Get money-saving tips in your inbox.

Stay on top of personal finance tips from our money experts!

News & Resources

Back in the last U.S. election, the "one-percenters" – the top 1% of the population that earn and control the vast majority of the country’s wealth – earned a lot of press. Canada's richest people may not be as well known but, according to Wikipedia, there are at nearly 70 individuals and families in Canada with a net worth in excess of $1 billion. Here are a few of those folks, and how they earned their fortunes.

Food For Thought: The Westons

More often than not, the really, really rich started off that way. While not as world-renowned as the Rockefellers and the Rothschilds, Canada boasts a few globe-trotting dynasties of its own.

The Weston family legacy started with George Weston (1864–1924), a baker’s apprentice who later bought out his employer’s bakery and eventually launch a retail empire. Today, that includes the Weston Bakeries, the Loblaw grocery chain, high-end department store Holt Refrew, and a number of other retailers. Current family patriarch, Galen Sr., is ranked as Canada’s second richest man, with an estimated net worth of $8 billion. His son, Galen Jr., is the company’s executive chairman and face of the brand, appearing in folksy (some would say hokey) commercials announcing new products. The company recently made headlines for its $12.4 billion purchase of Shoppers Drug Mart.

Frozen Out: The McCain Family

But big money can lead to big problems. Take the McCain family, for example. Four brothers, Harrison, Wallace, Robert, and Andrew McCain launched their eponymous frozen food company in 1957. After Robert and Andrew died, Harrison and Wallace ended up in a costly and prolonged battle over the business they started together. Wallace’s side of the family was bought out of the frozen food business and invested most of their money in Maple Leaf Foods. More recently, one of Wallace’s sons, Michael McCain, gained some unwanted press of his own when he announced he was divorcing his wife, Christine. One notable detail that came out was the $175,000 a month (yes, a month) in spousal support Michael must pay Christine while the divorce is being finalized. But don’t worry, Michael McCain should be able to cover it. He’s estimated to be worth $500 million.

On The Road To Riches: Jim Pattison

Jim Pattison’s story is an enviable one. The Saskatchewan-born, Vancouver-raised billionaire’s first job was playing trumpet at a children’s camp. He later really took to car sales, opening a GM dealership in 1961. Today, he reportedly sells more cars than anyone else in Western Canada. He’s also the sole owner of the Pattison Group, a diverse company that includes media (from magazine distribution to roadside billboards), real estate, financial, and entertainment holdings, and employs some 43,000 people.

A Multi-Billion Marketplace: Jeff Skoll

Jeff Skoll turned an engineering degree into a multi-billion dollar fortune by founding a little company called eBay. After the hugely successful online auction site took off, he was able to launch Participant Media, a film production company that’s produced movies ranging from Al Gore’s An Inconvenient Truth to Lincoln. He’s also well known for his philanthropy, donating a good chunk of his fortune through the Skoll Foundation.

The Media Mogul: Gerald Schwartz

Gerald (Gerry) Schwartz earned his billion in a few different fields. After earning a law degree and then an MBA from Harvard, he co-founded CanWest Global Communications in the 1970s, then launched buyout firm Onex in 1983. He’s still at Onex where he earned more than $60-million (pre-tax) in 2011. He’s also an honorary director of the Bank of Nova Scotia and is the director of his wife, Heather Reisman’s, Indigo Books and Music.

Allan Britnell

Toronto-based freelancer Allan Britnell is an award-winning writer with nearly 20 years’ experience. He covers a diverse range of topics, including DIY and professional home renovation projects, nature and the environment, small business, personal finance, and family and health issues. He is also the managing editor of Renovation Contractor, the publication written for small- and medium-sized contracting and custom home building companies. He lives in Toronto with his wife, two daughters, and their dog, Oscar.

Latest life insurance articles

10 Life insurance myths debunked
Life insurance is for someone older or has kids, right? Wrong. Let’s debunk life insurance myths and learn why everyone needs some form of coverage.
6 mins read
Do you need life insurance? A primer for Canadians
Life insurance isn’t a one-size-fits all solution. But if you have dependents, it can be an important financial safety net for those you love.
7 mins read
Why life insurance should be part of estate planning for new parents
Life insurance is one of the best ways new parents can protect their family and help loved ones in the event of your unexpected death.
5 mins read

Subscribe to our newsletter

Stay on top of our latest offers, relevant news and tips!

Thanks for joining!

You'll be hearing from us shortly - stay tuned.