The 67 Richest Canadians

Who is the richest Canadian? How did they become the richest? It is true that Canada is home to a lot of billionaires. Some of Canada’s richest citizens started their companies less than 10 years ago while others inherited their money. A billionaire’s fortunes can swing by millions of dollars each day, and each way, with the whims of the stock market.

There are so many different ways to measure wealth. Some of the richest Canadians, like Lawrence (Larry) Tanenbaum and the Rogers family, are billionaires who did not make the list. How did that happen? We decided to concentrate on two sources, Forbes and Bloomberg, for our Richest list. Some billionaires are just very private about their assets. That said, here is a list of Canada’s richest people and the story of how they got their wealth.

67. Kuldip Rai Sahi – $1.38 billion CAN ($1.1 billion US)

Our Richest list starts with Kuldip Rai Sahi, the Chairman and Chief Executive Officer (CEO) of Morguard Corporation (MRC: TSE). Morguard is a real estate company that owns or manages properties in Canada and the US. Kuldip Rai Sahi came to Canada in Montreal in 1971. He became a certified general accountant, and then a commercial real estate loan officer. Starting in 1981, he bought and sold companies. In 1997, Sahi bought up shares in Goldlist and other property companies. Eventually, he bought Morguard properties and a portion of its Real Estate Investment Trust (REIT). Sahi also took over what is nowTWC Enterprises, which owns a chain of golf courses in Canada and the US. Forbes magazine puts Sahi’s net worth at $1.38 billion ($1.1 billion USD).

66. Michelle Zatlyn – $1.38 billion CAN ($1.1 US)

One of the richest Canadians is Cloudfare’s President and Chief Operating Officer, Michelle Zatlyn. She owns 5% of the company she co-founded in 2009. The company provides website security services, an industry that boomed in the last few years. Cloudfare was not her first company. After spending time at Toshiba, she founded Achievers in Toronto. Cloudfare went public in 2019 and its current market cap is $40.92 billion US. According to Forbes, her net worth is $1.38 billion CAN ($1.1 billion US)

65. Anton Rabie – $1.51 billion CAN ($1.2 billion US)

Anton Rabie and his two friends started Spin Master with only $10,000 of their own money. That company is now one of the biggest toy and entertainment companies today, with offices in major cities in Europe, Asia, and North America.

They created the worldwide blockbuster Bakugan in 2007, Hatchimals, and the PAW Patrol brand. However, they didn’t just design and develop new products.They also invested in licensing agreements. The company is now involved in toys, games, entertainment and digital entertainment all globally. The company went public on the Toronto Stock Exchange (TOY: TSE) in 2015. Today, Rabie is a director at Spin Master. Forbes puts his net worth at $1.51 billion ($1.2 billion USD).

64. Guy Laliberté – $1.51 billion CAN ($1.2 billion US)

The only richest Canadian who is a space-tourist billionaire. Guy Laliberté certainly stands out. He is the co-founder of the Cirque du Soleil international entertainment empire. Laliberté establishe Cirque du Soleil with Gilles Ste-Croix in 1984.

Laliberté sold his shares in the company but that doesn’t mean he isn’t still making moves. He has become a major player on the poker circuit and has also purchased his own island in French Polynesia. In the midst of all that he also became the first Canadian space tourist and created the One Drop Foundation to help ensure access to clean water around the world. Forbes puts his net worth at $1.51 billion CAN ($1.2 billion US).

63. Michael McCain – $1.38 billion CAN ($1.1 billion US)

Michael McCain is a member of one of the richest Canadian families. He is an heir to the McCain frozen foods family. Today, Michael McCain is a director of McCain Capital Corporation and Maple Leaf Foods and President and CEO of Maple Leaf Foods, in which McCain Capital Corporation and the Ontario Teachers’ Pension Plan Board have controlling interests. He earned an Honours Business Administration degree from the University of Western Ontario. According to Forbes, Michael McCain is worth $1.38 billion ($1.1 billion USD).

62. Ronnen Harary – $1.38 billion CAN ($1.1 billion US)

In 1994, Ronnen Harari co-founded Spin Master with two friends. The company launched Earth Buddy, Devil Sticks, Air Hogs, and signed licensing deals including the Wiggles. Then, in 2007, they developed Bakugan in 2007, the worldwide toy and entertainment phenomenon.

Harary also helped in the creation of PAW Patrol. Harary’s SpinMaster is now involved in toys, animation, and digital entertainment. It acquired Marbles, Cardinal Industries, and the beloved Etch-A-Sketch. The company went public on the Toronto Stock Exchange (TOY: TSE) in 2015. Today, Harary is a company director and Forbes magazine lists his net worth at $1.38 billion ($1.1 billion USD).

61. Stewart Butterfield – $1.76 billion CAN ($1.4 billion US)

One of the richest Candians gave new meaning to the term “slacker”. If you have ever used the messaging software Slack, you can thank Stewart Butterfield. He co-founded the company in 2009. Slack was originally an ancillary software to a video game that Butterfield was designing called Glitch. Butterfield saw the potential in the messaging software and started to focus only on that. He spent years growing the company and leading them to a direct listing on the New York Stock Exchange in June 2019. Apart from Slack, Butterfield also created Flickr, which he sold to Yahoo for about $20 million. Butterfield still serves as CEO of Slack. Forbes puts Butterfield’s net worth at $1.76 CAN ($1.4 billion US).

