Canada is known for its natural beauty, rich cultural heritage, and thriving economy. It is home to some of the most successful individuals who have amassed incredible wealth through their entrepreneurial endeavors. In this article, we delve into the world of wealth and prestige to unveil the top 10 richest people in Canada.
From tech tycoons to real estate moguls, these individuals have not only left an indelible mark on the Canadian business landscape but have also made their mark on the global stage. Join me as we explore their fascinating journeys and the immense fortunes they have accumulated along the way.
Who is the Richest Person in Canada?
When it comes to discussing the wealthiest individuals in Canada, one name stands out above all others: David Thompson and his family. With a staggering net worth of $56.2 billion, they claim the throne as the richest people in the country. David Thompson, the chairman of Thomson Reuters, inherited the family business and successfully expanded it into a global media and information powerhouse.
This remarkable achievement has catapulted the Thompson family to unprecedented heights of wealth and influence. Their empire includes a diverse portfolio of investments, ranging from media and publishing to technology and real estate.
What is the Most Profitable Business Venture in Canada?
When it comes to identifying the most profitable business venture in Canada, several industries stand out for their remarkable financial success. One such industry is real estate. With a booming housing market and steady population growth in major cities, investing in properties has proven to be highly lucrative. From residential properties to commercial developments, the real estate sector has consistently delivered significant returns on investment.
Additionally, the technology sector has emerged as a powerhouse, with Canadian companies making substantial strides in fields such as software development, artificial intelligence, and e-commerce. The rapid advancement of digital technologies has created vast opportunities for innovation and growth, attracting substantial investments and generating substantial profits.
Moreover, the energy sector, particularly oil, and gas, has historically been a major contributor to Canada’s economy. The country’s abundant natural resources and extensive reserves have allowed energy companies to thrive and generate substantial revenue.
These three industries (real estate, technology, and energy) are widely regarded as the most profitable business ventures in Canada, attracting investors and entrepreneurs seeking to capitalize on their immense potential for financial success. Read our post on the 10 Most Profitable Business Ideas in Canada for more guidance on this.
|1.||David Thompson and Family||$56.2 billion|
|2.||David Cheriton||$10.4 billion|
|3.||Changpeng Zhao||$10.2 billion|
|4.||Jim Pattison||$10.1 billion|
|5.||Anthony Von Mandl||$9.9 billion|
|6.||Joseph Tsai||$7.8 billion|
|7.||Alain Bouchard||$6.4 billion|
|8.||James Irving||$5.7 billion|
|9.||Chip Wilson||$5.6 billion|
|10.||Tobi Lutke||$5.6 billion|
Top 10 Richest People in Canada
Below are the richest people in Canada and how they made their money.
1. David Thompson and Family ($56.2 billion)
David Thompson and his family have secured their spot as the wealthiest individuals in Canada, with a staggering fortune of $56.2 billion. Thompson’s wealth primarily stems from his significant holdings in the media and communications industry.
As the chairman of Thomson Reuters, a global media conglomerate, he has played a pivotal role in shaping the company’s success. Thomson Reuters is renowned for its provision of news, information, and analytics to professionals across various sectors, making it a vital player in the global business landscape.
Thompson’s family wealth can be traced back to his grandfather, Roy Thomson, who founded the Thomson Corporation, which eventually evolved into Thomson Reuters. Over the years, the family has continued to expand its financial empire, diversifying their investments into other sectors such as real estate and oil.
Their business acumen, combined with strategic acquisitions and partnerships, has propelled them to the pinnacle of Canada’s wealthiest individuals. Despite their immense wealth, the Thompson family maintains a relatively low public profile, preferring to focus on their philanthropic efforts.
They have made significant contributions to educational institutions, healthcare initiatives, and cultural organizations, demonstrating their commitment to giving back to society. David Thompson and his family’s remarkable wealth and philanthropic endeavors have solidified their status as prominent figures in both the business and charitable realms.
2. David Cheriton ($10.4 billion)
David Cheriton, with a net worth of $10.4 billion, ranks second on the list of richest people in Canada. Although his wealth pales in comparison to some of the country’s other billionaires, Cheriton’s success story is noteworthy in its own right.
