In this article will examine the 10 richest individuals in Canada as of November 2024. For those who wish to bypass our comprehensive analysis of the Canadian economy, you may proceed directly to the section on the 10 Wealthiest People in Canada.
Billionaires and Wealth Inequality in Canada
In 2024, Canada continues to rank among the wealthiest nations globally, boasting a GDP per capita of $54,870. The country is also notable for its concentration of affluent individuals, with 57 billionaires residing within its borders. According to Forbes, the collective net worth of these billionaires has surged to $315 billion in 2024, marking a substantial increase from $245 billion the previous year.
While the presence of billionaires can drive innovation and attract investment, it is essential to consider the broader societal impact of wealth concentration within a small demographic. A recent report from Oxfam Canada underscores this issue, revealing that billionaire wealth has escalated by a staggering 51% since the onset of the pandemic. This surge has exacerbated the long-standing trend of unequal wealth distribution, which has persisted over the past decade. In this period, the wealthiest Canadians have accumulated $34 out of every $100 generated in the economy, while only $5 has been distributed to the bottom 50% of the population. As a result, the wealthiest Canadians have amassed nearly seven times the wealth of the lower half of the population over the last ten years.
We compiled a list of the 10 richest individuals in Canada thanks to the help of Finance Monthly Magazine. Our list ranks these wealthy Canadians in ascending order based on their net worth as of November 2, 2024.
10. Chip Wilson
Net Worth (2024): $5.9 billion
Chip Wilson, founder of Lululemon, established the athletic wear brand in 2000, starting with a single store. Lululemon went public in 2007, and Wilson served as CEO until stepping down in 2013, ultimately exiting the company in 2015. As of April 28, his net worth stands at $5.9 billion.
9. Tobi Lutke
Net Worth (2024): $6.5 billion
Tobi Lutke is the CEO and co-founder of Shopify Inc. (NYSE), a leading e-commerce platform. Lutke retains nearly 6% of the company’s shares. As of April 28, his net worth is estimated at $6.5 billion.
8. Arthur Irving
Net Worth (2024): $6.6 billion
Arthur Irving owns Irving Oil, a major company in gas station and oil refining sectors. His current net worth, as of April 28, stands at $6.6 billion, making him one of Canada's wealthiest individuals.
7. Alain Bouchard
Net Worth (2024): $7.4 billion
Alain Bouchard co-founded Alimentation Couche-Tard Inc. (OTC), a major convenience store chain, and oversees a network of over 14,000 stores as executive chairman. His net worth is $7.4 billion.
6. Anthony von Mandl
Net Worth (2024): $7.4 billion
Anthony von Mandl, creator of White Claw Hard Seltzer and Mike's Hard Lemonade through Mark Anthony Brands, ranks sixth among Canada's wealthiest. His company reported over $3.5 billion in revenue in 2023. As of April 28, his net worth is $7.4 billion.
5. Joseph Tsai
Net Worth (2024): $8.6 billion
Joseph Tsai is one of the wealthiest individuals in Canada. Born in Taiwan, he holds a Canadian passport and is the co-founder and second-largest shareholder of Alibaba Group Holding Limited (NYSE). As of April 28, his net worth is $8.6 billion.
4. Jim Pattison
Net Worth (2024): $9.1 billion
Jim Pattison serves as CEO and chairman of The Jim Pattison Group, which spans 20 business divisions. His net worth as of April 28 is $9.1 billion.
3. David Cheriton
Net Worth (2024): $14 billion
David Cheriton, a retired Stanford University professor, amassed his wealth through an early investment in Alphabet Inc. (NASDAQ). His net worth is $14 billion as of April 28.
2. Changpeng Zhao
Net Worth (2024): $33 billion
Ranked second, Changpeng Zhao is among the wealthiest in the finance and investments industry. He founded Binance, a leading cryptocurrency exchange. As of April 28, his net worth stands at $33 billion.
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1. David Thomson & family
Net Worth (2024): $67 billion
David Thomson and his family control the media conglomerate Thomson Reuters Corporation (NYSE). As of April 28, their net worth is $67 billion.
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