60. Richard Fortin – $1.89 billion CAN ($1.5 billion US)

Richard Fortin is one of the founding partners in the Couche-Tard, also known as Alimentation Couche-Tard, chain of convenience stores. Fortin earned a degree in finance and was president of Quebec-based investment firm Société Générale S.A.

Richard Fortin’s business prowess is well-known.. He has sat on the boards of media giant Transcontinental as well as the National Bank of Canada. Fortin has established Lise et Richard Fortin, a foundation that provides money to a variety of causes including those that assist children and the elderly. Forbes puts his net worth at $1.89 billion CAN ($1.5 billion US).

59. John Phillips – $1.89 billion CAN ($1.5 billion US)

John Phillips is a veteran corporate lawyer and one of the richest Canadians.He invested early and bought a 1.5% stake in Shopify (SHOP: TSE). Phillips also held an executive position at Clearnet, and benefitted when the company was sold to Telus for $6.6 billion. He is an angel investor and serves on the board of Shopify and is Chief Executive Officer at Klister Credit Corporation. According to Forbes, John Phillips is worth $1.89 billion CAN ($1.5 billion USD).

58. Dr. Catherine Phillips – $1.89 billion CAN ($1.5 billion US)

She’s not your average billionaire. Catherine Phillips is a psychologist specializing in assisting cancer patients. Dr. Phillips was an early investor in Shopify. She owns 1.5% of the company. Catherine Phillips is the author of a book called Calm Your Mind, Warm Your Heart which was written to help people battling cancer. She also organizes support groups and works with the Healing Journey support program to assist cancer patients and their families. According to Forbes, Dr. Catherine Phillips is worth $1.89 billion CAN ($1.5 billion USD).

57. Brandt Louie – $2.01 billion CAN ($1.6 billion US)

Brandt Louie is an accountant, businessman and philanthropist from Vancouver, British Columbia. His grandfather, Hok Yat Louie opened a general store in 1903 in the city’s Chinatown. Over time, that business turned into HY Louie Group, one of British Columbia’s largest private companies. Brandt Louie joined the family company in 1972. In 1987, he replaced his father as President of HY Louie Group. By 1998, he was Chairman and Chief Executive Officer of one of the company’s brands, London Drugs. Forbes puts his net worth at $2.01 billion CAN ($1.6 billion US).

56. Gerald Schwartz – $2.01 billion CAN ($1.6 billion US)

Gerald Schwartz holds a Bachelor of Commerce and a law degree (LL. B) from the University of Manitoba. He holds an MBA from Harvard University. Schwartz worked in corporate law in Canada and then at Bear Stearns in the United States. Schwartz returned to Canada and co-founded CanWest Capital with Izzy Asper. It later became CanWest Communications.

In 1984, Schwartz founded Onex Corporation with 50 million dollars in private equity. The company listed on the Toronto Stock Exchange (ONEX:TSE) for the first time in 1987. Onex acquired companies and grew to include credit and investment advisory. Gerald Schwartz is in the Canadian Business Hall of Fame and has been given the Order of Canada. According to Forbes, Gerald Schwartz is worth $2.01 billion CAN ($1.6 billion US).

55. Terence (Terry) Matthews – $2.01 billion CAN ($1.6 billion US)

Terry Matthews is one of Ottawa’s most prominent tech entrepreneurs. His has significant company holdings in Mitel Networks, Wesley Clover and March Networks. He is also known as the Godfather of more than 120 startups. He was instrumental in founding Newbridge Networks from the proceeds of the stakes in Mitel. Terry Matthews also owns a Celtic Manor Resort, which hosted a NATO summit in 2014. Forbes puts his net worth at $2.01 billion CAN ($1.6 billion US).

54. Naomi Azrieli – $2.14 billion CAN ($1.7 billion US)

Naomi Azrieli sits on a billion-dollar empire that started with her father. David Azrieli came to Montreal in 1954 after surviving the Holocaust. He earned his degree from Université de Montréal and started a small construction business. He built duplexes, office towers, apartments and malls all over the US and Canada. The Canadian company that now manages the business is called Canpro Investments, where Naomi Azrieli sits at its helm.

There is an Israeili arm of the business the Azrieli Group Ltd. It was the largest IPO on the Israeli stock exchange. The group operates 13 malls in Israel and is that country’s leading commercial and office real estate company. Forbes puts Naomi Azrieli’s net worth at $2.14 billion CAN ($1.7 billion US).

53. Sharon Azrieli – $2.14 billion CAN ($1.7 billion US)

She is the daughter of a billionaire real estate tycoon and a star on the opera stage. Sharon Azrieli’s fortune started with her father, David Azrieli. He fled Poland during WWII and eventually ended up in Montreal in 1954. After graduating from university, he quickly established a building company in Montreal. He went from building duplexes to building skyscrapers and massive malls, many in Israel, to create a billion-dollar fortune. Sharon Azrieli inherited a portion of the empire but she has also earned her own wealth as an opera singer.

Azrieli has performed in classics like Romeo and Juliet as well as Don Pasquale. She also studied religion and played a role as cantor to a synagogue in Quebec. Sharon Azrieli has been recognized by the National Order of Quebec and also sits on the board of her father’s philanthropic organization, the Azrieli Foundation. Forbes puts Sharon Azrieli’s net worth at $2.14 billion CAN ($1.7 billion US).

