Over the last twenty years, the makeup of Canada’s wealthiest citizens has undergone a remarkable evolution. While traditional business titans maintain their positions, newcomers from digital technology and modern finance have joined their ranks. A recent revival of the prestigious wealth rankings by Canadian Business magazine brings fresh insights into the country’s financial elite. The stunning growth in collective wealth among the top earners shows how much has changed, with the top ten fortunes expanding more than fourfold since 2004.
The current roster of Canada’s wealthiest includes a diverse mix of traditional business magnates and new-age entrepreneurs. These influential figures control various sectors, from media and retail to technology and real estate. Their success stories demonstrate different paths to wealth creation, from inherited family enterprises to self-made fortunes. Their combined influence shapes significant portions of the Canadian economy and extends well beyond national borders.
The Thomson Family: Media and Information Empire
The Thomson family ranked first with $98.15 billion according to Canadian Business, represents Canada’s most substantial media and information dynasty. Their journey began with Roy Thomson’s single newspaper purchase, which evolved into a global information powerhouse under Kenneth Thomson’s leadership. David Thomson, the current family head, transformed the business further by acquiring Reuters for US$17 billion. The family’s influence extends beyond Thomson Reuters to include ownership of the Globe and Mail, stakes in BCE Inc., and significant investments in sports teams and art collections.
Changpeng Zhao: Cryptocurrency Pioneer
Ranked second with $61.02 billion by Canadian Business, Changpeng Zhao’s story exemplifies the new wave of digital wealth creation. After graduating from McGill University, he founded Binance, which became the world’s largest cryptocurrency exchange. Despite recent legal challenges and a significant fine, his company maintains a market cap of around US$90 billion. His ownership of 90% of Binance and major holdings in its BNB token solidified his position among Canada’s wealthiest.
Galen Weston Jr.: Retail and Real Estate Giant
Canadian Business ranks Galen Weston Jr. third with $18.05 billion, built on the foundation of Canada’s largest grocery retail operation. His control of Wittington Canada and George Weston Ltd. encompasses the Loblaw grocery empire and Choice Properties REIT. Loblaw’s value has tripled in recent years, while its real estate arm manages over 700 properties nationwide. His wealth combines retail operations and substantial real estate holdings.
The Irving Family: Industrial Diversification
Placed fourth with $14.47 billion according to Canadian Business, the Irving family’s wealth stems from a century of business diversification in New Brunswick. Their empire spans forestry, oil refining, construction, media, and transportation sectors. Recent developments include strategic reviews of Irving Oil and leadership transitions to the next generation. Their influence remains strong in Atlantic Canada despite recent changes in family leadership.
The McCain Family: Food Processing Innovation
Canadian Business ranks the McCain family fifth with $13.16 billion, built on transforming the food processing industry. Starting in New Brunswick, the family developed McCain Foods into a global frozen food corporation. Despite past family disputes, the company generates $14 billion in annual revenue. Their success story demonstrates how innovation in food processing can create substantial wealth.
David Cheriton: Tech Investment Visionary
Ranked sixth with $12.64 billion by Canadian Business, David Cheriton’s wealth emerged from strategic tech investments and innovations. His early $100,000 investment in Google proved transformative, while co-founding Arista Networks added billions more to his wealth. His continued involvement in tech development and investment showcases the potential of strategic technology ventures.
The Rogers Family: Telecommunications Dynasty
Canadian Business places the Rogers family seventh with $12.47 billion, built on telecommunications and media assets. Ted Rogers’ transformation of a radio station into a telecommunications giant set the foundation for their wealth. The family trust structure maintains their control over Rogers Communications, which includes major sports teams and Canada’s largest wireless provider.
Joseph Tsai: E-commerce Success
According to Canadian Business, Joseph Tsai is ranked eighth with $11.73 billion. His wealth primarily comes from his stake in Alibaba. As company chair, he guides the e-commerce giant through market challenges and regulatory changes. His investments extend to sports ownership and prime real estate in Manhattan’s most prestigious locations.
Jim Pattison: Diversified Business Portfolio
Canadian Business ranks Jim Pattison ninth with $10.05 billion, accumulated through strategic business diversification. Starting with a single car dealership, he built a conglomerate spanning advertising, media, entertainment, and food retail. His business generates $16 billion annually across eight different industries, while maintaining significant charitable commitments.
The Desmarais Family: Financial Services Leadership
Placed tenth with $9.96 billion by Canadian Business, the Desmarais family built their wealth through Power Corporation of Canada. The second generation expanded the company’s reach, while the third generation focuses on technology and sustainable investments. Their success demonstrates effective multigenerational wealth management in financial services.
Alain Bouchard: Convenience Store King
Canadian Business ranks Alain Bouchard eleventh with $9.62 billion, earned through convenience store innovation. His creation of Alimentation Couche-Tard grew into a global network of 16,000 stores. The company generates US$69 billion in annual sales and continues expanding through strategic acquisitions.
The Richardson Family: Agricultural Heritage
Ranked twelfth with $9.43 billion by Canadian Business, the Richardson family maintains Canada’s oldest grain business. Their operations now include oil production, transportation, and wealth management services. The family business demonstrates a successful transition through five generations of leadership while maintaining growth and diversification.
The Apostolopoulos Family: Real Estate Development
Canadian Business places the Apostolopoulos family thirteenth with $9.4 billion, built through commercial property development. Their Triple Group of Companies manages entertainment districts, office towers, and media production facilities. Recent attempts to acquire major sports franchises demonstrate their ambition for continued growth.
Tobias Lütke: E-commerce Innovation
Ranked fourteenth with $9.38 billion according to Canadian Business, Tobias Lütke created Shopify from a snowboard shop’s needs. The platform now serves millions of businesses worldwide and generates over $7 billion annually. His leadership style combines innovation with strategic growth in the e-commerce sector.
The Zekelman Family: Steel Industry Leadership
Canadian Business ranks the Zekelman family fifteenth with $9.1 billion, built through steel manufacturing excellence. Their company evolved from a small tube manufacturer into a multinational steel producer. Recent acquisitions in steel production and modular construction demonstrate their continued industry leadership.
14 FreshCo Deals Smart Shoppers Never Skip
14 FreshCo Deals Smart Shoppers Never Skip
15 Most Influential Men in Rock History
15 Most Influential Men in Rock History
19 Car Parts That Usually Outlast the Vehicle Itself
