In this article, we will look into the 30 wealthiest people in Canada. If you want to skip our detailed analysis of the Canadian economy, you can go directly to the 5 Wealthiest People in Canada.
Canadian Economy: An Outlook
According to the Economic and Fiscal Overview by the Canadian government, Canada’s economy is surpassing expectations. Inflation in the country has dropped to 2.8% in February 2024, from 8.1% in June 2022. As of 2024, Canada boasts a gross domestic product of $2.24 trillion, according to the IMF. The labor market of the country remains strong, with 1.1 million more Canadians employed compared to pre-pandemic levels. Moreover, real wages in Canada have also increased, providing Canadians with higher purchasing power. The economic growth for 2024 is on track, with the economy growing at an annualized rate of 3.5%, as of the first quarter.
Billionaires in Canada and Wealth Disparity
Canada is one of the richest countries in the world by GDP per capita in 2024. As of 2024, Canada boasts a GDP per capita of $54,870. The country is also home to some of the richest people in the world. As of 2024, Canada is one of the top countries with the highest number of billionaires, boasting 57 billionaires. This year, the country’s billionaires’ net worth increased to $315 billion from $245 billion in 2023, as reported by Forbes.
While having wealth and billionaires in a country can bring in increased innovation and investments, it is important to note the other implications of wealth concentration by one group in a country. A report by Oxfam Canada states that the wealth of billionaires has grown by a staggering 51% in Canada since the pandemic. This led to an acceleration in the trend driving the unequal wealth distribution in the country over the past decade. In the past 10 years, the richest have gained $34 for every $100 created, whereas only $5 has gone to the bottom 50% of the country. The wealthiest in Canada have accumulated wealth nearly 7 times more than the bottom 50% over the past decade.
On April 17, AP News reported that Justin Trudeau’s government has announced that as a part of its federal budget, it is levying higher taxes on the richest Canadians. The taxable portion of capital gains above $181,000 would increase from half to two-thirds. The tax hike will only affect the 0.1% richest Canadians and raise approximately $14.5 billion in revenue over the course of 5 years. The federal budget commits $38 billion in new spending, targeted toward economic justice for younger generations. You can also look at 10 Countries with No Income Taxes in the World.
Major Corporations and Businesses in Canada
Some of the biggest companies in Canada, driving economic growth, include Thomson Reuters Corporation (NYSE:TRI), Suncor Energy Inc. (NYSE:SU), and Royal Bank of Canada (NYSE:RY). Let’s discuss them in detail below.
Thomson Reuters Corporation (NYSE:TRI) is a leading information conglomerate, providing business information services all around the world. It operates across segments including legal, corporate, tax, news, and global print. On April 24, the company announced that it is expanding its generative AI capabilities with the launch of a tax research solution, Checkpoint Edge, with CoCounsel. Built on Amazon Web Services, it will provide a generative AI assistant to tax professionals, aiding them in complex research questions and promoting time optimization.
Suncor Energy Inc. (NYSE:SU) is a leading energy company in Canada, engaged in oil sands exploration, production, refining, and marketing. On March 7, the company announced that it has signed a memorandum of understanding (MoU) with Fort McKay First Nation for the development of a prospective oil sands lease on Fort McKay reserve lands. Suncor Energy Inc. (NYSE:SU) is currently in the initial stage of technical and commercial feasibility assessments, under the MoU, to examine the quantity and quality of recoverable mineable ore.
Royal Bank of Canada (NYSE:RY) is one of the largest banks in Canada. It specializes in home equity financing, personal lending, private banking, and self-directed brokerage services, among others. On March 28, the company acquired the HSBC Bank Canada. The company announced the acquisition in December 2023 and has now taken charge of all of the bank’s Canadian operations, as of April 1. This transaction will add 4,500 employees and 780,000 to Royal Bank of Canada’s (NYSE:RY) portfolio and strengthen its domestic business and position in the global market.
With this context, let’s have a look at the 30 wealthiest people in Canada.