52. Alan Zekelman – $2.14 billion CAN ($1.7 billion US)

Alan Zekelman used his training to transform the family business into one of the largest steel pipe and tube manufacturers in North America. The company, Atlas Tube, was sold to the Carlyle Group in 2006 for 1.2 billion USD, and the family bought their business back in 2011. Zekelman transformed the business into a world-renowned steel company, JMC Steel Group, now known as Zekelman Industries. Zekelman is widely known for his generous charitable contributions. Forbes puts his net worth at $2.14 billion CAN ($1.7 billion US).

51. Stephen Jarislowky – $2.26 billion CAN ($1.8 billion US)

Stephen Jarislowsky fled Nazi Germany for the Netherlands, then France, before immigrating to the United States in the 1940s. Jarislowsky served in the US armed forces and went to Harvard before moving to Montreal to work for Alcan.

In 1955, he opened up the doors of his eponymous investment firm, Jarislowsky Fraser Limited. He remained CEO of the firm until 2012 and then sat on the Board of Directors. In 2018, Scotiabank bought the firm for $950 million. Jarislowsky also held seats on the corporate boards of some of the world’s largest and most influential companies like SNC Lavalin and Swiss Bank Corp. Forbes puts his net worth at $2.26 billion CAN ($1.8 billion US)

50. Pierre-Karl Péladeau – $2.26 billion CAN ($1.8 billion US)

Pierre-Karl Péladeau sits at the head of the empire founded by his father, Pierre Péladeau. Pierre Péladeau was studying law when borrowed money from his mother and bought his first media company, a newspaper. The family company, Quebecor, was formed one year after Pierre Péladeau started Le Journal de Montréal. He expanded his media and printing empire in Quebec with the addition of newspapers, magazines and television channels. His holdings extend from Quebec to the rest of Canada and into the US. Although Pierre Karl Péladeau was heavily involved in the business early on, he took on a greater role after the death of his father in 1997. According to Forbes, Pierre-Karl Péladeau is worth $2.26 billion CAN ($1.8 billion US).

49. Hal Jackman – $2.26 billion CAN ($1.8 billion US)

Hal Jackman owns a major share in the EL Financial Corporation holding company, an insurance and investment firm. It operates through the E-L Corporate and Empire Life. E-L Financial Corporation Ltd. trades on the Toronto Stock Exchange (ELF: TSE). Hal Jackman was the Lieutenant Governor of Ontario from 1991-1997. He is a director on the E-L Financial board. Forbes puts Jackman’s net worth at $2.26 billion CAN ($1.8 billion US).

48. Bill Malhotra – $2.26 billion CAN ($1.8 billion US)

Bill Malhotra is the founder and CEO of one of Ottawa’s most prominent real estate developers, Claridge Holmes. Malhotra is a civil engineer. Bill Malhotra was born in India and came to Canada at the age of 22 in 1971. He worked at an engineering firm and then became the chief structural engineer of the city of Ottawa. After resigning, he founded his company, Claridge Holmes, in 1986. Forbes puts Bill Malhotra’s net worth at $2.26 billion CAN ($1.8 billion US).

47. Robert G. Miller – $2.26 billion CAN ($1.8 billion US)

Robert G. Miller is the founder of Future Electronics, one of the four largest electrical component suppliers in the world. Based in Montreal, Canada, the company has operations in 44 countries. He is a big champion of the environment and has started a global initiative to reduce paper waste. He also provides transportation to company employees in an effort to get more cars off the road. Forbes puts his net worth at $2.26 billion CAN ($1.8 billion US).

46. Michael Lee-Chin – $2.39 billion CAN ($1.9 billion US)

Michael Lee-Chin started out landscaping for a Jamaican hotel, and cleaning the engine room of a cruise ship. Lee headed back to Canada and snagged a job at Investors Group. There, Michael became an investing mastermind. He took a small business loan and purchased a stake in Mackenzie Financial Group. Lee grew that investment seven-fold and used the profits to buy AIC Canada. The majority of his wealth currently comes from Portland Holdings Inc, of which he is founder and chair, as well as his 65% stake in the National Commercial Bank of Jamaica. Lee-Chin is an active philanthropist. Forbes put his net worth at $2.39 billion CAN ($1.9 billion US).

45. Clayton Zekelman – $2.64 billion CAN ($2.1 billion US)

Clayton Zekelman owns a stake in the family business, Zekelman Industries but it’s his telecommunications company that really butters his bread. He has two of them: MNSi Telecom and Nexicom. Clayton established MNSi Telecom in 1995, and bought Nexicom from the retiring Downs brothers in 2016. Forbes puts his net worth at $2.64 billion CAN ($2.1 billion US).

44. Yuan Liping – $2.77 billion CAN ($2.2 billion US)

Yuan Liping Yuan Liping has a 24% stake in Shenzhen Kangtai Biological Products. She graduated from Beijing’s University with a degree in economics. From 2012 to 2015, she served as the company’s director and deputy general manager. Since March 2017, Yuan has been deputy general manager of Kangtai subsidiary, Beijing Minhai Biotechnology. Shenzhen Kangtai Biological Products develops vaccines, and initially gained success by being the leading producer of the nation’s vaccine against Hepatitis B. She received her 24% stake in the company after her 2020 divorce. Forbes puts her net worth at $2.77 billion CAN ($2.2 billion US).

