This post was originaly written in 2009 (yes 2009!) and I thought it would be interesting to see how and if things have changed over the past decade. Do the rich continue to get richer? Are there new editions to the list of super wealthy Canadians?
I received the newest edition of Canadian Business (list) late last week and an article caught my eye. The article was called “The Rich 100 List” which listed Canada’s top 100 wealthiest people.
We hear a lot about the richest Americans – Jeff Bezos, Bill Gates, Warren Buffet, Mark Zuckerberg, The Waltons, Lawrence Ellison, Michael Dell, the Google guys, and the list goes on. But what about ridiculously rich Canadians? With a much smaller population, who are these wealthy Canucks?
Let’s Take a Look at the Top 10 Wealthiest Canadians in 2018:
- Thomson Family ($41.14 Billion; vs $21.99 Billion in 2009) – This family has not only maintained their crown, but they also have built substantially on their lead. Not only are they head and shoulders wealthier than the next wealthiest family in Canada, but the Thompson family is also among the richest in the world. The Thompson family controls Thompson Reuters (TSX: TRI) which is a global media company and a dividend achiever (dividend paid in USD).
- Joseph Tsai ($14.36 Billion; new since 2009) – When you think big online retailer in China, who do you think of? Mr. Tsai, a Canadian citizen, is one of the co-founders of one of the largest online retailers in the world – Alibaba! With technology stocks doing very well over the past 10 years, it has paid off handsomely making him one of the richest Canadians in the world.
- Galen Weston ($13.55 Billion; vs $6.47 Billion in 2009) – We all do grocery shopping and likely in one of Mr. Westons stores. Loblaws (TSX: L or TSX:WN) which is Canada’s largest grocery chain, or how about Real Canadian Super Store or No Frills? Yup, all part of the same family. Since acquiring Shoppers Drug Mart, they have combined the points program to make it one of the largest programs in Canada (and my personal favorite – here’s how to maximize PC PLUS points).
- Rogers Family ($11.57 Billion; vs $4.7 Billion in 2009) – With my cable bill apparently increasing on a semi-annual basis, it’s no wonder the Rogers family (TSX: RCI.B) just seems to get richer. As many of you know, Rogers has a wide customer base from its cable, internet, cell phone and home phone divisions. Don’t forget their sports ownership as well – Toronto Blue Jays, the Rogers Centre, Sportsnet and partial ownership of the Toronto Maple Leafs, Raptors, Argonauts, and Marlies.
- Saputo Family ($10.41 Billion; new since 2009) – Say cheese! The Saputo family is among the top 10 dairy producers in not just Canada – the World! The family controls the shares of Saputo company with majority ownership (TSX: SAP with a market cap $15.4B).
- Garrett Camp ($8.58 Billion; new since 2009) – Have you taken an Uber? Ever wonder who started the company? Garrett Camp is the co-founder of Uber and while he still sits on the board, he has since moved onto other ventures. Before starting Uber, Garrett founded and ran StumbleUpon which he sold to eBay for $75M. His net worth is based on an Uber valuation of $50B. With IPO plans and a potential valuation of $120B, it’s safe to assume that Garrett Camp will be much wealthier in 2019 – possibly top 3!
- Paul Desmarais Sr. ($8.38 Billion; vs $4.28 Billion in 2009) – Paul controls Power Corp (TSX: POW) and its sister company Power Financial (TSX: PWF) which is a large insurance and financial conglomerate in Canada. Their main assets are IGM Financial and Great-West Lifeco but have diversified into the robo-advisor game (Wealthsimple).
- Irving Family ($7.38 Billion; vs $7.28 Billion in 2009) – Most of us have heard of Irving Oil, but what we may not have known is that it was started by the Irving Family of Atlantic Canada. They own gas stations, refineries, shipbuilding facilities, trucking and media businesses in the Atlantic provinces. However, with no increase in net worth since 2009, one has to question if they are losing their touch?
- Richardson Family ($6.55 Billion; new since 2009) – This is a new addition to the list and not well known on the headlines. This family runs a traditional business of selling farmers’ grain, manage investors money, supply oil and gas (buy and sell oil wells), in addition to real estate.
- Jimmy Pattison ($6.41 Billion; vs $5.07 Billion in 2009) – Jim is a diversified businessman from the Vancouver area. He owns car dealerships, grocery stores, Ripley museums, coal export, and media among other assets.
What do all these guys have in common? Besides a lot of zeroes in their bank accounts, they all started and/or run successful businesses and from various profiles that I’ve read, and they all enjoy what they do. Even with billions of dollars in assets, billionaires continue to grow and add to their assets. Maybe there is some truth in the saying – if you’re not growing, you’re dying.