling wine industry, would become Canada’s Napa Valley. He was right: four decades later, von Mandl owns several Canadian wineries, including the Okanagan’s iconic Mission Hill Family Estate, and B.C.’s wine industry contributes more than $3.75 billion to the province’s economy every year. Von Mandl has found even greater success in the lower-brow space of tasty coolers. Through his company Mark Anthony Group, he launched Mike’s Hard Lemonade in 1999 and, in 2016, the ubiquitous hard seltzer brand White Claw.
At age 22, Anthony von Mandl was importing wines into Canada and selling them out of the trunk of his car in Vancouver. A few years later, he proclaimed to the Kelowna Chamber of Commerce that the Okanagan, with a then-fledgling wine industry, would become Canada’s Napa Valley. He was right: four decades later, von Mandl owns several Canadian wineries, including the Okanagan’s iconic Mission Hill Family Estate, and B.C.’s wine industry contributes more than $3.75 billion to the province’s economy every year. Von Mandl has found even greater success in the lower-brow space of tasty coolers. Through his company Mark Anthony Group, he launched Mike’s Hard Lemonade in 1999 and, in 2016, the ubiquitous hard seltzer brand White Claw.
18. Saputo family $7.59B
Food production
In 1954, Giuseppe Saputo started a small cheese-making business in Montreal. Fifteen years later his son, Emanuele, known as Lino (above left), became president of Saputo and oversaw its growth—including an IPO in 1997—into a multi-billion-dollar global dairy producer. One of his sons, Lino Jr. (pictured next to Lino), took over as CEO in 2004 and ran the company until transitioning to executive chair this year. Lino’s other son, Joey, founded the CF Montréal soccer team and owns Stade Saputo, where they play. Lino Sr. holds the biggest stake in Saputo: 38.7 per cent, valued at more than $4.8 billion. (His brother, Francesco, sold most of his stake in September for estate planning purposes.) The family is also heavily invested in real estate, managing properties in Toronto, Montreal and Quebec City.
In 1954, Giuseppe Saputo started a small cheese-making business in Montreal. Fifteen years later his son, Emanuele, known as Lino (above left), became president of Saputo and oversaw its growth—including an IPO in 1997—into a multi-billion-dollar global dairy producer. One of his sons, Lino Jr. (pictured next to Lino), took over as CEO in 2004 and ran the company until transitioning to executive chair this year. Lino’s other son, Joey, founded the CF Montréal soccer team and owns Stade Saputo, where they play. Lino Sr. holds the biggest stake in Saputo: 38.7 per cent, valued at more than $4.8 billion. (His brother, Francesco, sold most of his stake in September for estate planning purposes.) The family is also heavily invested in real estate, managing properties in Toronto, Montreal and Quebec City.
19. Bruce Flatt $7.41B
Investing
Bruce Flatt took over from Jack Cockwell as CEO of Canadian conglomerate Brascan in 2002 and, three years later, refashioned the company into Brookfield Asset Management. He’s aggressively invested in real estate and infrastructure, snapping up marquee properties like London’s Canary Wharf and office buildings in Manhattan. In 2022, Brookfield rebranded again—this time, as Brookfield Corporation—and spun out 25 per cent of itself into an asset management firm that holds long-term investments in real estate, infrastructure and renewable energy. A Winnipeg native, Flatt now lives in New York and London. He holds nearly 100 million shares across the two companies and its spinoff, Brookfield Reinsurance, which recently acquired American Equity Life Insurance and rebranded as Brookfield Wealth Solutions.
Bruce Flatt took over from Jack Cockwell as CEO of Canadian conglomerate Brascan in 2002 and, three years later, refashioned the company into Brookfield Asset Management. He’s aggressively invested in real estate and infrastructure, snapping up marquee properties like London’s Canary Wharf and office buildings in Manhattan. In 2022, Brookfield rebranded again—this time, as Brookfield Corporation—and spun out 25 per cent of itself into an asset management firm that holds long-term investments in real estate, infrastructure and renewable energy. A Winnipeg native, Flatt now lives in New York and London. He holds nearly 100 million shares across the two companies and its spinoff, Brookfield Reinsurance, which recently acquired American Equity Life Insurance and rebranded as Brookfield Wealth Solutions.