Methodology
We have created a list of the 30 wealthiest people in Canada, by utilizing the real time billionaire index of Forbes. The wealthiest people in Canada appear in ascending order of their net worth on our list, as of April 28.
30 Wealthiest People in Canada
30. Serge Godin
Net Worth (2024): $2.9 billion
Serge Godin is ranked among the wealthiest people in Canada. He is the chairman of the leading technology company in Canada, CGI Inc. (NYSE:GIB). As of April 28, he has a net worth of $2.9 billion.
29. Jean Coutu & family
Net Worth (2024): $3.2 billion
Jean Coutu founded the drugstore chain called Jean Coutho Group. In 2017 he sold the company to a European Supermarket giant Metro for $4.5 billion in cash. As of April 28, he has a net worth of $3.2 billion.
28. Ryan Cohen
Net Worth (2024): $3.3 billion
Ryan Cohen is the former CEO of Chewy, a leading online pet supply store. The business cofounded by Cohen, was later sold to PetSmart for $3.4 billion in 2017. In 2020, Cohen bought a 13% stake in GameStop and in January 2021, he joined the company as a board member.
27. Barry Zekelman
Net Worth (2024): $3.4 billion
Barry Zekelman took charge of his family’s still business at the age of 19 and has grown it into one of the largest steel pipe makers in America. He is ranked 27th on our list of the wealthiest people in Canada and has a net worth of $3.4 billion.
26. N. Murray Edwards
Net Worth (2024): $3.4 billion
N. Murray Edwards has earned his fortune from his shares in Canadian Oil and mining companies one of his largest Investments includes oil sands miner Canadian Natural Resources Limited (NYSE:CNQ), aerospace Farm Magellan, and NHL’s Calgary Flames. His net worth is $3.4 billion, as of April 28.
25. Michael Latifi
Net Worth (2024): $3.4 billion
Michael Latifi is the owner and founder of a meat processing giant in Canada, Sofina Foods. He also owns a 10% share in McLaren’s Formula 1 team. He has a net worth of $3.4 billion as of April 28.
24. Jacques D’Amours
Net Worth (2024): $3.6 billion
Jacques D’Amours is the co-founder of a convenience store conglomerate in Canada, Alimentation Couche-Tard Inc (OTC:ANCTF). He founded the company in 1980 and retired as a VP of administration in 2014. However, he is the second largest shareholder of Alimentation Couche-Tard Inc (OTC:ANCTF) and is also a part of its board.
23. Bruce Flatt
Net Worth (2024): $3.6 billion
Bruce Flatt is one of the richest people in Canada. He is the CEO of the leading financial company, Brookfield Asset Management Ltd. (NYSE:BAM). His company is responsible for managing $900 billion in assets. As of April 28, his net worth is $3.6 billion.
22. Bob Gaglardi
Net Worth (2024): $3.8 billion
Bob Gaglardi is the founder of Northland Properties, which develops hotels, restaurants, and other properties. He is the 22nd wealthiest person in Canada and has a net worth of $3.8 billion as of April 28.
21. Lawrence Stroll
Net Worth (2024): $3.9 billion
Lawrence Stroll is the executive chairman of Aston Martin and is also the owner of its F1 team. He is ranked among the wealthiest people in Canada, with a net worth of $3.9 billion.
20. Mark Leonard & family
Net Worth (2024): $4.1 billion
Mark Leonard founded the leading tech company, Constellation Software Inc. (OTC:CNSWF) in 1955. He is working as its president and has a net worth of $4.1 billion.
19. Emanuele (Lino) Saputo & family
Net Worth (2024): $4.2 billion
Emanuele (Lino) Saputo was the chairman of its family’s dairy company from 1969 to 2017. In August 2017, he retired and was succeeded by his son as the chairman. As of April 28, Emanuele (Lino) Saputo & family has a net worth of $4.2 billion.
