Canada is home to a significant number of millionaires and billionaires, reflecting the country’s wealth and economic growth. According to the 2021 Credit Suisse Global Wealth Report, Canada is home to approximately 1.1 million millionaires, which is approximately 3.1% of the world’s millionaires.
According to the 2021 Credit Suisse Global Wealth Report, approximately 3.1% of the adult population in Canada are millionaires. This means that out of the approximately 37.5 million adults in Canada, around 1.1 million have a net worth of at least USD $1 million, including the value of any property, investments, and other assets they may own.
It’s worth noting that the percentage of millionaires varies widely depending on the country and region. Canada’s millionaire population is relatively small compared to other countries like the United States, where approximately 5.8% of the adult population are millionaires.
In terms of billionaires, Forbes listed 46 Canadian billionaires in 2021, up from 44 in 2020. These individuals have made their wealth through various means, including founding and running successful businesses, investing in startups and established companies, and acquiring and managing real estate assets. Some of them have also inherited their wealth from family members who were successful entrepreneurs.
The vast majority of millionaires in Canada have made their wealth through running successful businesses and investing in various assets such as stocks, real estate, and other financial instruments. However, it’s important to note that there is a growing wealth gap in Canada, and not everyone has equal access to opportunities to accumulate wealth.
The concentration of wealth among a small percentage of the population has raised concerns about income inequality and the distribution of wealth. Some argue that this concentration of wealth could have negative effects on social cohesion, political stability, and the overall economic well-being of the country.
The following are the top 20 wealthiest Canadians:
- David Thomson & family – The Thomson family owns a media empire that includes the Globe and Mail and Reuters news agency. David Thomson is the chairman of Thomson Reuters and has a net worth of approximately $41.2 billion USD.
- Joseph Tsai – Tsai is a co-founder of Alibaba and has a net worth of approximately $11.5 billion USD. He also owns the Brooklyn Nets and the WNBA’s New York Liberty.
- Galen Weston & family – Weston is the chairman of Loblaw Companies, which is the largest food retailer in Canada. He has a net worth of approximately $9.6 billion USD.
- David Cheriton – Cheriton was one of the first investors in Google and has a net worth of approximately $7.6 billion USD.
- James Irving – Irving is the co-CEO of J.D. Irving, a conglomerate that owns businesses in industries such as forestry, transportation, and shipbuilding. He has a net worth of approximately $7.2 billion USD.
- Arthur Irving – Arthur Irving is James Irving’s brother and also co-CEO of J.D. Irving. He has a net worth of approximately $6.8 billion USD.
- Emanuele (Lino) Saputo & family – Saputo is the chairman and CEO of Saputo Inc., a dairy company that is one of the largest in the world. He has a net worth of approximately $5.8 billion USD.
- Mark Scheinberg – Scheinberg is the co-founder of PokerStars, an online poker company. He has a net worth of approximately $5.5 billion USD.
- Garrett Camp – Camp is the co-founder of Uber and has a net worth of approximately $5.3 billion USD.
- Peter Gilgan – Gilgan is the founder and CEO of Mattamy Homes, a real estate company that is the largest homebuilder in Canada. He has a net worth of approximately $5.1 billion USD.
- Chip Wilson – Wilson is the founder of Lululemon Athletica, a yoga-inspired athletic apparel company. He has a net worth of approximately $4.9 billion USD.
- Michael Lee-Chin – Lee-Chin is the chairman and CEO of Portland Holdings, a company that has investments in various industries such as telecommunications and financial services. He has a net worth of approximately $4.6 billion USD.
- Robert Miller – Miller is the founder and CEO of Future Electronics, a global distributor of electronic components. He has a net worth of approximately $4.5 billion USD.
- Daryl Katz – Katz is the founder and chairman of Katz Group, a company that owns pharmacies and the Edmonton Oilers NHL team. He has a net worth of approximately $4.3 billion USD.
- Mitchell Goldhar – Goldhar is the founder and chairman of SmartCentres, a real estate company that specializes in shopping centers. He has a net worth of approximately $3.8 billion USD.
- John Risley – Risley is the co-founder of Clearwater Seafoods, a seafood company that is one of the largest in Canada. He has a net worth of approximately $3.4 billion USD.
- Alain Bouchard – Bouchard is the founder and chairman of Alimentation Couche-Tard, a convenience store company that has locations in Canada, the US, and Europe. He has a net worth of approximately $3.2 billion USD.
- Anthony von Mandl – Von Mandl is the founder and CEO of the Mark Anthony Group, which is best known for producing the popular White Claw hard selter brand. He has a net worth of approximately $3.1 billion USD.
- Carlo Fidani & family – Fidani is the president and CEO of Orlando Corporation, a real estate and development company. He has a net worth of approximately $3 billion USD.
- Jim Pattison – Pattison is the founder and CEO of the Jim Pattison Group, a conglomerate that owns businesses in industries such as automotive, media, and grocery stores. He has a net worth of approximately $2.6 billion USD.
These individuals have accumulated their vast wealth through a variety of means, including founding and running successful companies, investing in startups and established businesses, and acquiring and managing real estate assets. Some of them have also inherited their wealth from family members who were successful entrepreneurs.
It’s worth noting that while these individuals are incredibly wealthy, they are also among the top philanthropists in Canada, giving generously to charitable causes and supporting a wide range of initiatives that benefit the community. Many of them are also actively involved in business and community organizations, using their wealth and influence to help shape the future of their respective industries and communities.