There are plenty of rich and wealthy people living in Toronto. In fact, it is estimated that 27 billionaires live in Toronto. If only you could be one of them? Perhaps someday you will fall into a pile of riches and spend your days counting the loonies and toonies. To fuel your ambition, we have compiled a list of the richest people in Toronto and their total net worth.
Here is a list of the top 10 richest people in Toronto:
1. The Thomson Family – Net worth: $42 billion
The Thomson family is the richest family in Canada with a net worth of $42 billion. The clan’s empire started with a single radio station in North Bay, Ontario and soon the business advanced to the media, travel, and oil. Thomson Corporation was also once a major provider of education textbooks globally. The family did go through a tough time in 2016 but have slowly regained their strength. Thomson Reuters is further expanding its operations in Canada and its new 500,000 sq. ft. technology hub in Toronto will add approximately 400 more positions to its payroll.
These are the richest people living in the city of Toronto. With the city only getting bigger, richer, and more international, then you’re going to see even wealthier people on this list in the coming years. Will it be you?
2. Galen Weston – Net worth: $13.55 billion
The Weston family made it big in the food industry and has a net worth of $13.55 billion. The family owns Loblaws, Shoppers, Canada’s Holt Renfrew and Selfridges, the UK department store. Weston is also involved in several charitable pursuits, in particular, Durham College’s Centre for Food program that teaches students about sustainable agriculture, food production, and food service.
3. The Apostolopoulos Family – Net worth: $3.9 billion
Their primary businesses include real estate investment, sprucing up bargain properties in rundown areas and then rejuvenating them. The family also has real estate deals just south of the border in Michigan. In addition, the family is now venturing into running casinos and entertainment complex. This is a new area for the Apostolopoulus family and likely to further increase their wealth.
4. Wallace McCain – Net worth: $3.3 billion
A pioneering Canadian businessman who founded McCain Foods Limited. The family is now worth $3.3 billion and ranks as the 13th richest in the country. Primary businesses include McCain Foods and Maple Leaf Foods Inc. Wallace McCain was ousted from the company some time ago, and the company is now run by his family.
The company is now run by Wallace McCain’s son, Michael McCain, who has overhauled the company quite a bit with significant job cuts and division sales. He was also behind the new $400 million plant in Hamilton, Ontario as part of a strategy to compete with other low-cost international meat processors.
5. Barry Sherman – Net worth: $3.3 billion
Sherman died in 2017. He was a Canadian businessman and Chairman of the pharmaceutical company Apotex. He had a net worth of $3.3 billion. In December 2017, he and wife were found dead at their home under suspicion conditions. Initially, the death was ruled as a suicide, but now the case is open, and investigators suspect murder.
While Sherman saw significant financial success, Apotex has been involved in dozens of lawsuits over the years. Only recently, Apotex paid US$444 million in damages to competitors Sanofi and Bristol-Myers Squibb after losing a patent infringement case. Nevertheless, Sherman and his wife still make it to the top 10.
6. Gerry Schwartz and Heather Reisman – Net worth: $3.13 billion
The rich couple has done well in the financial market and reside in a multimillion-dollar home in the exclusive enclave of Rosedale. Primary businesses include Onex Corp and Indigo Books & Music Ltd. Heather Reisman played a key role in the transformation of Indigo and was able to reinvent the bookstore as a cultural department store offering everything from American Girl dolls to books and meditation aids.
7. Mitchell Goldhar – Net worth: $2.4 billion
Goldhar has a net worth of $2.4 billion that was primarily acquired through his success in real estate. Goldhar owns many developments across the country and has a major stake in the newly built Vaughan Metropolitan Center. He is also the CEO of SmartCentres that have enjoyed significant success through Walmart Canada, and both have shown growth respectively.
8. Carlo Fidani – Net worth: $2.3 billion
A Toronto real estate developer with a net worth of $2.3 billion. Carlo took over the company after his father’ death a decade ago. He is also co-owner of Canadian Tire Motorsport Park and manages millions of square feet of commercial real estate. Fidani also has a philanthropic side and has a special interest in health issues.
9. The Reichmann Family – Net worth: $2.3 billion
Consists of five brothers: Albert, Paul, Edward, Louis, and Ralph who immigrated to Canada from Morocco in the 1950s and have a net worth of $2.3 billion. They amassed their fortune in the real estate market. However, the family has many other involvements globally including investment in retirement homes and the tile and stone industry. Primary businesses include the Reichmann International Development Corp. and the Reichmann Seniors Housing Development Corp.
10. Joseph and Ted Burnett – Net worth: $2.3 billion
The two jointly headed up Burnac Corp. The family has made its money in real estate; grocery produce distribution and financial dealings. In recent years, the family has been exiting these businesses and are transitioning more into bonds. The family has faced legal problems concerning tax evasion, but so far, no improprieties have been found.