43. Serge Godin – $2.89 billion CAN ($2.3 billion US)

Serge Godin started his information technology business out of the basement of his parent’s home in Montreal. He founded CGI in 1976 and later took on a co-founder. They wanted to provide IT consultancy services to businesses grappling with how to best utilize their technology resources. Ten years later it listed on the Toronto Stock Exchange. Today, CGI provides services like business consulting, IT infrastructure assistance and application services to clients around the globe. Godin has received the Order of Canada and is a member of the Canadian Business Hall of Fame. According to Forbes, Serge Godin is worth $2.89 billion CAN ($2.3 billion US).

42. Zhang Ning and Family – $2.89 billion CAN ($2.3 billion US)

Zhang founded Red Avenue New Materials Group. What started off as a rubber manufacturing company now includes electronic materials, automotive materials and biodegradable materials. The company is a global leader in rubber chemical materials that trades on the Shanghai Stock Exchange. The company’s clients include Pirelli, Bridgestone and Michelin. She owns 67.3% of the company along with her husband Liu Dongsheng. Today, Zhang Ning is the Independent Director of Red Avenue New Materials Group. She has a doctorate in global financial business management, a Bachelor of Science degree in biomedical engineering from Beijing Technology, and an MBA from the University of Warwick. Forbes puts Zhang Ning and family’s net worth at $2.89 billion CAN ($2.3 billion US).

41. Philip Fayer – $3.02 billion CAN ($2.4 billion US)

Philip Fayer founded Nuvei, a payment processing company in 2003 with the help of co-founder Lester Hernandes. Nuvei helped retailers, both online and offline, process credit and debit payments without the help of banks and credit card companies. Fayer’s fintech company attracted investors like Goldman Sach. The company went on to provide services to countries around the world, in 150 different currencies. In 2017, Fayer sold the company to a private equity firm for just over $400 million with Fayer staying on as CEO. The company listed on the NASDAQ Exchange in 2020. Forbes puts Fayer’s net worth at $3.02 billion CAN ($2.4 billion US).

40. Charles Bronfman – $3.15 billion CAN ($2.5 billion US)

Charles Bronfman inherited the largest distiller of alcohol in the world, Seagram. In 2000, he and his nephew decided to sell the family business to Vivendi in a deal valued at $30 billion. Bronfman also founded Claridge Inc., a private equity firm, in 1987. He runs Claridge with his son. Charles is a major philanthropist who has signed The Giving Pledge and written two books on the subject. To date, he has given away about $350 million. Forbes puts Charles Bronfman’s net worth at $3.15 billion CAN ($2.5 billion US).

39. Mark Leonard and Family – $3.52 billion CAN ($2.8 billion US)

Mark Leonard and family own Constellation Software. Leonard founded the company in 1995 and then acquired many other tech companies. Mark Leonard is the President and Chairman of the Constellation Software board.

Constellation Software is based in Toronto, Canada and can be found on the Toronto Stock Exchange (CSU: TSE). The company provides software to private and public markets and acquires software businesses that have tech its clients need. To date, the company has bought out more than 500 companies. The company is divided into segments. They are Volaris Group, Topicus, Perseus Operating Group, Vela Software, Harris Computer Systems and Jonas Software. Forbes puts Mark Leonard and family’s net worth at $3.52 billion CAN ($2.8 billion US).

38. Jack Cockwell – $3.52 billion CAN ($2.8 billion US)

Jack Cockwell is in the Canadian Business Hall of Fame and a member of the Order of Canada. He is a trained accountant who came to Canada from South Africa and helped build Brookfield Asset Management. Most of Cockwell’s wealth comes from his shares in Brookfield Asset Management, which is one of the largest money managers around. The company is listed on the Toronto and New York Stock Exchanges (BAM.A: TSE, BAM: NYSE). It invests in real estate, infrastructure, renewable power, private equity, and the investment management firm Oaktree. Cockwell is an affiliate director of Brookfield Asset Management. Forbes puts Jack Cockwell’s net worth at $3.52 billion CAN ($2.8 billion US).

37. Ryan Cohen – $3.65 billion CAN ($2.9 billion US)

Ryan Cohen is the former CEO of Chewy.com, the online pet supplier which he co-founded in 2011. He sold that business to Petsmart for $3.4 billion (US) in 2018. In 2020, he paid $76 million US to purchase a 13% stake in the dying brick-and-mortar gaming business Gamestop. He is the largest individual investor in the company. Then stock traders on Reddit organized a short-squeeze that sent the share price of GameStop soaring. Cohen is also the largest individual owner of stock in Apple. According to Forbes, Ryan Cohen now has a net worth of $3.65 billion CAN ($2.9 billion US)

36. Jacques D’Amours – $3.65 billion CAN ($2.9 billion US)

Jacques D’amours is a founder of Alimentation Couche-Tard (ATD: TSE). Couche-Tard expanded from Montreal to across all of Quebec through the acquisition of other convenience store chains. They expanded into Ontario with the acquisition of Becker’s and Mac’s stores in the 1990s. The 2000s took the company into the US market with the acquisition of Circle-K convenience stores. Today Couche-Tard stores can be found all over the world.