20. Garrett Camp $7.02B
Technology
Calgary-born Garrett Camp co-founded Uber in 2009, forever revolutionizing the delivery and ride-share industries (and infuriating taxi drivers everywhere). In 2019, Uber went public, and Camp, now based in California, owns four per cent of its outstanding shares. (He stepped down from its board in 2020.) He has pledged to leave half his assets to charity and runs a charitable foundation, Camp.org. So far, its output has been a piece of free-to-use software that helps recognize deepfakes and a platform to help non-profits raise money. Meanwhile, his venture capital firm, Expa, has assembled a portfolio of companies with short, punchy brand names, including First, an online prenuptial service, and Aero, which helps regular folks score flights on private jets.
Calgary-born Garrett Camp co-founded Uber in 2009, forever revolutionizing the delivery and ride-share industries (and infuriating taxi drivers everywhere). In 2019, Uber went public, and Camp, now based in California, owns four per cent of its outstanding shares. (He stepped down from its board in 2020.) He has pledged to leave half his assets to charity and runs a charitable foundation, Camp.org. So far, its output has been a piece of free-to-use software that helps recognize deepfakes and a platform to help non-profits raise money. Meanwhile, his venture capital firm, Expa, has assembled a portfolio of companies with short, punchy brand names, including First, an online prenuptial service, and Aero, which helps regular folks score flights on private jets.
21. Gaglardi family $7B
Hospitality
Even if they don’t know it, most Canadians are familiar with the restaurants and hotels owned by the Gaglardi family. Based in Vancouver, the clan’s Northland Properties owns 175 restaurants and venues, including Moxie’s and Denny’s locations, and 63 hotels and resorts, among them Sandman Hotels and Grouse Mountain Resort, an outdoor recreation spot near Vancouver. Bob Gaglardi started the company in 1963, and his son Tom (above) became president in 1993 at age 26. The family has ventured beyond hospitality into sports—they bought the Dallas Stars NHL team in 2011, turning the once-bankrupt franchise into a US$1.1-billion operation by 2023. Last year, they launched the real estate development firm Northland Living, with projects in Texas, while also expanding in the U.K. and Ireland.
Even if they don’t know it, most Canadians are familiar with the restaurants and hotels owned by the Gaglardi family. Based in Vancouver, the clan’s Northland Properties owns 175 restaurants and venues, including Moxie’s and Denny’s locations, and 63 hotels and resorts, among them Sandman Hotels and Grouse Mountain Resort, an outdoor recreation spot near Vancouver. Bob Gaglardi started the company in 1963, and his son Tom (above) became president in 1993 at age 26. The family has ventured beyond hospitality into sports—they bought the Dallas Stars NHL team in 2011, turning the once-bankrupt franchise into a US$1.1-billion operation by 2023. Last year, they launched the real estate development firm Northland Living, with projects in Texas, while also expanding in the U.K. and Ireland.
22. Mark Scheinberg $6.55B
Hospitality and real estate
Ten years after Mark Scheinberg and his father, Isai, co-founded online poker goliath PokerStars, the U.S. Department of Justice cracked down on the site, alleging it was illegally providing online gambling to Americans from an offshore firm (at the time, PokerStars was based on the Isle of Man in the U.K.). In 2012, the company settled civil charges by paying US$731 million while Isai, who was indicted on gambling, bank fraud and money-laundering charges, left the company. (In 2020, he pleaded guilty to one count of operating an illegal gambling business.) Meanwhile, Mark cashed out: in 2014, he sold PokerStars for US$4.9 billion to Montreal’s Amaya Gaming Group. Three years later he founded Mohari Hospitality, which owns a Four Seasons hotel in Madrid, an ultra-luxury cruise line with a fleet of yachts, and Toronto’s recently rebranded 1 Hotel Toronto. Scheinberg still lives on the Isle of Man and offers a glimpse into his luxe lifestyle on Instagram.
Ten years after Mark Scheinberg and his father, Isai, co-founded online poker goliath PokerStars, the U.S. Department of Justice cracked down on the site, alleging it was illegally providing online gambling to Americans from an offshore firm (at the time, PokerStars was based on the Isle of Man in the U.K.). In 2012, the company settled civil charges by paying US$731 million while Isai, who was indicted on gambling, bank fraud and money-laundering charges, left the company. (In 2020, he pleaded guilty to one count of operating an illegal gambling business.) Meanwhile, Mark cashed out: in 2014, he sold PokerStars for US$4.9 billion to Montreal’s Amaya Gaming Group. Three years later he founded Mohari Hospitality, which owns a Four Seasons hotel in Madrid, an ultra-luxury cruise line with a fleet of yachts, and Toronto’s recently rebranded 1 Hotel Toronto. Scheinberg still lives on the Isle of Man and offers a glimpse into his luxe lifestyle on Instagram.