His remarkable fortune can be primarily attributed to his early investments in technology companies, particularly his stake in Google. Cheriton’s association with Google dates back to its early days when he was a professor at Stanford University.
As an advisor to Larry Page and Sergey Brin, the founders of Google, Cheriton provided invaluable guidance and mentorship during the company’s formative years. In return, he received equity in the company, which ultimately skyrocketed in value following Google’s unprecedented success.
Apart from his involvement with Google, Cheriton is renowned for his contributions to the field of computer networking. His research in distributed systems and high-speed networking has had a profound impact on the development of the internet and modern computing.
Cheriton’s expertise has led to numerous patents and publications, solidifying his reputation as a leading authority in his field. Despite his vast wealth, Cheriton maintains a modest lifestyle, residing in the same Palo Alto home he purchased before Google’s meteoric rise.
He is also actively involved in philanthropy, supporting causes related to education, healthcare, and scientific research. David Cheriton’s entrepreneurial spirit, technological prowess, and dedication to giving back have made him a notable figure in both the tech industry and the realm of philanthropy.
3. Changpeng Zhao ($10.2 billion)
Changpeng Zhao, widely known as CZ, has emerged as the third wealthiest individual in Canada, amassing a fortune of $10.2 billion. Born in Jiangsu, China, CZ is the founder and CEO of Binance, the world’s largest cryptocurrency exchange by trading volume.
Under his leadership, Binance has become a dominant force in the cryptocurrency industry, offering a wide range of digital assets and innovative trading features. CZ’s journey to success has been marked by his deep involvement in the world of blockchain and cryptocurrencies.
Prior to launching Binance in 2017, he held prominent roles in various cryptocurrency-related ventures and played a pivotal part in developing blockchain infrastructure for several financial institutions. His expertise in the field and strategic vision have contributed significantly to Binance’s rapid growth and global recognition.
As a passionate advocate for blockchain technology, CZ has been instrumental in fostering its adoption worldwide. He has actively supported blockchain initiatives, invested in promising projects, and worked towards creating a more inclusive and decentralized financial ecosystem.
CZ’s entrepreneurial spirit and commitment to innovation have propelled him to the upper echelons of Canada’s richest individuals.
4. Jim Pattison ($10.1 billion)
Jim Pattison, with a net worth of $10.1 billion, is a prominent figure in the Canadian business landscape and one of the country’s wealthiest individuals. Known for his diverse business interests, Pattison has built an empire spanning multiple industries, including automotive, media, retail, and entertainment.
Pattison’s entrepreneurial journey began with the acquisition of a General Motors car dealership in Vancouver. Over time, he expanded his automotive holdings, eventually forming the Jim Pattison Group, a conglomerate encompassing various automotive dealerships across Canada.
Building on this success, he ventured into other sectors, acquiring media outlets, retail chains, and entertainment companies. One of Pattison’s most notable achievements is his ownership of the Jim Pattison Broadcast Group, which comprises numerous radio and television stations across the country.
His media empire has played a significant role in shaping Canada’s media landscape, providing a platform for news, entertainment, and cultural programming. Pattison’s business acumen extends beyond the corporate world, as he has also made substantial contributions to philanthropic endeavors.
Through the Jim Pattison Foundation, he supports a wide range of charitable initiatives in areas such as healthcare, education, and community development. His commitment to giving back to society has garnered him immense respect and admiration.
Jim Pattison’s entrepreneurial prowess, combined with his philanthropic endeavors, has solidified his status as a revered figure in Canada. His diverse business portfolio and dedication to making a positive impact have not only earned him substantial wealth but have also positioned him as a role model for aspiring entrepreneurs.
5. Anthony Von Mandl ($9.9 billion)
Anthony Von Mandl, with a remarkable fortune of $9.9 billion, ranks fifth among Canada’s wealthiest individuals. He is best known as the founder and CEO of Mark Anthony Brands, a leading beverage company that has achieved tremendous success with its popular products. Von Mandl’s entrepreneurial journey began with the creation of Mike’s Hard Lemonade in the late 1990s, which quickly became a sensation in the alcoholic beverage market.