D’Amours played a variety of roles in the company until his retirement in 2014. He was a technical services manager and Vice-President of sales. D’Amours still sits on the Alimentation Couche-Tard board. Forbes puts his net worth at $3.65 billion CAN ($2.9 billion US).

35. Stephen Smith – $3.65 billion CAN ($2.9 billion US)

If you’ve ever shopped around for mortgage rates, chances are you’ve heard about Smith’s companies. Smith is the co-founder, chairman and CEO of mortgage lender First National Financial. He took the company public on the Toronto Stock Exchange (FN:TSE) and never looked back. In addition to First National, Smith is co-owner of the lucrative Canada Guaranty Mortgage Insurance Company and Duo Bank of Canada. He also has interests in a variety of other financial corporations including Equitable Bank. Forbes puts Stephen Smith’s net worth at $3.65 billion CAN ($2.9 billion US).

34. N. Murray Edwards – $3.78 billion CAN ($3.0 billion US)

N. Murray Edwards is a lawyer who jumped into the oil and mining business when a friend made him promise to always pursue his passions. He pivoted from starting his own energy company to investing in energy companies that were already successful. Some of his biggest holdings are in Canadian Natural Resources, Magellan Aerospace, and Ensign Energy Services, Canada’s second-biggest oil services company. Apart from oil, Edwards is also a minority owner of the Calgary Flames as well as Resorts of the Canadian Rockies, which operates a slew of ski resorts. According to Forbes, N. Murray Edwards has a net worth of $3.78 billion CAN ($3.0 billion US).

33. Lawrence Stroll – $3.78 billion CAN ($3.0 billion US)

Lawrence Stroll is partly responsible for taking Michael Kors public in 2011, which is where the bulk of his fortune came from. He sold this stake in 2014. Stroll purchased the Formula One racing team Force India, whose name was changed to Aston Martin in 2021. The name change was made in the wake of Lawrence Stroll’s $200 million investment into Aston Martin in 2020. Stroll collects vintage Ferraris. Forbes puts Lawrence Stroll’s net worth at $3.78 billion CAN ($3.0 billion US)

32. Garrett Camp – $3.90 billion CAN ($3.1 billion US)

Garrett Camp, a Calgary born entrepreneur, is a founder of Uber. He serves as Chairman of the company. He has a stake that’s worth about 4% of the company. Uber was not Camp’s first business venture. Camp also owned a web discovery tool called StumbleUpon. He eventually sold this to Ebay for $75 million. He mentors people through Expa Labs, a startup incubator in Silicon Valley. Forbes puts Garrett Camp’s current net worth at $3.90 billion CAN ($3.1 billion US).

31. Mitchell Goldhar – $3.906 billion CAN ($3.1 billion US)

One of the richest Canadians is also a university professor! It is Mitchell Goldhar, who started SmartCentres in 1994 and convinced Walmart to let him open its first store in Canada. Another 175 Walmarts followed. Over the course of decades his company built hundreds of shopping centres in Canada. He sold SmartCentres in 2015 to SmartREIT for $880 million for cash and assumed debt. He also became the largest shareholder in SmartREIT. According to Forbes, Goldhar is worth $3.906 billion CAN ($3.1 billion US).

30. Barry Zekelman – $4.15 billion CAN ($3.3 billion US)

Barry currently serves as the President, Chairman and CEO of Zekelman Industries, the family steel and pipes business. It is a privately held company. According to Forbes, Barry Zekelman has a net worth of $4.15 billion CAN ($3.3 billion US)

29. Bob Gaglardi – $4.15 billion CAN ($3.3 billion US)

Bob Gaglardi founded Northland Properties in 1963 with a $5,000 loan. He opened his first Sandman Inn hotel four years later in British Columbia. Northland Properties Corporation is widely known in Canada as one of the most trusted names in hotels, sports, restaurants and construction. In 2011, the Gaglardi family purchased the then-bankrupt Dallas Stars NHL team in a $240 million deal. Northland is turning the Dallas Stars into a greater real estate and hospitality presence in Texas. Northland is also expanding in England, Scotland and Ireland. Forbes puts Bob Gaglardi’s net worth at $4.15 billion CAN ($3.3 billion US).

28. Jean Coutu and family – $4.15 billion CAN ($3.3 billion US)

Jean Coutu opened his first pharmacy in Quebec in 1969 and, thanks to some clever tactics, that one pharmacy turned into a large network of pharmacies across Canada. Part of that success had to do with the fact that Jean Coutu didn’t just sell pharmaceuticals, but rather low-priced items like school supplies, bathroom tissue, and other products that other pharmacies didn’t carry. In the early 1990s, the company started buying out pharmacies in the United States. They merged with Rite Aid shops in the US, becoming the third largest pharmacy chain in the US. Jean Coutu Group sold its Rite Aid shares back to Rite Aid in 2013. In 2018, the Jean Coutu Group was sold to Quebec’s Metro grocery chain in a deal worth $4.5 billion. Forbes puts Jean Coutu and family’s net worth at $4.15 billion CAN ($3.3 billion US).

27. Peter Gilgan – $4.28 billion CAN ($3.4 billion US)

Another billionaire and richest Canadian is Peter Gilgan. Born to a family of nine in Burlington, Ontario, this real estate developer knows how to stand out from the crowd. He soon figured out the secret sauce to mind-bending wealth is to build the kind of home he wanted to live in.