23. Stephen Smith $6.3B
Financial services
Toronto’s Stephen Smith co-founded mortgage lender First National Financial in 1988, developing code that would eventually become the industry’s leading mortgage processing software. Since then, he’s built a career betting against a mortgage market crash: he owns a 50 per cent stake in Canada Guaranty Mortgage Insurance Company, the country’s leading private mortgage insurer, and acquired mortgage lender Home Capital in 2023 for more than $1.7 billion. He then turned around and announced a merger with its subsidiary and another subprime lender he owns, Fairstone Bank of Canada. Now in his early seventies, Smith remains chairman of First National, where he has a $800-million stake and is the largest shareholder in Equitable Bank.
Toronto’s Stephen Smith co-founded mortgage lender First National Financial in 1988, developing code that would eventually become the industry’s leading mortgage processing software. Since then, he’s built a career betting against a mortgage market crash: he owns a 50 per cent stake in Canada Guaranty Mortgage Insurance Company, the country’s leading private mortgage insurer, and acquired mortgage lender Home Capital in 2023 for more than $1.7 billion. He then turned around and announced a merger with its subsidiary and another subprime lender he owns, Fairstone Bank of Canada. Now in his early seventies, Smith remains chairman of First National, where he has a $800-million stake and is the largest shareholder in Equitable Bank.
24. Dennis “Chip” Wilson $6.28B
Retail
Lululemon’s founder led the company until it went public in 2007, then stayed on as chair. In 2013, he resigned amid a period of bad PR for the company, including controversial comments Wilson made about women’s bodies. A few months later, he sold half his shares for US$845 million to Advent International, a private equity firm. Wilson still holds an eight per cent stake in Lululemon and a $2-billion share of the athletic-wear conglomerate Amer Sports, which has brands like Arc’teryx and Salomon. Wilson, who lives in Vancouver, also owns a number of retail, office and industrial buildings in the city. In 2022, he committed $100 million to finding a cure for facioscapulohumeral muscular dystrophy, which he was diagnosed with in 1987.
Lululemon’s founder led the company until it went public in 2007, then stayed on as chair. In 2013, he resigned amid a period of bad PR for the company, including controversial comments Wilson made about women’s bodies. A few months later, he sold half his shares for US$845 million to Advent International, a private equity firm. Wilson still holds an eight per cent stake in Lululemon and a $2-billion share of the athletic-wear conglomerate Amer Sports, which has brands like Arc’teryx and Salomon. Wilson, who lives in Vancouver, also owns a number of retail, office and industrial buildings in the city. In 2022, he committed $100 million to finding a cure for facioscapulohumeral muscular dystrophy, which he was diagnosed with in 1987.
25. Mark Leonard and Family $6.23B
Software
Mark Leonard worked as a venture capitalist for 11 years before founding Toronto-based Constellation Software, or CSI, in 1995. His route to success has been through shrewd acquisitions. Through its six subsidiaries, CSI collects and holds hundreds of vertical market software companies specific to industries like car dealerships, moving and storage, property management, spas and fitness centres, and resorts. This niche of niches has made CSI the highest-priced stock on the TSX at over $4,000 a share. Leonard and his adult kids own 6.6 per cent of the company. At CSI’s annual general meeting in May, Leonard, who still serves as president but no longer receives a salary or bonus from the company, said he’s sold off 1.3 per cent of his family’s CSI shares to invest in new projects.
Mark Leonard worked as a venture capitalist for 11 years before founding Toronto-based Constellation Software, or CSI, in 1995. His route to success has been through shrewd acquisitions. Through its six subsidiaries, CSI collects and holds hundreds of vertical market software companies specific to industries like car dealerships, moving and storage, property management, spas and fitness centres, and resorts. This niche of niches has made CSI the highest-priced stock on the TSX at over $4,000 a share. Leonard and his adult kids own 6.6 per cent of the company. At CSI’s annual general meeting in May, Leonard, who still serves as president but no longer receives a salary or bonus from the company, said he’s sold off 1.3 per cent of his family’s CSI shares to invest in new projects.
26. Leonid Boguslavsky $6.21B
Venture capital
In the early ’90s, Moscow-born Leonid Boguslavsky built LVS, then one of Europe’s largest IT systems integration businesses and the exclusive distributor of Oracle in the U.S.S.R. In 1996, Boguslavsky, who’d taught computer science at the University of Toronto, sold LVS to what is now PwC. He used the proceeds to bankroll RTP Global, an early-stage venture capital firm that has invested in more than 100 tech startups, including Datadog and Delivery Hero. These days, the 73-year-old Boguslavsky, who now lives in Italy, is as likely to be seen talking about triathlons as he is business—he’s competed in more than 20 Ironmans since his first at age 62. In 2017, he co-founded Supertri, a professional triathlon league that runs fast-paced, spectator-friendly short-loop courses.
