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Published: July 1, 2024
If you combined all the wealth currently held by billionaires around the world, you would have approximately 14.2 trillion U.S. dollars, according to Forbes magazine. But what about Canada alone?
The Forbes annual list of the world's richest people for 2024 includes 2,781 billionaires, with 141 newcomers this year (including star Taylor Swift).
While the United States boasts the largest number of billionaires globally - 813 billionaires with a total net worth of 5.7 trillion U.S. dollars - there are 67 billionaires in Canada, with a total worth of 316.6 billion U.S. dollars. This includes seven women and nine who are under the age of fifty.
And it doesn't seem to be a comprehensive list. It did not include the Weston family, for example, whose total collective wealth was around 16 billion dollars in 2023, according to the Bloomberg Billionaires Index. The family company, George Weston Limited, generated revenue of 60.1 billion dollars that year.
David Thomson, 67, and his family from Toronto, are the richest residents of Canada, with a net worth of 67.8 billion U.S. dollars at the time the list was published, ranking 22nd in the world. They control Thomson Reuters, a publishing empire founded by Roy Thomson, as well as owning The Globe and Mail newspaper.
Changpeng "CZ" Zhao, 47, the founder and former CEO of Binance (the cryptocurrency exchange), is the second-richest Canadian, although he currently resides in Dubai. When Forbes published its list of the world's richest billionaires in April, Zhao's wealth was 33 billion dollars, which is close to the top fifty globally. As of June 29, Zhao jumped to 25th richest person in the world with a net worth of 59.8 billion U.S. dollars.
Although he lives in Palo Alto, California, and is an emeritus professor at Stanford University, David Cheriton, 73, is the third-richest Canadian on the list due to his early investment in Google. He is the 156th richest person in the world with a net worth of 15.5 billion dollars in April. Cheriton's current net worth is 12.6 billion U.S. dollars.
In fourth place for the country is Jim Pattison, 95, in Vancouver, with 9.3 billion U.S. dollars. According to Forbes, he made his fortune through the Jim Pattison Group, which oversees 20 divisions, including food, entertainment, and packaging. Pattison's entertainment division includes the Guinness World Records and Ripley's Believe It or Not!
Although Joseph Tsai, 60, lives in Hong Kong, he holds a Canadian passport. He tops the list of the five richest Canadians with 8.5 billion U.S. dollars, having earned his wealth as a co-founder of Alibaba Group, a technology company specializing in e-commerce and retail.
Alan Bouchard, 75, from Montreal, specialized in founding the convenience store chain, Alimentation Couche-Tard, which has over 14,000 stores worldwide. When the list was published in April, his wealth was 8 billion dollars, but as of Saturday, it was 7.3 billion dollars.
Anthony von Mandl, 74, from Vancouver, amassed 7 billion U.S. dollars through Mark Anthony Brands, which created White Claw Hard Seltzer and Mike's Hard Lemonade, while Dennis "Chip" Wilson earned 6.8 billion U.S. dollars through Lululemon. Meanwhile, Toby Lutke, 43, from Toronto, is worth 6.9 billion U.S. dollars as the co-founder and CEO of Shopify.
Arthur and James Irving, behind Irving Oil and J.D. Irving, respectively, both made the list this year, coming in tenth and eleventh among the richest Canadians. However, the brothers passed away this year, month after month.
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