18. Stephen Smith
Net Worth (2024): $4.4 billion
Stephen Smith is the executive chairman and founder of First National Corporation (NASDAQ:FXNC), a mortgage company in Canada. He also has stakes in other companies in the finance sector. As of April 28, his net worth is $4.4 billion.
17. Carlo Fidani
Net Worth (2024): $4.7 billion
Carlo Fidani is the chairman of the Toronto-based real estate company, Orlando Corporation. The company manages around 46 million square feet of office, industrial, and commercial space. His net worth is valued at $4.7 billion, as of April 28.
16. Garrett Camp
Net Worth (2024): $4.7 billion
Garrett Camp was the co-founder of the ride-hailing company, Uber Technologies, Inc. (NYSE:UBER) with Travis Kalanick in 2009. Now, he owns a 4% share in the company. As of April 28, his net worth is $4.7 billion.
15. Daryl Katz
Net Worth (2024): $4.9 billion
Daryl Katz raised a fortune in the pharmacy market. In 1991, he bought the rights to the US franchise, Medicine Shoppe. He also expanded the drugstore chain Rexall to the US. Later, he sold his pharmacy business and shifted to real estate and entertainment. His net worth is $4.9 billion, as of April 28.
14. Leonid Boguslavsky
Net Worth (2024): $5.0 billion
Leonid Boguslavsky is a USSR-born Canadian businessman and venture capitalist investor. He owns the venture capital firm, RTP Global. His net worth is valued at $5 billion, as of April 28.
13. Peter Gilgan
Net Worth (2024): $5.3 billion
Peter Gilgan founded Mattamy Homes in 1987, and has built over 100,000 homes since then. He is ranked among the wealthiest people in Canada with a net worth of $5.3 billion, as of April 28.
12. James Irving
Net Worth (2024): $5.5 billion
James Irving owns the leading conglomerate, J.D. Irving, which owns more than 24 companies in retail, transportation, shipbuilding, and frozen foods, among others. He is the 12th wealthiest person in Canada with a net worth of $5.5 billion, as of April 28.
11. Mark Scheinberg
Net Worth (2024): $5.6 billion
Mark Scheinberg cofounded the online poker company, PokerStars with his father. The company cashed out in 2014 and Scheinberg got more than $3 billion from its sale, as he owned 75% shares in its parent company at the time. He is ranked 11th on our list.
10. Chip Wilson
Net Worth (2024): $5.9 billion
Chip Wilson founded the company, Lulumelon in 2000 and has worked as its CEO. The company started from a single store and became public in 2007. However, Wilson resigned in 2013 and left the business in 2015. As of April 28, his net worth is $5.9 billion.
9. Tobi Lutke
Net Worth (2024): $6.5 billion
Tobi Luke is the CEO and co-founder of the e-commerce firm, Shopify Inc. (NYSE:SHOP). He owns nearly 6% of shares in the company. He has a net worth of $6.5 billion, as of April 28.
8. Arthur Irving
Net Worth (2024): $6.6 billion
Arthur Irving owns the leading gas stations and oil refinery company, Irving Oil. As of April 28, he has a net worth of $6.6 billion, and is one of the wealthiest people in Canada.
7. Alain Bouchard
Net Worth (2024): $7.4 billion
Alain Bouchard is a cofounder of the convenience store company, Alimentation Couche-Tard Inc (OTC:ANCTF). He is the executive chairman and oversees the company, which owns more than 14,000 stores. His net worth is $7.4 billion.
6. Anthony von Mandl
Net Worth (2024): $7.4 billion
Anthony von Mandl is ranked 6th on our list of the wealthiest people in Canada. He launched the read-to-drink alcohol beverage, White Claw Hard Seltzer and Mike’s Hard Lemonade, through Mark Anthony Brands. His company has generated over $3.5 billion in revenue in 2023, according to Forbes. As of April 28, he has a net worth of $7.4 billion.
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Disclosure. None. 30 Wealthiest People in Canada is originally published on Insider Monkey.