In the early ’90s, Moscow-born Leonid Boguslavsky built LVS, then one of Europe’s largest IT systems integration businesses and the exclusive distributor of Oracle in the U.S.S.R. In 1996, Boguslavsky, who’d taught computer science at the University of Toronto, sold LVS to what is now PwC. He used the proceeds to bankroll RTP Global, an early-stage venture capital firm that has invested in more than 100 tech startups, including Datadog and Delivery Hero. These days, the 73-year-old Boguslavsky, who now lives in Italy, is as likely to be seen talking about triathlons as he is business—he’s competed in more than 20 Ironmans since his first at age 62. In 2017, he co-founded Supertri, a professional triathlon league that runs fast-paced, spectator-friendly short-loop courses.
27. Jeff Skoll $6.01B
Technology and film
As eBay’s first full-time employee and first president, Jeff Skoll wrote the company’s business plan. He became a billionaire in 1998 when he led eBay’s wildly successful initial public offering, after which its share price soared from US$18 to over US$200 in a matter of weeks. He left the business three years later and became a philanthropist and social entrepreneur. In 2004, the native Montrealer founded film studio Participant Media, which has produced Oscar-winning films like An Inconvenient Truth, Green Book and The Help. Participant shuttered unexpectedly this year after Skoll failed to find a buyer who would carry on his socially conscious mission. His remaining charitable outlet, the Skoll Foundation, partners with entrepreneurs who are advancing causes like sustainability, effective governance, and justice and equality.
As eBay’s first full-time employee and first president, Jeff Skoll wrote the company’s business plan. He became a billionaire in 1998 when he led eBay’s wildly successful initial public offering, after which its share price soared from US$18 to over US$200 in a matter of weeks. He left the business three years later and became a philanthropist and social entrepreneur. In 2004, the native Montrealer founded film studio Participant Media, which has produced Oscar-winning films like An Inconvenient Truth, Green Book and The Help. Participant shuttered unexpectedly this year after Skoll failed to find a buyer who would carry on his socially conscious mission. His remaining charitable outlet, the Skoll Foundation, partners with entrepreneurs who are advancing causes like sustainability, effective governance, and justice and equality.
28. Carlo Fidani $5.99B
Real estate
Carlo Fidani was 45 when he took over as chair of the tri-generational family real estate business Fidani and Sons after his father died. Under his leadership, the company, now called Orlando Corporation, has become one of the largest privately owned industrial developers and landlords in Canada, managing more than 46 million square feet of space, including a large swath of land near Toronto’s Pearson Airport. Fidani co-owns Canadian Tire Motorsport Park, a racing venue in
Bowmanville, Ontario, that also hosts corporate events, fashion shows and weddings. (His son, Orey, is a race car driver, currently competing in the 2024 IMSA SportsCar Championship.) In 2022, Orlando
Corporation donated $50 million to the Scarborough Health Network.
Carlo Fidani was 45 when he took over as chair of the tri-generational family real estate business Fidani and Sons after his father died. Under his leadership, the company, now called Orlando Corporation, has become one of the largest privately owned industrial developers and landlords in Canada, managing more than 46 million square feet of space, including a large swath of land near Toronto’s Pearson Airport. Fidani co-owns Canadian Tire Motorsport Park, a racing venue in
Bowmanville, Ontario, that also hosts corporate events, fashion shows and weddings. (His son, Orey, is a race car driver, currently competing in the 2024 IMSA SportsCar Championship.) In 2022, Orlando
Corporation donated $50 million to the Scarborough Health Network.
29. Daryl Katz $5.84B
Sports and entertainment
Daryl Katz made his first billions expanding the Rexall pharmacy business and then selling it for $3 billion to U.S. health-care giant McKesson in 2016. By then, he’d already started pivoting to more fun endeavours: he bought the Edmonton Oilers in 2008, leading the team’s revival and spearheading (and partly funding) its new $600-million Rogers Place arena, which opened in 2016. Through his company, OEG Inc., Katz’s current interests include film and television studio Dark Castle Entertainment and restaurant groups Concorde and Oliver & Bonacini. His most ambitious project to date is the $2.5-billion transformation of 25 acres in downtown Edmonton into a sports and entertainment district, complete with condos, a public plaza, shops and a hotel.