Leveraging this success, he went on to establish Mark Anthony Brands, expanding its product portfolio to include a wide range of innovative alcoholic beverages, such as White Claw Hard Seltzer and Palm Bay Spritz. Under Von Mandl’s leadership, Mark Anthony Brands has experienced phenomenal growth, capturing the attention of consumers globally.
The company’s commitment to quality, marketing prowess, and ability to tap into emerging trends have propelled its products to the forefront of the beverage industry. Von Mandl’s astute business decisions and entrepreneurial spirit have played a pivotal role in shaping his wealth and establishing his reputation as a visionary leader.
Beyond his entrepreneurial pursuits, Von Mandl is actively involved in philanthropy. He has made significant contributions to charitable causes, particularly in the fields of healthcare and education. His philanthropic efforts reflect his desire to make a positive impact on society and give back to the communities that have contributed to his success.
6. Joseph Tsai ($7.8 billion)
Joseph Tsai, with a substantial net worth of $7.8 billion, is a notable figure in both the business and sports worlds. While he was born in Taiwan, Tsai became a Canadian citizen and has left an indelible mark on the country’s entrepreneurial landscape. Tsai is best known as the co-founder and executive vice-chairman of Alibaba Group, one of the world’s largest e-commerce companies.
His involvement in Alibaba’s early stages was instrumental in its growth and success. Tsai played a pivotal role in driving the company’s global expansion, strategic investments, and acquisitions, helping Alibaba establish itself as a global powerhouse in the e-commerce industry.
Beyond his success in business, Tsai has also made headlines for his involvement in professional sports. He is the majority owner of the Brooklyn Nets, an NBA team, and has shown a deep commitment to developing and promoting basketball globally.
Tsai’s ownership has brought renewed energy to the team and has cemented his position as a prominent figure in the sports industry. Tsai’s entrepreneurial accomplishments and sports ownership have undoubtedly contributed to his significant wealth.
However, he is also recognized for his philanthropic endeavors. Tsai and his family have made substantial donations to various charitable causes, focusing on education, healthcare, and disaster relief efforts. His dedication to giving back exemplifies his commitment to making a positive impact on society. Joseph Tsai’s journey from Alibaba’s co-founder to sports team owner showcases his multifaceted achievements and contributions.
His wealth, influence, and philanthropy have established him as a respected figure in both the business and sports communities, leaving a lasting legacy in Canada and beyond.
7. Alain Bouchard ($6.4 billion)
Alain Bouchard, with an estimated net worth of $6.4 billion, is widely recognized as one of the wealthiest individuals in Canada. As the co-founder and chairman of Alimentation Couche-Tard, a multinational convenience store operator, Bouchard has achieved remarkable success in the retail industry.
Under his leadership, Couche-Tard expanded its footprint across North America and Europe, operating thousands of stores under various brand names, including Circle K. Bouchard’s entrepreneurial journey began in 1980 when he opened his first convenience store in Quebec, Canada.
Over the years, he successfully transformed that single store into a thriving empire. Today, Couche-Tard is renowned for its convenience, fuel, and food service offerings, serving millions of customers daily. Bouchard’s strategic vision and relentless drive for growth have played a pivotal role in the company’s impressive expansion and financial success.
Apart from his involvement in Couche-Tard, Bouchard has also made significant investments in various industries, including real estate, sports, and technology. His business acumen and investment ventures have contributed to his substantial wealth.
Furthermore, Bouchard is known for his philanthropic endeavors, supporting causes related to education, healthcare, and community development. His commitment to giving back has earned him widespread respect and admiration.
8. James Irving ($5.7 billion)
James Irving is a prominent figure in the Canadian business landscape, with a net worth of approximately $5.7 billion. He hails from the renowned Irving family, which has made significant contributions to the country’s industrial sector for generations. As the co-CEO of J.D. Irving Limited, a conglomerate with interests in various industries, James Irving has played a vital role in expanding the family’s business empire.
