Canada’s richest getting richer
Financial Post
November 19, 2009 1:15 PM
David Thomson and the Thomson family retained a solid hold on the title of richest Canadians with a combined wealth of $21.99-billion.
OTTAWA — It takes money to make money — especially in a recession, according to the Canadian Business’s 2009 list of the richest Canadians, which shows that the rich kept getting richer despite the economic downturn that has cost 400,000 Canadians their jobs in the past year.
The five wealthiest Canadians in 2008 topped the list again in 2009.
The Thomson family of Toronto, of Thomson Reuters and Woodbridge Co. Ltd., retained a solid hold on the title of richest Canadians with a combined wealth of $21.99-billion.
However, there was some jockeying for other positions: Toronto’s Rogers family, of Rogers Communications, slipped a spot to No. 5, with a combined wealth of $4.7-billion, while Vancouver’s Jimmy Pattison, worth $5.07-billion, jumped from No. 5 to No. 4.
Galen Weston, of George Weston Ltd. and Loblaw Cos. Ltd., remained Canada’s third-richest person at $6.47-billion. James and John Irving, of New Brunswick’s Irving Oil Ltd., at $7.28-billion, stayed in second place.
The Thomsons actually managed to grow their wealth by 19% despite the recession, which was particularly harmful to media interests. But in terms of rate of wealth increase, the Thomsons have nothing on Ivanhoe mining executive Robert Friedland, whose bank account grew by 217% to $1.59-billion, according to the magazine, and who jumped from 61st spot on the top 100 to 32nd in the past year.
Goldcorp founder Rob McEwan returned to the list after dropping off last year, as his money pool grew 134% deeper, to $568-million, landing him in 89th spot.
Canadian Business, a magazine founded in 1928, says it goes through proxy statements, insider trading reports and other sources to estimate the worth of rich Canadians.
There are two more billionaires in Canada than there were last year — 55, up from 53 — and the total net worth of Canada’s richest grew to $172.7-billion in 2009 from $165.1-billion in 2008, the second-highest total in the 11 years that the magazine has been compiling its list. The highest was $176.9-billion in 2007.
It wasn’t all sunshine, of course: Lee Ka Lau, of ATI Technologies — at $472 million — is richer this year than he was last, but last year’s 99th place finisher didn’t earn enough to stay on the list. Likewise, Bill Comrie of the Brick Group’s Income Fund fell off the list after the treasure in his chest dropped to $415-million.
Ontario is the province of choice of moneyed Canadians —3 9 of the 100 richest live there, compared with 18 in Quebec, 12 in B.C., 11 in Alberta, four in Nova Scotia, and two each in Manitoba and New Brunswick. Twelve live outside the country.
Top 5 richest Canadians in 2009:
1. Thomson family $21.99-billion
2. James Arthur and John Irving $7.28-billion
3. Galen Weston $6.47-billion
4. Jimmy Pattison $5.07-billion
5. Rogers Family $4.7-billion
Source: Canadian Business
canada.com |