Daryl Katz made his first billions expanding the Rexall pharmacy business and then selling it for $3 billion to U.S. health-care giant McKesson in 2016. By then, he’d already started pivoting to more fun endeavours: he bought the Edmonton Oilers in 2008, leading the team’s revival and spearheading (and partly funding) its new $600-million Rogers Place arena, which opened in 2016. Through his company, OEG Inc., Katz’s current interests include film and television studio Dark Castle Entertainment and restaurant groups Concorde and Oliver & Bonacini. His most ambitious project to date is the $2.5-billion transformation of 25 acres in downtown Edmonton into a sports and entertainment district, complete with condos, a public plaza, shops and a hotel.
30. Ryan Cohen $5.64B
Retail and investing
Ryan Cohen first struck it rich in 2017 when he sold his online pet retailer, Chewy, to PetSmart for US$3.35 billion. In 2021, he joined the board at video game retailer GameStop, in part spurring the Reddit-investor-led short squeeze that caused the company’s share price to balloon by over 100 times its value (and helped popularize the term “meme stock”). Cohen, who’s been called the “meme king,” is now GameStop’s CEO and a minor shareholder, taking the company on a series of left turns and getting unusual permission from the board in 2023 to invest its cash in other companies. Through his firm RC Ventures, the ex-Montrealer, who now lives in Florida, has invested in Apple, Nordstrom and Bed Bath & Beyond, exiting before the company filed for bankruptcy. When Reddit investors rallied behind GameStop again in May, Cohen made US$480 million overnight.
Ryan Cohen first struck it rich in 2017 when he sold his online pet retailer, Chewy, to PetSmart for US$3.35 billion. In 2021, he joined the board at video game retailer GameStop, in part spurring the Reddit-investor-led short squeeze that caused the company’s share price to balloon by over 100 times its value (and helped popularize the term “meme stock”). Cohen, who’s been called the “meme king,” is now GameStop’s CEO and a minor shareholder, taking the company on a series of left turns and getting unusual permission from the board in 2023 to invest its cash in other companies. Through his firm RC Ventures, the ex-Montrealer, who now lives in Florida, has invested in Apple, Nordstrom and Bed Bath & Beyond, exiting before the company filed for bankruptcy. When Reddit investors rallied behind GameStop again in May, Cohen made US$480 million overnight.
31. Michael Latifi $4.99B
Food processing
After immigrating from Iran, Michael Latifi’s first job in Canada was flipping burgers at McDonald’s. Decades later, he’s built his fortune in the meat industry, buying up brands like Lilydale, Mastro and Janes under the umbrella of Sofina Foods. Based in Markham, Ontario, Sofina signalled its global ambitions by acquiring the large European meat and seafood supplier Eight Fifty Food Group in 2021. And yet it’s Latifi’s involvement in Formula One that has catapulted him into the public spotlight. In 2018, he bought a 10 per cent stake in McLaren Group for $350 million (which he’s since sold). His son Nicholas spent three seasons racing for the Williams F1 team.
After immigrating from Iran, Michael Latifi’s first job in Canada was flipping burgers at McDonald’s. Decades later, he’s built his fortune in the meat industry, buying up brands like Lilydale, Mastro and Janes under the umbrella of Sofina Foods. Based in Markham, Ontario, Sofina signalled its global ambitions by acquiring the large European meat and seafood supplier Eight Fifty Food Group in 2021. And yet it’s Latifi’s involvement in Formula One that has catapulted him into the public spotlight. In 2018, he bought a 10 per cent stake in McLaren Group for $350 million (which he’s since sold). His son Nicholas spent three seasons racing for the Williams F1 team.
32. Lalji Family $4.86B
Real estate and hospitality
Aminmohamed Lalji (above) and his family fled Uganda in the 1970s. They landed in Vancouver and founded Larco Investments, snapping up shopping malls, hotels and storage facilities in the area. Today, their assets extend across Canada and include Ottawa’s Château Laurier hotel and West Vancouver’s Park Royal Shopping Centre, as well as several Sheraton, Marriott and Hilton hotel properties. The company got national attention in 2007 when it paid $1.4 billion for seven federal buildings across Canada, then leased them back to the government for 25 years. Employees at their hotels have long been fighting for living wages, culminating in a 14-month strike at the Sheraton Vancouver Airport Hotel this year, where workers won a 30 per cent pay increase.