Peter Gilgan is a chartered professional accountant who founded Mattamy Homes in 1978, and remains CEO to this day. Mattamy is one of the largest residential real estate developers in North America. Forbes has estimated Peter’s net worth at $4.28 billion CAN ($3.4 billion US).

26. Apoorva Mehta – $4.41 billion CAN ($3.5 billion US)

Apporva Mehta is one of the richest Candians who found success after founding about 20 businesses that all failed. Apoorva Mehta finally found success by starting the food delivery company Instacart. He is technologically savvy and loves to solve problems for people. Eventually, he decided to try and innovate something that almost everyone has to do, shop for groceries. Mehta started Instacart in 2012 and still serves as CEO of the company, Forbes puts Apoorva Mehta’s net worth at $4.41 billion CAN ($3.5 billion US).

25. Arthur Irving – $4.91 billion CAN ($$3.9 billion US)

Arthur Irving inherited the oil arm of the Irving family business. In 2018, the Arthur Irving Family Trust later bought out Arthur’s brother’s stake in the company after his death. That brought Arthur 100% ownership of the company. The billionaire also acquired Tedcastle Holdings, an Irish oil company that imports and distributes fuel all over Ireland. Today, Irving Oil operates most gas stations east of the province of Quebec, and is also one of the largest oil refinery businesses in all of North America. Forbes puts Arthur Irving’s net worth at $4.91 billion CAN ($3.9 billion US).

24. Alex Shevchenko – $5.04 billion CAN ($4.0 billion US)

Alex Shevchenko co-founded Grammarly.com in 2009 and also serves as the Product Lead for Grammarly. Shevchenko was born and raised in the Ukraine and later received Canadian citizenship. Shevchenko’s first business was MyDropbox.com, a plagiarism detector. That is where he began working with Lytvyn. He eventually sold the company to Blackboard. According to Forbes, Shevchenko is worth $5.04 billion CAN ($4 billion US).

23. Max Lytvyn – $5.04 billion CAN ($4.0 billion US)

Max Lytvyn co founded Grammarly.com. In late 2021, Grammarly had a $13 billion valuation and investors like BlackRock. Grammarly is a paid subscription service with a free version. It started in 2009. It boasts 30 million daily users. Max Lytvyn was born and raised in Ukraine. He later obtained Canadian citizenship. He earned a Master in Business Administration from Vanderbilt University. According to Forbes, Lytvyn is worth $5.04 billion CAN ($4 billion US).

22. James Irving – $5.16 billion CAN ($4.1 billion US)

James Irving is a member of the Irving family, one of the richest Canadian families. He owns of J.D. Irving, a conglomerate that owns over two dozen companies in several sectors. While his brother Arthur inherited the oil part of the Irving family business, James took the shipbuilding business. James Irving widened the scope of his business to include shipbuilding, transportation, forestry retail, frozen food, and more. Irving Woodland, one of the major divisions of J.D. Irving, is the sixth-largest landowner in the United States, with over 1.25 million acres of land in its name. Their timber and forestry operations have planted over one billion trees since 1957. Forbes puts James Irving’s net worth at $5.16 billion CAN ($4.1 billion US).

21. Carlo Fidani – $5.29 billion CAN ($4.2 billion US)

Carlo Fidani took over management of Orlando Corporation after the death of his father, Orey Fidani, in 2000. The company manages more than 40 million square feet of commercial space and is involved in land development, design and construction throughout the Greater Toronto Area (GTA). It also purchases and develops high-value lands in the GTA. The company is known for its ability to provide full-service with everything from the land, to the design, permit obtainment and construction of a project which has contributed to its success. Fidani is known for his philanthropy. Carlo Fidani is worth an estimated $5.29 billion CAN ($4.2 billion US) according to Forbes.

20. Daryl Katz – $5.67 billion CAN ($4.5 billion US)

Is Daryl Katz the richest Canadian pharmacy magnate? Daryl Katz is the son of a pharmacist and made his fortune by buying the Canadian rights to the U.S. franchise, the Medicine Shoppe in 1991. He spent 1991-2016 expanding this business into a conglomerate called the Katz Group Of Companies which has businesses in pharmacy, sports & entertainment, and real estate development. In 2016, he sold off the pharmacy portion of his business to the United States-based McKesson Company. Today, the Katz Group of Companies is one of the largest privately-owned businesses in Canada. And, according to Forbes, Daryl Katz has a net worth of approximately $5.67 billion CAN ($4.5 billion US).

19. Bruce Flatt – $5.79 billion CAN ($4.6 billion US)

Businessman Bruce Flatt is a self-made billionaire and one of the richest Canadians in the world. He is often compared to Warren Buffet. Bruce Flatt is an accountant and he took over the job of Chief Executive Officer of Brascan in 2002. He had only joined the company 12 years earlier. The company was later renamed Brookfield Asset Management (BAM.A: TSE, BAM:NYSE). The company invests in alternative assets like infrastructure, private equity and real estate. Flatt is credited with expanding the company’s reach across the globe and being instrumental in major financial moves for the company. Forbes estimates Bruce Flatt to have a net worth of $5.79 billion CAN ($4.6 billion US).

