Top 10 wealthiest Canadians in 2024, their industries and net worth

As of 2024, the wealthiest individuals in Canada come from diverse industries ranging from media and technology to retail and real estate.
As a group, their wealth has ballooned over the last two decades, the combined net worth of the 10 richest Canadians is now $261 billion

According to Maclean here are the top 10 wealthiest Canadians with a combined net worth of$261 billion

1. Thomson Family: $98.15 bn – Media and Information Distribution

The Thomson family fortune began with Roy Thomson, who transformed a single newspaper into a global publishing empire. After his death in 1976, his son, Kenneth, inherited both the business and the peerage title of Baron Thomson of Fleet. Over three decades, Kenneth expanded the company’s reach through strategic acquisitions, eventually selling its newspaper holdings in 2000 to focus on digital information, such as financial data.

Read also: 30 Wealthiest families in the world in 2024, worth over $2 tn

In 2002, Kenneth passed the reins of Thomson Corporation to his eldest son, David, shortly before his own death. Under David’s leadership, the company made its most significant acquisition: the $17 billion purchase of global newswire Reuters. Today, Thomson Reuters stands as a global information powerhouse, providing data, software, and services to industries like finance, law, and journalism. Over the past five years, its stock has surged more than 15o per cent, reaching $231.42 per share at the time of valuation. The Thomson family’s holding company, Woodbridge, owns approximately 70 per cent of Thomson Reuters.

The family’s influence extends well beyond Thomson Reuters. Woodbridge owns The Globe and Mail, with David serving as chair, and holds a minority stake in BCE Inc., the parent company of Bell Canada. David also co-owns the Winnipeg Jets hockey team, while Woodbridge maintains a minority interest in the Montreal Canadiens.
While the Thomson fortune is to benefit future generations, the hereditary title of Baron Thomson of Fleet will pass to only one: David’s 18-year-old son, Benjamin.

Read also: Meet the World’s richest families by market capitalisation

2. Changpeng Zhao – $61.02 bn – Cryptocurrency

Changpeng Zhao, widely known as CZ, is a Chinese-born entrepreneur who became a prominent figure in the cryptocurrency world. After moving to Canada as a teenager, he graduated from McGill University with a degree in computer science. In 2017, Zhao founded Binance, a cryptocurrency exchange that quickly became the world’s largest by trading volume, boasting a market cap of approximately $90 billion. He owns 90% of Binance and nearly two-thirds of its native token, BNB, which ranked as the fourth-largest cryptocurrency by market cap, valued at over $600 per unit as of September.

Despite his financial success, Zhao’s journey has faced significant legal hurdles. Late last year, he pleaded guilty to failing to implement an effective anti-money laundering program and spent the summer in prison. He stepped down as CEO, and Binance was hit with a $4.3 billion fine. Although Zhao was released from custody on September 27, legal challenges persist. Binance remains under scrutiny by the U.S. Securities and Exchange Commission, which alleges violations of federal securities laws, including operating unregistered national securities exchanges.

3. Galen Weston Jr. – $18.05 bn – Groceries and Real Estate

Galen Weston Jr. rose to prominence as the relatable face of Loblaw’s President’s Choice brand, appearing in a popular series of television commercials. In 2020, he took control of Wittington Canada, the family’s holding company, which owns a controlling stake in George Weston Ltd. This company holds the majority share in Loblaw Companies Limited, whose grocery chains include No Frills, Valu-mart, and Provigo. Over the past three years, Loblaw’s stock price has tripled, despite growing concerns over the rising cost of food.

Beyond groceries, George Weston Ltd. is a major player in real estate, owning 61 per cent of Choice Properties REIT. This real estate investment trust manages over 700 retail and industrial properties across Canada, with Loblaw as its primary tenant. Weston’s personal assets include a sprawling 500-acre estate near Caledon, Ontario.

Read also: Meet over 50 wealthy Nigerians and their industries

4. Irving Family $14.47 bn – Forestry, oil and construction

The Irving family, with a net worth of $14.47 billion, has been a cornerstone of New Brunswick’s economy for over a century. Their diverse portfolio spans industries such as forestry, oil, real estate, media, construction, food, retail, shipbuilding, and transportation. For decades, the family empire flourished under the leadership of brothers James (J.K.), Arthur, and John (Jack). However, recent shifts suggest a new chapter for the dynasty.

Irving Oil, which operates Canada’s largest oil refinery, underwent a strategic review last year, sparking speculation about a potential sale. The refinery sources most of its oil from the United States, Saudi Arabia, and Nigeria, making it an attractive asset for international buyers. Adding to the changes, Arthur’s daughter, Sarah, recently exited the company.

Despite these transitions, the Irving legacy remains firmly rooted in the province. J.D. Irving, the family’s forestry, shipbuilding, and transportation conglomerate, is now managed by J.K.’s sons, Jim and Robert. The passing of both Arthur and J.K. earlier this year, each in their nineties, marked the end of an era—but the Irving name is poised to dominate New Brunswick’s landscape for generations to come.