Aminmohamed Lalji (above) and his family fled Uganda in the 1970s. They landed in Vancouver and founded Larco Investments, snapping up shopping malls, hotels and storage facilities in the area. Today, their assets extend across Canada and include Ottawa’s Château Laurier hotel and West Vancouver’s Park Royal Shopping Centre, as well as several Sheraton, Marriott and Hilton hotel properties. The company got national attention in 2007 when it paid $1.4 billion for seven federal buildings across Canada, then leased them back to the government for 25 years. Employees at their hotels have long been fighting for living wages, culminating in a 14-month strike at the Sheraton Vancouver Airport Hotel this year, where workers won a 30 per cent pay increase.
33. Jacques D’Amours $4.8B
Retail
In 1980, Jacques D’Amours partnered with Alain Bouchard and two others to launch Alimentation Couche-Tard, a convenience store giant based in Laval, Quebec, with US$69 billion in revenue and 16,000 outposts worldwide (including many under the Circle K banner). During his 34 years at the company, he acted as manager of technical services, vice-president of sales, and vice-president of administration and operations. D’Amours is still Couche-Tard’s second-largest shareholder, owning 6.3 per cent of the company. Now in his late sixties, he sold off nearly $164 million in shares in 2021 and, two years later, retired from the board. Marie-Ève D’Amours, his daughter, was made a director last year.
In 1980, Jacques D’Amours partnered with Alain Bouchard and two others to launch Alimentation Couche-Tard, a convenience store giant based in Laval, Quebec, with US$69 billion in revenue and 16,000 outposts worldwide (including many under the Circle K banner). During his 34 years at the company, he acted as manager of technical services, vice-president of sales, and vice-president of administration and operations. D’Amours is still Couche-Tard’s second-largest shareholder, owning 6.3 per cent of the company. Now in his late sixties, he sold off nearly $164 million in shares in 2021 and, two years later, retired from the board. Marie-Ève D’Amours, his daughter, was made a director last year.
34. Jean Coutu and family $4.62B
Pharmacies
Jean Coutu (above right) opened his first Pharm-Escomptes Jean Coutu in Montreal in 1969, later expanding across La Belle Province and into Ontario, New Brunswick and the U.S. The company went public in 1986 and, a year later, purchased the U.S. company Maxi Drugs, becoming one of the largest pharmacy chains in North America. In 2018, Coutu’s business became a jewel in the crown of Metro Inc., which bought the company for $4.5 billion in stock and cash. When the deal closed, the Coutus held approximately eight per cent of the company. At 97, Jean is no longer involved in the company; two of his sons, 70-year-old Michel and 68-year-old François (above left), previously held executive positions in the business and now serve as directors on Metro’s board.
Jean Coutu (above right) opened his first Pharm-Escomptes Jean Coutu in Montreal in 1969, later expanding across La Belle Province and into Ontario, New Brunswick and the U.S. The company went public in 1986 and, a year later, purchased the U.S. company Maxi Drugs, becoming one of the largest pharmacy chains in North America. In 2018, Coutu’s business became a jewel in the crown of Metro Inc., which bought the company for $4.5 billion in stock and cash. When the deal closed, the Coutus held approximately eight per cent of the company. At 97, Jean is no longer involved in the company; two of his sons, 70-year-old Michel and 68-year-old François (above left), previously held executive positions in the business and now serve as directors on Metro’s board.
35. N. Murray Edwards $4.6B
Natural resources
Murray Edwards transformed Canadian Natural Resources from a four-employee operation into one of the biggest oil and gas producers in Canada. He currently serves as chair and has a $2-billion stake in the company, along with holdings in Vancouver-based mining company Imperial Metals Corporation, oil well driller Ensign Energy and Magellan Aerospace, which designs and manufactures components for the aerospace industry. His interests extend to sports and hospitality: in 2001, he swooped in to save Resorts of the Canadian Rockies, Canada’s largest private ski resort owner, from bankruptcy, and he’s a part owner of the Calgary Flames and chair of Calgary Sports and Entertainment. Despite his vast Canadian footprint, Edwards now calls the Swiss ski resort town St. Moritz home.
Murray Edwards transformed Canadian Natural Resources from a four-employee operation into one of the biggest oil and gas producers in Canada. He currently serves as chair and has a $2-billion stake in the company, along with holdings in Vancouver-based mining company Imperial Metals Corporation, oil well driller Ensign Energy and Magellan Aerospace, which designs and manufactures components for the aerospace industry. His interests extend to sports and hospitality: in 2001, he swooped in to save Resorts of the Canadian Rockies, Canada’s largest private ski resort owner, from bankruptcy, and he’s a part owner of the Calgary Flames and chair of Calgary Sports and Entertainment. Despite his vast Canadian footprint, Edwards now calls the Swiss ski resort town St. Moritz home.