18. Emanuele (Lino) Saputo – $6.04 billion CAN ($4.8 billion US)

Emanuele Saputo turned his cheesemaking roots into a billion-dollar business. His agrobusiness is why he is one of the richest Canadians. The Saputo family immigrated to Montreal, Canada in the 1950s with teenaged Emanuele, and set up their cheese business. Emanuele Saputo became its president in1969. The company expanded from that point until it went public in 1997 (SAP:TSE). The company now has interests in restaurants, golf clubs as well as the Saputo Stadium which hosts the Montreal soccer team. According to Forbes, Emanuele Saputo is worth $6.04 billion CAN ($4.8 billion US).

17. Huang Chulong – $6.30 billion CAN ($5 billion US)

Huang Chulong amassed most of his wealth as the chair of privately-held Galaxy Group, based out of Shenzhen, China. The company was involved in developing over 538 million square feet of real estate in China and has interests in hotels, shopping malls, parking lot operation, and office leasing. It continues to integrate into new sectors like business operations, finance, urban renewal, and investment. Chulong holds 85% of shares of the Shenzhen Galaxy Commercial Property Investment. According to Forbes, his fortune is worth about $6.30 billion CAN ($5 billion US).

16. Mark Scheinberg – $6.67 billion CAN ($5.3 billion US)

Mark Scheinberg and his father Ian created their own casino, PokerStars.com. Under his leadership as CEO, Mark transformed PokerStars into the internet’s largest online poker playing platform. They sold the company for $4.9 Billion. Mark used the money to establish Mohari Hospitality, an investment company. Scheinberg develops luxury real estate and leisure destinations worldwide. Forbes puts Mark Scheinberg’s net worth at $6.67 billion CAN ($5.3 billion US).

15. Alain Bouchard – $6.93 billion CAN ($5.5 billion US)

Alain Bouchard is one of the richest Canadians because of a company he helped build. After years working in the convenience store sector, Alain Bouchard opened his own convenience store in 1980 at the age of 29. Five years later, Bouchard bought a Quebec regional chain of convenience stores called Couche-Tard, and Alimentation Couche-Tard was born. Over the next few years, the company bought stores across Canada and around the world, including Circle-K. Bouchard is still Executive Chairman of the Board of Directors for Alimentation Couche-Tard, the position he took after naming Brian Hannasch President and Chief Executive Officer in 2014. According to Forbes, Bouchard is worth about $6.93 billion CAN ($5.5 billion US).

14. Chip Wilson – $7.05 billion CAN ($5.6 billion US)

Chip Wilson is a businessman, philanthropist and the founder of many retail apparel companies including Lululemon Athletica Incorporated (LULU: NASDAQ). Wilson was CEO of Lululemon until 2005, when he sold a 48% stake to two private equity firms: Advent International and Highland Capital Partners. Lululemon went public in 2007. Wilson resigned as Chairman in 2013 and removed himself from the business entirely in 2015. However, he is still Lululemon’s largest individual shareholder with an 8% stake in the company. Wilson, his wife and five sons now operate a holding company called Hold It All, which invests in apparel, real estate and private equity. Forbes puts Chip Wilson’s net worth at $7.05 billion CAN ($5.6 billion US).

13. Gaye Farncombe – $8.46 billion CAN ($6.72 billion US)

Gaye Farncombe is a member of the one of Canada’s richest families and owns a piece of the empire. Farncombe is a granddaughter of the great Canadian newspaper mogul, Roy Thomson. Farncombe also owns 11% of Woodbridge investment firm. Bloomberg puts Gaye Farncombe’s net worth at $8.46 billion CAN ($6.72 billion US).

12. Linda Campbell – $8.46 billion CAN ($6.72 billion US)

Linda Campbell is the granddaughter of newspaper titan Roy Thomson, who was given the title of 1st Baron Thomson of Fleet due to his work in the news and information business. Campbell reportedly owns an 11% stake of the Thomson family’s fortune. According to Bloomberg, Linda Campbell has a net worth of Linda Campbell – $8.46 billion CAN ($6.72 billion US).

11. Tobias Lutke – $8.69 billion CAN ($6.9 billion US)

He founded Shopify (SHOP: TSE). Actually, Tobias Lutke built the e-commerce software himself. The company is an essential platform for merchants to sell their goods and services online. In today’s era, the platform has taken over the majority of e-commerce. It is used by more than 500,000 merchants worldwide today. According to Forbes, Tobias Lutke has a net worth of $8.69 billion CAN ($6.9 billion US).

10. Pan Dong – $10.04 billion CAN ($8.3 billion US)

Pan Dong worked her way up from tech consultant to Chief Technology Officer (CTO) and finally to Chairman of Blue Moon Group. Pan and her husband grew Blue Moon Group into a company with healthy profits. That is why Hillhouse Capital Management invested 46 million USD (55.66 million CAD) in two rounds of funding. When the Blue Moon Group went public in 2020, it was one of the biggest IPOs in Hong Kong and the market reached record highs. Pan Dong has a 76% in the company. According to Forbes, her success has earned her a net worth of $10.04 billion CAN ($8.3 billion US).

9. David Thomson – $10.78 billion CAN ($8.56 billion US)

David Thomson is the 3rd Baron Thomson of Fleet and the grandson of Roy Thomson, the man who started the Thomson Corporation with the purchase of a single small town newspaper in Ontario. Thomson Corporation acquired Reuters in 2008 to form Thomson Reuters.