Read also: Meet the world’s richest royal family worth 4 times more than Musk and Gates combined

5. McCain Family: $13.16 bn – Food Processing

In 1957, four brothers from Florenceville, New Brunswick, revolutionized mealtime with the creation of McCain Foods. Under the leadership of Harrison and Wallace McCain, the company expanded into a global frozen foods powerhouse. However, in the 1990s, a family feud over leadership led Wallace to part ways, taking his sons, Michael and Scott, with him to acquire a substantial stake in Maple Leaf Foods.

Today, both Harrison and Wallace have passed away, but Scott McCain has returned to McCain Foods as chair. The company, now generating $14 billion in annual revenue, continues to thrive. (This valuation of the McCain family excludes Michael McCain, who maintains a stake in Maple Leaf Foods.)

Read also: Wealth of top 10 richest women in the world increases by 3.98% in Q2 2024

6. David Cheriton: $12.64 bn – Information Technology

Vancouver-born David Cheriton made an important move in the tech world while teaching computer science at Stanford University. It was there he met Sergey Brin and Larry Page, the founders of Google, and provided them with a $100,000 investment during their startup phase. This early gamble transformed into a stake worth over $1 billion.

Cheriton’s time at Stanford also led to a partnership with German tech innovator Andy von Bechtolsheim. Together, they co-founded Arista Networks in 2008, a leading computer networking company specializing in data center and AI networking. Cheriton’s share in Arista alone exceeds $5 billion.

Although he retired from teaching at Stanford in 2016, Cheriton remains deeply involved in the tech sector. Residing in Palo Alto, California, he continues to invest in emerging technology firms and serves as Chief Data Centre Scientist at Juniper Networks, a prominent networking hardware company.

Read also: Meet the world’s richest ‘Al Nahyan’ royal family, owners of $475 million palace, 8 jets,700 cars, investments in SpaceX, Fenty

7. Rogers family: $12.47 bn – Media and communications

The Rogers family, with a fortune of $12.47 billion, is a powerhouse in media and communications. Ted Rogers transformed a Toronto radio station into Rogers Communications, a telecom giant that owns assets such as the Toronto Blue Jays, a stake in Maple Leaf Sports & Entertainment, and Canada’s largest wireless network. Before his death in 2008, Ted established the Rogers Control Trust to keep the company within the family. The trust holds 97.5% of the company’s voting shares and 9.89% of its non-voting shares, with Ted’s son, Edward Rogers III, serving as chair.

This governance structure sparked a high-profile family feud over control of the empire, drawing comparisons to the drama of Succession. Tensions eased in January when Melinda Rogers-Hixon and Martha Rogers, two of Ted’s daughters, stepped down from the board. Their sister, Lisa Rogers, joined the board in 2023, while Ed solidified his leadership by being elevated from chair to executive chair of the Rogers board in August.

8. Joseph Tsai: $11.73 bn – E-commerce and Sports

Joseph Tsai, co-founder and chair of Alibaba, holds a 1.4 per cent stake in the Chinese e-commerce giant he helped establish. As chair, Tsai is navigating the company through challenging times, with its market value down 64% since 2020. This decline stems from Beijing’s crackdown on big tech, which has introduced stricter regulations, imposed fines for monopolistic practices, and blocked major deals, including the IPO of Alibaba’s affiliate, Ant Group. In June, Tsai sold a minority stake in BSE Global—the owner of the Brooklyn Nets—to billionaire Julia Koch. His family office, Blue Pool Capital, also recently acquired a Manhattan penthouse for $188 million, adding to the two units he already owns in the same Central Park-facing building.

Read also: Meet the richest people from 14 states in Nigeria

9. Jim Pattison: $10.05 bn – Car dealerships, forestry, grocery, and advertising

At 96 years old, Jim Pattison remains at the helm of the Vancouver-based Jim Pattison Group, the conglomerate he founded in 1961 with a single GM dealership. Today, his empire generates $16 billion annually across more than 20 divisions spanning eight diverse industries. Key assets include Pattison Outdoor Advertising, Pattison Media, Ripley Entertainment, Great Wolf Lodge, Guinness World Records, and Pattison Food Group, which encompasses Save-On-Foods and Monte Cristo Bakery.

Pattison is also known for his philanthropy, donating 10 per cent of his annual income to charitable causes and committing to giving away half of his fortune during his lifetime and beyond. In addition to his private ventures, Pattison holds stakes in companies like West Fraser Timber, Westshore Terminals, and Canfor, collectively valued at over $2.8 billion.

Read also: Top 10 richest men in the world increase wealth by $201.8 bn in Q2 2024

10. Desmarais Family : $9.96 bn – Financial services

The Desmarais family, with a net worth of $9.96 billion, built their fortune through the financial services sector. Paul Desmarais Sr. established a $5-billion empire with Power Corporation of Canada, an asset management firm, before passing away in 2013. His legacy was passed down to his four children via the Desmarais Family Residuary Trust. For 24 years, his sons André and Paul Jr. co-led the Montreal-based company, overseeing numerous acquisitions.

Today, their sons, Paul III and Olivier, are focused on attracting younger, tech-savvy investors. Paul III leads the company’s fintech division, which includes an investment in Wealthsimple, while Olivier chairs Power Sustainable, a climate-conscious alternative asset management firm. Alongside the family trust’s stake in Power Corporation, the Desmarais family members, including André, Paul Jr., Paul III, and Olivier, also hold personal shares in the company.