Richest Families in Canada
Bloomberg L.P. maintains a daily ranking and wealth analysis of the U.S. and the world’s richest people with the Bloomberg Billionaires Index which is updated to New York at the end of each trading day.
According to annual financial publications, the total wealth of Canada’s richest people reached a new record high of $96.4 billion in 2019. Its latest change in net assets shows a rise from $571 million (YTD increase) to $2.91 billion. Canadian Business Magazine publishes a full annual ranking of Canada’s 100 wealthiest individuals and families each year, with an annual guide to the country’s 100 wealthiest families, how much they are worth, where they made their fortunes and which companies brought them there.
Richest Canadian Families:
- Thomson – Thomson Reuters
- Weston – Weston Products
- Wilson – Lululemon
- Tsai – Alibaba
David Thomson, CEO of Thomson Reuters, claimed the top spot with an estimated net worth of $3.9 billion. A fifth of the total, $5.3 billion, went into the hands of Canada’s wealthiest family, the family of David Thomson, heir to Thomson Reuters “Media Empire ” whose estimated net worth increased from $10.4 billion to $52.5 billion at the time. The Weston family came in second, while Lululemon founder Chip Wilson posted a $3 billion profit.
The Dow Jones Industrial Average Index is up 6 percent this week, after hitting a record high this week. Property prices are soaring in many countries including Canada with strong gains at the top end of the market.
Digital billionaires in particular have seen their wealth skyrocket, with Amazon founder and CEO Jeff Bezos adding $100 billion to his personal wealth this year. He is also the first person to reach a net worth of $200 billion this year. The richest individuals and families in Canada in 2020: total wealth in billions of dollars (chart).
CEOWorld Magazine published its Canada Rich List Index 2020 yesterday, which lists the richest Canadians of 2020. The magazine found that the total wealth of Canada’s ten richest people reached a new record high of $185.2 billion this year. Predictably, the list includes some familiar names, both British and Colombian.
Canadian Business has published a list of the 100 richest people in Canada, and although they all are in the club three-comma, they are not all multimillionaires or billionaires (see below). This year David Thomson of Toronto, chairman of Thomson Reuters Corp, is top of the list with a net worth of $39.5 billion. With a net worth of $9.5 billion, Alibaba Group Holdings Ltd. is the second richest Canadian and 147th richest.
While there is an outcry for Canada’s richest 1 percent, little is known about them. The person with the highest wealth in Canada is David Thomson, who lives in Ontario. Men Sherry Brydson is one of Canada’s richest women at 43 Canadian dollars.
The wealthiest Canadians living in Toronto are the Thomsons, but like Trump and others at the Thomson wealth management firm, most people don’t even know they exist. They hold a 23 percent stake in the Thomson family’s Woodbridge investment firm, which is worth a whopping $12.1 billion (14.64 billion euros), according to Bloomberg.
According to a new report of the Parliamentary Budget Office (PBO), there are 1,600 more Canadian families with at least as much wealth. Going through the list, there are 700,000 Canadian families with assets of at least $25 million, according to the latest PBOs report released Wednesday. To break it down, at least 1,000 Canadian families have a net worth of $1 billion, of which 2,000 are over $500 million.
At the other end of the wealth spectrum there are 1.26 million families or 80% of the entire population, making up the remaining 26.2% of all Canadian families without assets. Of those, about 40 percent are Canadian families ($63.7 million) with a net worth of at least $10,000, according to PBOS data. Here’s a look at the longest of Canada’s richest families, from the richest Canadian to the fifteenth richest.
The evidence points to an inequality gap growing in Canada. Between 2012 and 2016 the average net worth of the richest Canadians increased by 37% and the average net worth of all Canadians increased by 15% over the same period. Here’s a look at how long some of Canada’s wealthiest families were Canadians, from the richest to the 15th richest, showing how close they are to the top and how long they tended to live in the country.
With a weak Canadian dollar and a stock market plagued by the Coronavirus-induced market crash, Canada’s richest people are poorer than last year. Even before the crash, some of the White North’s wealthiest billionaires saw their fortunes plummet. In fourth place – Joseph Tsai, Huang Chulong, Mark Scheinberg and Newcomer Anthony von Mandl – their wealth risen in the ranking, which includes 44 Canadians.
As you can see, they not only live coast to coast, but are also billionaires. According to Forbes the Thomsons are the ninth richest family in the world, and you’ll see a few of them on this list. You will also see a few other members of the Thomson family listed below.
Peter Thomson is co-chairman of Woodbridge, which manages the Thomson family’s investments. According to the Bloomberg Billionaires Index for 2021, he is worth $74.9 billion ($90.6 billion) and owns a 14% stake in Woodbridge. Woodbridge manages investments for Thomson, Reuters, Bell Media, Globe and Mail and others.
Joe Joseph Tsai, vice chairman and co-founder of Alibaba Group Holdings Ltd., who holds a Canadian passport, owns 49 percent of the NBA team of the Brooklyn Nets.