36. Sobey Family $4.49B
Grocery
More than 100 years after John William (J.W.) Sobey, a butcher in Stellarton, Nova Scotia, began delivering meat door-to-door by horse-drawn wagon, his eponymous business has transformed into a food retail empire and the second-largest grocery company in Canada, behind Loblaw. The family wealth is concentrated in Class B shares of Empire Company, the parent firm of Sobeys, which owns more than 1,600 stores across Canada under the banners of Sobeys, FreshCo, IGA, Thrifty Foods, Safeway and more. (Empire also holds significant interests in Crombie REIT and residential real estate developer Genstar Development Company.) The second- and third-generation Sobeys are deceased (David Sobey died last year at age 92) but fourth-generation Frank, Karl, Rob and Paul (pictured) are all directors on the Empire Company board.
More than 100 years after John William (J.W.) Sobey, a butcher in Stellarton, Nova Scotia, began delivering meat door-to-door by horse-drawn wagon, his eponymous business has transformed into a food retail empire and the second-largest grocery company in Canada, behind Loblaw. The family wealth is concentrated in Class B shares of Empire Company, the parent firm of Sobeys, which owns more than 1,600 stores across Canada under the banners of Sobeys, FreshCo, IGA, Thrifty Foods, Safeway and more. (Empire also holds significant interests in Crombie REIT and residential real estate developer Genstar Development Company.) The second- and third-generation Sobeys are deceased (David Sobey died last year at age 92) but fourth-generation Frank, Karl, Rob and Paul (pictured) are all directors on the Empire Company board.
37. Serge Godin $4.11B
Information technology
Serge Godin founded IT consulting firm CGI at age 26 with just $5,000 in savings. Over the next 30 years, he oversaw its growth into one of the largest business and IT consulting services in the world, acquiring more than 105 smaller companies along the way. The 75-year-old Godin, who lives in Westmount, Quebec, stepped down from his CEO post in 2006 but remains executive chair as his enterprise continues to grow. CGI made $14.3 billion in revenue last year and now has 90,000 employees—including Godin’s daughter, Julie, who serves as executive vice-president of strategic planning and corporate development. Godin is still the controlling shareholder, but recently sold $250 million worth of shares back to the company as part of an early estate-
planning strategy.
Serge Godin founded IT consulting firm CGI at age 26 with just $5,000 in savings. Over the next 30 years, he oversaw its growth into one of the largest business and IT consulting services in the world, acquiring more than 105 smaller companies along the way. The 75-year-old Godin, who lives in Westmount, Quebec, stepped down from his CEO post in 2006 but remains executive chair as his enterprise continues to grow. CGI made $14.3 billion in revenue last year and now has 90,000 employees—including Godin’s daughter, Julie, who serves as executive vice-president of strategic planning and corporate development. Godin is still the controlling shareholder, but recently sold $250 million worth of shares back to the company as part of an early estate-
planning strategy.
38. Mitchell Goldhar $4.06B
Real estate
In the early ’90s, Mitchell Goldhar scoped out what he thought would be ideal locations for Walmart-anchored shopping centres across Canada. Then he bought them up and wooed Walmart into the country. Over the next two decades, 176 Walmart stores opened in properties owned by Goldhar’s company, FirstPro (renamed SmartCentres in 2006). In 2015, SmartCentres was acquired by Calloway REIT, now called SmartCentres REIT, where Goldhar serves as CEO and executive chair and is the largest shareholder. Goldhar, who lives in Ontario, also holds Penguin Group of Companies—which co-owns 12 Walmarts—and Penguin Pickup, a network of 27 pick-up locations. Other holdings include the Israeli soccer club Maccabi Tel Aviv and the 1,300-acre Clevelands House resort in Muskoka.
In the early ’90s, Mitchell Goldhar scoped out what he thought would be ideal locations for Walmart-anchored shopping centres across Canada. Then he bought them up and wooed Walmart into the country. Over the next two decades, 176 Walmart stores opened in properties owned by Goldhar’s company, FirstPro (renamed SmartCentres in 2006). In 2015, SmartCentres was acquired by Calloway REIT, now called SmartCentres REIT, where Goldhar serves as CEO and executive chair and is the largest shareholder. Goldhar, who lives in Ontario, also holds Penguin Group of Companies—which co-owns 12 Walmarts—and Penguin Pickup, a network of 27 pick-up locations. Other holdings include the Israeli soccer club Maccabi Tel Aviv and the 1,300-acre Clevelands House resort in Muskoka.