Thomson is chair of Thomson Reuters, the Globe and Mail newspaper and Woodbridge, an investment firm. He has also invested in True North Entertainment, the company that owns the Winnipeg Jets hockey team, and he owns real estate developer Osmington. Bloomberg puts David Thomson’s net worth at $10.78 billion CAN ($8.56 billion US).

8. Peter Thomson – $10.78 billion CAN ($8.56 billion US)

Peter Thomson is the co-chair of Woodbridge. Woodbridge is an investment firm that manages the investments of the Thomson family. Peter Thomson reportedly owns a 14% stake of Woodbridge. Woodbridge manages investments in Thomson Reuters, Bell Media, the Globe and Mail and others. He is also a rally race car driver. Thomson is the grandson of Thomson Corp. founder, Roy Thomson. According to Bloomberg, Peter Thomson’s net worth is $10.78 billion CAN ($8.56 billion US).

7. Taylor Thomson – $10.78 billion CAN ($8.56 billion US)

Taylor Thomson is the granddaughter of Roy Thomson. She owns a 14% stake in her family’s investment company, Woodbridge. Born Lynne Thomson, she later changed her name to Taylor Thomson. The young billionaire passed the bar exam and worked as a lawyer before diving into the world of acting. Taylor Thomson appears to be focusing on building her real estate portfolio with more than $ 120 million worth of real estate in California alone. Bloomberg puts her net worth at $10.78 billion CAN ($8.56 billion US).

6. Joseph Tsai – $11.34 billion CAN ($9 billion US)

​​Taiwanese-born Canadian billionaire businessman and philanthropist, Joseph Tsai, is the co-founder of Alibaba Group Holding, the Chinese-based internet giant. He has been with the business for over 20 years, most recently as Chief Financial Officer (CFO) and Executive Vice-Chairman of the Board. He graduated from Yale Law School and spent time at various firms before joining Alibaba. According to Forbes, Joseph Tsai has a net worth of $11.34 billion CAN ($9 billion US).

5. Anthony von Mandl – $11.34 billion CAN ($9 billion US)

​​Anthony von Mandl is a businessman and leading figure in the alcohol sector. He first entered the alcohol business selling imported wines from his car in Vancouver after graduating from college. He eventually landed a European apprenticeship in the wine trade which, in turn, brought him back to Canada as an importer and merchant of fine wines. When von Mandl was 31, he had saved up enough money to invest in his first vineyard, mostly through his importing business. He chose to put down roots in his native British Columbia, in the largely unknown Okanagan Valley. However, his first major success was the creation of Mike’s Hard Lemonade, which first launched in Canada in 1996 and then in the U.S. in 1999. He also launched White Claw. Forbes puts Anthony von Mandl’s net worth at $11.34 billion CAN ($9 billion US).

4. Changpeng Zhao – $14.22 billion CAN ($11 billion US)

Chanpeng Zhao started Binance, a cryptocurrency exchange that is now the biggest in the world in terms of volume. He studied computer science at McGill University. After university, he worked as a developer for Bloomberg. He then became a partner at Fusion Systems. In 2013, he became Head of Development at Blockchain. In 2015, Chapeng Zhao started Bijie Tech, an exchange systems provider. Then in 2017, he launched Binance Holdings Inc. Binance is not publicly traded. Binance Holdings Limited has bought or invested in important companies like Coinmarketcap, the world’s most-referenced price-tracking website for crypto assets. He may be the richest Canadian right now. According to Bloomberg, Zhao is worth $14.22 billion CAN ($11 billion US).

3. David Cheriton – $14.36 billion CAN ($11.4 billion US)

David Cheriton is a professor at the University of Stanford and owes his fortune to a $100,000 investment that he made in a young company called Google. In addition to his investment in Google, he has also founded three different companies. One is Arista Networks, which went public in 2014 (ANET:NYSE). The second is Kealia, which was sold to Sun Microsystems in 2004. The last was Granite Systems, which was sold to Cisco in 1996. According to Forbes, David Cheriton has a net worth of $14.36 billion CAN ($11.4 billion US).

2. Jim Pattison – $15.37 billion CAN ($12.2 billion US)

​​Jim Pattison is an investor, philanthropist and businessman. He is the head of an empire that operates in some 85 countries spanning an array of industries such as supermarkets, lumber, fisheries, disposable packaging, theme parks, auto dealers and more. He opened a Pontiac dealership in 1961; 25 years later, he was selling more cars than anyone else in Western Canada. He grew his business to include other companies such as Overwaitea Foods, Ripley’s Believe It Or Not!, Save-On-Foods, Guinness World Records and numerous TV and radio stations across British Columbia, Alberta, Saskatchewan and Manitoba. Forbes puts Jim Pattison’s net worth at $15.37 billion CAN ($12.2 billion US).

1. Sherry Brydson – $17.38 billion CAN ($13.8 billion US)

Sherry Brydson is one of the richest Canadians. She owns 23% of the Thomson family’s investment firm, Woodbridge. Brydson’s ventures also go beyond Woodbridge via investment firm Westerkirk Capital, which manages investments in hospitality, aviation and media like Ontario’s Moose FM radio stations. Besides these million dollar investments, Brydson owns a few small businesses in Toronto including Thai restaurant Bangkok Garden and Elmwood Spa. Bloomberg puts Sherry Brydson’s net worth at $17.38 billion CAN ($13.8 billion US).