Canada’s Richest billionaires 2020

David Thomson & family
David Thomson & family

While millions of Canadians lost their jobs because of the COVID-19 pandemic, the country’s top 20 billionaires have amassed an average of nearly $2 billion each in wealth during six of the most economically catastrophic months in Canadian history, for a combined total of $37 billion.

The biggest gains are to the Thomson family fortune (an estimated $8.8 billion increase), followed closely by Shopify’s Tobi Lutke ($6.6 billion increase)—mirroring some of the huge gains among tech giants like Amazon and Apple south of the border.

The Weston family ranked third, while Lululemon founder Chip Wilson saw a nearly $3 billion gain. (Full ranking follows below. Data for the report come from Forbes’ annual billionaire’s list.) “At the same time as billionaires like Loblaws owner Galen Weston have seen their wealth balloon,

front-line workers stocking shelves and scanning groceries at his stores have continued to risk their health and that of their loved ones by coming into work,” says Alex Hemingway, an economist and public finance analyst at the Canadian Centre for Policy Alternatives’s BC Office and lead author of the report.

 

Here Are Canada’s Richest billionaires 2020

 

10. Anthony von Mandl

Anthony von Mandl
Anthony von Mandl

Anthony von Mandl created the ready-to-drink alcoholic beverages White Claw Hard Seltzer and Mike’s Hard Lemonade through his Mark Anthony Brands. von Mandl told Forbes his U.S. business is estimated to deliver close to $4 billion in revenue in 2020.

He began his career in the Canadian wine business as an importer in the 1970s at age 22. He currently owns five wineries in Canada, including Mission Hill Winery in British Columbia’s Okanagan Valley. Through his company Mark Anthony Wine & Spirits, von Mandl is a leading figure of Canada’s alcohol importing and distribution sector.

Net Worth: $3.3 B
Source: Alcoholic Beverages
Industries: Food & Beverages

 

9. Emanuele (Lino) Saputo & family

Emanuele Lino
Emanuele Lino

Emanuele (Lino) Saputo chaired his family’s eponymous dairy company from 1969 until his August 2017 retirement. His son, Lino Jr., who has served as president and CEO since 2004, succeeded him as chairman.

The elder Saputo’s father, Giuseppe, founded the business in 1954 with $500 and a bicycle for deliveries after immigrating to Canada from Sicily. Lino grew the company in the following decades, taking it public in 1997; today its products are sold in more than 40 countries. The family also has a stake in Major League Soccer’s Montreal Impact.

Net Worth: $3.8 B
Age: 83
Source: Cheese
Industries: Food & Beverages

 

8. Jim Pattison

Jim Pattison
Jim Pattison

Jim Pattison oversees a sprawling group that operates 25 divisions including packaging, food and entertainment. Pattison’s first business was a GM dealership he bought in 1961.

The Canadian billionaire also controls more than 40% of publicly-traded forest products company Canfor. His entertainment division includes Great Wolf Lodge, Guinness World Records and the Ripley’s Believe It Or Not! chain.

Net Worth: $4.3 B
Age: 91
Source: Diversified
Industries: Diversified

 

7. James Irving

James Irving
James Irving

James Irving owns J.D. Irving, a conglomerate with more than two dozen companies in frozen foods, retail, shipbuilding, transportation and more. His timber and forestry operation, based in New Brunswick, has planted over a billion trees since 1957. His family’s fortune dates back to the 19th century, when his grandfather left Scotland and launched a general store and lumber and farming companies.

James Irving owns J.D. Irving, a conglomerate with more than two dozen companies in frozen foods, retail, shipbuilding, transportation and more. His timber and forestry operation, based in New Brunswick, has planted over a billion trees since 1957. His family’s fortune dates back to the 19th century, when his grandfather left Scotland and launched a general store and lumber and farming companies.

Net Worth: $4.5 B
Age: 92
Source: Diversified
Industries: Diversified

 

6. Mark Scheinberg

Mark Scheinberg
Mark Scheinberg

Mark Scheinberg cofounded PokerStars with his father, Isai, and built it into the world’s biggest online poker company before cashing out in 2014. Scheinberg, who owned 75% of Rational Group at the time, pocketed more than $3 billion from the sale.

He helped launch PokerStars in 2001, at age 28, and benefited tremendously from the poker boom that soon swept the U.S. and the rest of world. Scheinberg is investing some of the proceeds in Madrid, where he is helping restore seven historic buildings for commercial and residential use.

Net Worth: $4.9 B
Age: 46
Source: Online Gaming
Industries: Gambling & Casinos

 

5. Huang Chulong

Huang Chulong
Huang Chulong

Huang Chulong chairs Galaxy Group, a privately held business based in the southern Chinese city of Shenzhen. Huang’s business interests span hotels, shopping malls, office leasing, parking-lot operation and real estate development.

Net Worth: $5.1 B
Age: 61
Source: Real Estate
Industries: Real Estate

 

4. David Cheriton

David Cheriton
David Cheriton

“Professor Billionaire” David Cheriton, who teaches at Stanford University, made his fortune thanks to an early investment in Google. Cheriton and Andreas von Bechtolsheim (also now a billionaire) each invested $100,000 in Google when it was just getting started.

The pair cofounded 3 companies: Arista Networks (IPO in 2014), Granite Systems (sold to Cisco in 1996) and Kealia (sold to Sun Microsystems in 2004). Cheriton resigned from Arista’s board in March 2014 and has been unloading his stock; he still owns nearly 10% through a trust for his children.

Net Worth: $5.5 B
Age: 69
Source: Google
Industries: Technology

 

3. Galen Weston & family

Galen Weston & family
Galen Weston & family

Galen Weston is chairman emeritus of George Weston, the Canadian food and retail giant founded by his grandfather in 1882. After successfully running grocery and retail stores in Ireland, his father handed him the reins to the struggling Loblaws supermarket chain in 1972.

He turned the company around, by lopping off underperforming stores and redesigning the rest. His son, Galen Jr., now runs both George Weston Ltd. and Loblaws, which acquired Canadian drugstore chain Shoppers for about $12 billion in July 2013. Weston also owns a group of upscale retailers: Canada’s Holt Renfrew, Ireland’s Brown Thomas and UK department store Selfridges.

Net Worth: $7 B
Age: 79
Source: Retail
Industries: Fashion & Retail

 

2. Joseph Tsai

Joseph Tsai and Wife
Joseph Tsai and Wife

He is vice chairman and cofounder of Alibaba Group, and ranks as its second-largest individual shareholder after chairman Jack Ma. In 2018, he bought 49% of the Brooklyn Nets National Basketball Association team; the following year he purchased the remaining 51%.

He holds two degrees from Yale University–an undergraduate degree in economics and East Asian studies and a law degree. Taiwan-born Tsai carries a Canadian passport.

Net Worth: $10 B
Age: 56
Source: e-commerce
Industries: Technology

 

1. David Thomson & family

David Thomson & family
David Thomson & family

David Thomson and his family control a media and publishing empire founded by his grandfather Roy Thomson. The family’s biggest holding: more than 320 million shares of Thomson Reuters, where Thomson serves as chairman.

In 2018, Thomson Reuters announced it was selling a controlling stake in Refinitiv, a financial data provider, to Blackstone for $17 billion. The family also holds a stake in telecom giant Bell Canada and own the Toronto-based Globe and Mail newspaper.

Net Worth: $31.6 B
Age: 62
Source: Media
Industries: Media & Entertainment

 

 

Source: | Forbes