39. Lawrence Stroll $3.54B
Fashion and racing
Lawrence Stroll and Hong Kong fashion tycoon Silas Chou bought an equity stake in luxury designer Michael Kors back in 2003, took it public in 2011 and later cashed out for US$890 million. Stroll is a long-time car enthusiast: his vintage Ferrari collection includes an ultra-rare 1967 Spider purchased for a record-breaking US$27.5 million. He got serious about his hobby in 2018, when he led a group of investors to buy the now-defunct Formula One racing team Force India for $151 million. In 2020, Stroll again led a group (including André Desmarais) to invest $314.5 million in Aston Martin, where he now serves as executive chair. The wheeler-and-dealer got the luxury car brand back into Formula One racing after a 60-year absence. He’s sometimes seen in the pit, high-fiving his 26-year-old son, Lance, who drives for Aston Martin.
Lawrence Stroll and Hong Kong fashion tycoon Silas Chou bought an equity stake in luxury designer Michael Kors back in 2003, took it public in 2011 and later cashed out for US$890 million. Stroll is a long-time car enthusiast: his vintage Ferrari collection includes an ultra-rare 1967 Spider purchased for a record-breaking US$27.5 million. He got serious about his hobby in 2018, when he led a group of investors to buy the now-defunct Formula One racing team Force India for $151 million. In 2020, Stroll again led a group (including André Desmarais) to invest $314.5 million in Aston Martin, where he now serves as executive chair. The wheeler-and-dealer got the luxury car brand back into Formula One racing after a 60-year absence. He’s sometimes seen in the pit, high-fiving his 26-year-old son, Lance, who drives for Aston Martin.
40. Jack Cockwell $3.42B
Investing
South Africa–born Jack Cockwell was in his twenties when he started working for the large Canadian conglomerate Edper, owned by Edward and Peter Bronfman. Cockwell led the company—earning a reputation as a tough, swashbuckling accountant—through massive growth during the ’80s, acquiring and controlling a portfolio of real estate, natural resources and financial services companies. In 2002, Bruce Flatt, took over as CEO and refashioned the company (which was renamed Brascan in 2000, and then Brookfield in 2005) several times over, generating immense value for shareholders, including Cockwell, who has significant holdings in Brookfield Corporation. At 83, Cockwell lives in Toronto and still sits on the Brookfield board.
South Africa–born Jack Cockwell was in his twenties when he started working for the large Canadian conglomerate Edper, owned by Edward and Peter Bronfman. Cockwell led the company—earning a reputation as a tough, swashbuckling accountant—through massive growth during the ’80s, acquiring and controlling a portfolio of real estate, natural resources and financial services companies. In 2002, Bruce Flatt, took over as CEO and refashioned the company (which was renamed Brascan in 2000, and then Brookfield in 2005) several times over, generating immense value for shareholders, including Cockwell, who has significant holdings in Brookfield Corporation. At 83, Cockwell lives in Toronto and still sits on the Brookfield board.
Written by: Alyanna Denise Chua, Alex Cyr, Emily Latimer and Anthony Milton
Photo illustrations by: Anna Minzhulina
Photo credits: David Thomson, Taylor Thomson and Linda Campbell by Getty Images; Peter Thomson courtesy of ThomVest; Zhao by Ore Huiying/The New York Times/Redux; Weston courtesy of Loblaw Companies Ltd.; Irving courtesy of Université de Moncton; Rogers, Tsai and Pattison by Getty Images; Apostolopoulos via Twitter; Lütke and Gilgan by Getty Images; Zekelman by Mark Felix/The New York Times/Redux; Desmarais and Bouchard by Canadian Press; Richardson by Getty Images; Gaglardi via Twitter; Scheinberg by Getty Images; Von Mandl and Flatt by Getty Images; Saputos by Canadian Press; Camp by Chang W. Lee/The New York Times/Redux, Fidani and Katz by Getty Images; Cohen by Bill Jerome; Smith and Skoll by Getty Images; Wilson by Canadian Press; Leonard via Twitter; Boguslavsky via LinkedIn; Godin by Canadian Press; Goldhar and Stroll by Getty Images; Cockwell courtesy of Rogers; Lalji courtesy of the province of British Columbia; D’Amours courtesy of Couche-Tard; Coutu and Edwards by Canadian Press; Sobey courtesy of Empire Company.
