Who is the Richest Family in Canada?
The Thomson family is the wealthiest family in Canada with an estimated net worth of $41.28 billion according to Forbes‘ 2022 estimates. The family‘s fortune comes from their long control of media and publishing giant Thomson Reuters Corp. David Thomson, the 3rd Baron Thomson of Fleet, serves as chairman of the company his grandfather founded in 1934.
Canada is home to a sizable number of billionaires and ultra-high net worth individuals. According to Credit Suisse‘s 2021 Global Wealth Report, there were 62,000 Canadians with a net worth exceeding $50 million and 129 billionaires. Though Canada only represents about 3% of the total global billionaire population, it is anecdotally home to the most billionaires per capita in the world.
Let‘s take a closer look at the 10 wealthiest billionaire families in Canada for 2022:
1. The Thomsons
Net Worth: $41.28 billion
As mentioned, the Thomson family derives its vast fortune from its long control of Thomson Reuters Corp. David Thomson inherited the company from his father Kenneth and serves as chairman of the Thomson Reuters Foundation. Canadians likely interact with Thomson Reuters‘ products daily without realizing it as the company provides news, data, analysis, and other professional services.
Fun Fact: David Thomson owns an extensive British art collection including works by John Constable, J.M.W. Turner, Thomas Gainsborough and Peter Paul Rubens. His total art collection has an estimated value of over $1 billion.
2. The Westons
Net Worth: $13.71 billion
The Weston family has built its fortune in the retail industry, becoming one of the wealthiest families in Canada. The family holds stakes in Loblaw Companies, Holt Renfrew, Selfridges Group, and other major retail operations. Galen Weston Jr. serves as chairman and president of George Weston Limited, the Toronto-based conglomerate behind popular grocery chains like Loblaw‘s, No Frills, and Shoppers Drug Mart.
3. The Rogers Family
Net Worth: $11.57 billion
The Rogers family has built its vast fortune through Rogers Communications Inc., one of the largest telecom and media companies in Canada. The late Ted Rogers founded the company in 1960 which provides wireless communications services, cable TV, internet, media, and more. Today Rogers Communications has over 10 million wireless subscribers and 2.3 million TV subscribers. Ted‘s son Edward currently serves as chairman of Rogers.
4. The Saputo Family
Net Worth: $10.17 billion
The Saputo family‘s wealth comes from the dairy industry. In 1954, Italian immigrant Giuseppe Saputo founded a cheese making company which eventually became Saputo Inc., now one of the top dairy processors in Canada. The company has expanded through acquisition to become a global leader in dairy distribution and packaging. Lino Saputo Jr., son of the founder, currently serves as chairman of the board and CEO.
5. The Desmarais Family
Net Worth: $7.76 billion
The Desmarais family controls Power Corporation of Canada, a diversified international management and holding company. Paul Desmarais Jr. serves as chairman and co-CEO of the company which has interests in financial services, renewable energy, and other sectors. The Desmarais family also controls global asset manager IGM Financial.
6. The Irving Family
Net Worth: $7 billion
Based in New Brunswick, the Irving family oversees an enormous conglomerate involved in oil and gas, forestry, agriculture, transportation, and shipbuilding. Arthur Irving, James Irving, and John Irving expanded the construction business founded by their father into the diverse Irving Group with stakes in forestry company J.D. Irving as well as frozen food, trucking, and shipping operations throughout Atlantic Canada.
7. The Sobey Family
Net Worth: $6.87 billion
The Sobey family built its fortune through Sobeys Inc, the second largest food retailer in Canada after Loblaw Companies. In 1907, John Sobey opened his first grocery store in Stellarton, Nova Scotia. That grew into the Empire Company Limited, which operates over 1500 supermarkets under Sobeys, Safeway, IGA, and other brands. Donald R. Sobey, son of the founder, helped expand the company nationally.
8. The Azrieli Family
Net Worth: $4.31 billion
The Azrieli Group operates one of the largest real estate holdings companies in Canada and the U.S., including shopping malls, offices, hotels, and residential properties. The company was founded by Holocaust survivor David Azrieli who moved to Montreal following WWII. Today, daughter Naomi Azrieli heads the Azrieli Foundation which supports education, scientific research, and youth entrepreneurship.
9. The Pattison Family
Net Worth: $3.71 billion
The Pattison family oversees the Jim Pattison Group, Canada‘s 2nd largest privately-held company. Jim Pattison founded the diversified conglomerate which operates in the food, advertising, media, packaging, automotive, and entertainment industries among others. With over 45,000 employees worldwide, the Jim Pattison Group exemplifies successful Canadian entrepreneurship.
10. The Stronach Family
Net Worth: $3.58 billion
Frank Stronach made his fortune in the auto parts business, founding Magna International in 1957 which grew to become one of the world‘s largest automotive suppliers. After relinquishing control of the company, he founded Stronach Group which includes thoroughbred horse racetrack owner The Stronach Group. His daughter Belinda Stronach is a prominent Canadian businesswoman and philanthropist.
Canada has one of the highest per-capita billionaire rates in the world, yet wealth distribution remains relatively unequal. Here are some statistics on the wealth gap in Canada:
- Top 10% of Canadians hold 58% of the country‘s total wealth
- The bottom 40% of Canadians hold less than 3% of the country‘s wealth
- The median net worth of Canada‘s top 10 richest families is $10.9 billion
- The median net worth of an average Canadian household is $295,100
This means the ultra-high net worth individuals profiled above hold a vastly disproportionate share of Canadian wealth compared to average citizens. However, Canada exhibits less wealth inequality than countries like the United States or Russia. Regional disparities also exist with Alberta, Ontario and British Columbia being Canada‘s wealthiest provinces.
Many business leaders and policy experts believe Canada could do more to close the wealth gap through measures like higher inheritance or capital gains taxes. However, Canada also has relatively high social mobility compared to international peers.
Canada‘s billionaire families have proven adept at preserving wealth across generations. Most still control the large companies founded by their patriarchs decades ago.
However, succession planning remains an issue for many family-run firms. Younger generations may be reluctant to assume control or lack the passion for the business of their parents. Family spats over control can also cripple companies built up over generations.
Socioeconomic trends may also threaten long-term competitiveness. Younger wealthy Canadians tend to be more socially progressive and environmentally conscious in their investments and philanthropy. Adapting to these shifting priorities will necessitate changes in corporate strategy.
Still, Canada‘s natural resources, real estate, manufacturing, and financial services sectors all provide a strong foundation for building family fortunes. The nation‘s wealthiest families will likely continue dominating these industries for decades to come. Their entrepreneurial success makes them business dynasties and embodiments of Canadian prosperity.