J.D. Irving Limited, founded in 1882, has emerged as a diversified company, operating in sectors such as forestry, shipbuilding, transportation, retail, and construction. Under James Irving’s leadership, the company has experienced considerable growth and success. The conglomerate’s operations span across North America and beyond, with a strong emphasis on sustainable practices and environmental stewardship.
Apart from his responsibilities at J.D. Irving Limited, James Irving has been actively involved in philanthropy and community development. He has made substantial contributions to education and healthcare initiatives, aiming to create a positive impact on the lives of Canadians. His commitment to corporate social responsibility has solidified the Irving family’s reputation as influential and responsible business leaders.
James Irving’s business acumen, combined with a focus on innovation and sustainability, has been instrumental in driving the success of J.D. Irving Limited. His dedication to both business and community development has established him as one of the top billionaires in Canada, leaving a lasting legacy in the country’s economic landscape.
9. Chip Wilson ($5.6 billion)
Chip Wilson is one of the wealthiest individuals in Canada, with an estimated net worth of $5.6 billion. Born in Calgary, Alberta, Wilson is renowned for his success as the founder of the popular athletic apparel company Lululemon Athletica. He started the company in 1998 and built it into a global brand known for its high-quality yoga and activewear.
Lululemon’s fashionable and functional designs resonated with fitness enthusiasts, leading to remarkable growth and solidifying Wilson’s position as a business tycoon. Despite stepping down as Lululemon’s CEO in 2005, Chip Wilson continued to play a significant role in the company’s success as its largest individual shareholder. He leveraged his experience and business acumen to expand the brand’s presence globally, capitalizing on the rising popularity of athleisure wear.
Wilson’s sharp intuition and ability to anticipate trends contributed to Lululemon’s continuous growth, ultimately translating into his substantial wealth. In addition to his ventures in the fashion industry, Wilson has made notable investments in real estate.
He owns several properties in Canada and the United States, further adding to his impressive fortune. Furthermore, Chip Wilson is involved in various philanthropic endeavors, supporting education, health, and community development initiatives.
10. Tobi Lutke ($5.6 billion)
Tobi Lutke, co-founder and former CEO of Shopify, holds a prominent position among the wealthiest individuals in Canada. With a net worth of $5.6 billion, Lutke’s success story is a testament to his entrepreneurial spirit and dedication. Born in Germany, he migrated to Canada in 2002 and made a lasting impact on the e-commerce industry.
Tobi Lutke’s journey to success began in 2004 when he co-founded Shopify, an e-commerce platform that empowers businesses to establish their online presence and sell products. Under his leadership, Shopify experienced phenomenal growth, transforming it into one of the most valuable companies in Canada. Lutke’s strategic vision and commitment to providing user-friendly tools for merchants were instrumental in Shopify’s rise to prominence.
In addition to his contributions to the e-commerce sector, Lutke actively promotes entrepreneurship and innovation. He has supported numerous startups and initiatives in Canada, fostering a vibrant tech ecosystem. Moreover, Tobi Lutke is known for his advocacy of environmental sustainability. He has pledged significant donations toward combating climate change and promoting renewable energy solutions.
While stepping down as CEO in 2021, Lutke remains a key figure in Shopify as its Executive Chairman. His continued involvement ensures that his entrepreneurial expertise and insights continue to shape the company’s future trajectory. Tobi Lutke’s remarkable achievements have not only made him one of the wealthiest individuals in Canada but have also positioned him as an influential figure in the global tech industry.
In conclusion, Canada is home to a remarkable group of individuals who have amassed tremendous wealth through their ingenuity, entrepreneurial spirit, and relentless pursuit of success. The top 10 richest people in Canada exemplify the nation’s diverse industries and thriving economy, showcasing the possibilities and opportunities available to those who dare to dream big.
From technology moguls to real estate tycoons, these individuals have not only created immense wealth but have also made significant contributions to philanthropy and social causes. Their stories serve as an inspiration for aspiring entrepreneurs and remind us all of the remarkable potential that lies within each of us.
As the Canadian economy continues to evolve, it will be fascinating to witness the rise of new billionaires and the transformation of established fortunes, further shaping the landscape of wealth in Canada.