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As of 2024, the wealthiest individuals in Canada come from diverse industries ranging from media and technology to retail and real estate. As a group, their wealth has ballooned over the last two decades, the combined net worth of the 10 richest Canadians is now $261 billion According to Maclean here are the top 10 wealthiest Canadians with a combined net worth of$261 billion The Thomson family fortune began with Roy Thomson, who transformed a single newspaper into a global publishing empire. After his death in 1976, his son, Kenneth, inherited both the business and the peerage title of Baron Thomson of Fleet. Over three decades, Kenneth expanded the company’s reach through strategic acquisitions, eventually selling its newspaper holdings in 2000 to focus on digital information, such as financial data. Read also: 30 Wealthiest families in the world in 2024, worth over $2 tn In 2002, Kenneth passed the reins of Thomson Corporation to his eldest son, David, shortly before his own death. Under David’s leadership, the company made its most significant acquisition: the $17 billion purchase of global newswire Reuters. Today, Thomson Reuters stands as a global information powerhouse, providing data, software, and services to industries like finance, law, and journalism. Over the past five years, its stock has surged more than 15o per cent, reaching $231.42 per share at the time of valuation. The Thomson family’s holding company, Woodbridge, owns approximately 70 per cent of Thomson Reuters. The family’s influence extends well beyond Thomson Reuters. Woodbridge owns The Globe and Mail, with David serving as chair, and holds a minority stake in BCE Inc., the parent company of Bell Canada. David also co-owns the Winnipeg Jets hockey team, while Woodbridge maintains a minority interest in the Montreal Canadiens. While the Thomson fortune is to benefit future generations, the hereditary title of Baron Thomson of Fleet will pass to only one: David’s 18-year-old son, Benjamin. Read also: Meet the World’s richest families by market capitalisation Changpeng Zhao, widely known as CZ, is a Chinese-born entrepreneur who became a prominent figure in the cryptocurrency world. After moving to Canada as a teenager, he graduated from McGill University with a degree in computer science. In 2017, Zhao founded Binance, a cryptocurrency exchange that quickly became the world’s largest by trading volume, boasting a market cap of approximately $90 billion. He owns 90% of Binance and nearly two-thirds of its native token, BNB, which ranked as the fourth-largest cryptocurrency by market cap, valued at over $600 per unit as of September. Despite his financial success, Zhao’s journey has faced significant legal hurdles. Late last year, he pleaded guilty to failing to implement an effective anti-money laundering program and spent the summer in prison. He stepped down as CEO, and Binance was hit with a $4.3 billion fine. Although Zhao was released from custody on September 27, legal challenges persist. Binance remains under scrutiny by the U.S. Securities and Exchange Commission, which alleges violations of federal securities laws, including operating unregistered national securities exchanges. Galen Weston Jr. rose to prominence as the relatable face of Loblaw’s President’s Choice brand, appearing in a popular series of television commercials. In 2020, he took control of Wittington Canada, the family’s holding company, which owns a controlling stake in George Weston Ltd. This company holds the majority share in Loblaw Companies Limited, whose grocery chains include No Frills, Valu-mart, and Provigo. Over the past three years, Loblaw’s stock price has tripled, despite growing concerns over the rising cost of food. Beyond groceries, George Weston Ltd. is a major player in real estate, owning 61 per cent of Choice Properties REIT. This real estate investment trust manages over 700 retail and industrial properties across Canada, with Loblaw as its primary tenant. Weston’s personal assets include a sprawling 500-acre estate near Caledon, Ontario. Read also: Meet over 50 wealthy Nigerians and their industries The Irving family, with a net worth of $14.47 billion, has been a cornerstone of New Brunswick’s economy for over a century. Their diverse portfolio spans industries such as forestry, oil, real estate, media, construction, food, retail, shipbuilding, and transportation. For decades, the family empire flourished under the leadership of brothers James (J.K.), Arthur, and John (Jack). However, recent shifts suggest a new chapter for the dynasty. Irving Oil, which operates Canada’s largest oil refinery, underwent a strategic review last year, sparking speculation about a potential sale. The refinery sources most of its oil from the United States, Saudi Arabia, and Nigeria, making it an attractive asset for international buyers. Adding to the changes, Arthur’s daughter, Sarah, recently exited the company. Despite these transitions, the Irving legacy remains firmly rooted in the province. J.D. Irving, the family’s forestry, shipbuilding, and transportation conglomerate, is now managed by J.K.’s sons, Jim and Robert. The passing of both Arthur and J.K. earlier this year, each in their nineties, marked the end of an era—but the Irving name is poised to dominate New Brunswick’s landscape for generations to come. Read also: Meet the world’s richest royal family worth 4 times more than Musk and Gates combined In 1957, four brothers from Florenceville, New Brunswick, revolutionized mealtime with the creation of McCain Foods. Under the leadership of Harrison and Wallace McCain, the company expanded into a global frozen foods powerhouse. However, in the 1990s, a family feud over leadership led Wallace to part ways, taking his sons, Michael and Scott, with him to acquire a substantial stake in Maple Leaf Foods. Today, both Harrison and Wallace have passed away, but Scott McCain has returned to McCain Foods as chair. The company, now generating $14 billion in annual revenue, continues to thrive. (This valuation of the McCain family excludes Michael McCain, who maintains a stake in Maple Leaf Foods.) Read also: Wealth of top 10 richest women in the world increases by 3.98% in Q2 2024 Vancouver-born David Cheriton made an important move in the tech world while teaching computer science at Stanford University. It was there he met Sergey Brin and Larry Page, the founders of Google, and provided them with a $100,000 investment during their startup phase. This early gamble transformed into a stake worth over $1 billion. Cheriton’s time at Stanford also led to a partnership with German tech innovator Andy von Bechtolsheim. Together, they co-founded Arista Networks in 2008, a leading computer networking company specializing in data center and AI networking. Cheriton’s share in Arista alone exceeds $5 billion. Although he retired from teaching at Stanford in 2016, Cheriton remains deeply involved in the tech sector. Residing in Palo Alto, California, he continues to invest in emerging technology firms and serves as Chief Data Centre Scientist at Juniper Networks, a prominent networking hardware company. Read also: Meet the world’s richest ‘Al Nahyan’ royal family, owners of $475 million palace, 8 jets,700 cars, investments in SpaceX, Fenty The Rogers family, with a fortune of $12.47 billion, is a powerhouse in media and communications. Ted Rogers transformed a Toronto radio station into Rogers Communications, a telecom giant that owns assets such as the Toronto Blue Jays, a stake in Maple Leaf Sports & Entertainment, and Canada’s largest wireless network. Before his death in 2008, Ted established the Rogers Control Trust to keep the company within the family. The trust holds 97.5% of the company’s voting shares and 9.89% of its non-voting shares, with Ted’s son, Edward Rogers III, serving as chair. This governance structure sparked a high-profile family feud over control of the empire, drawing comparisons to the drama of Succession. Tensions eased in January when Melinda Rogers-Hixon and Martha Rogers, two of Ted’s daughters, stepped down from the board. Their sister, Lisa Rogers, joined the board in 2023, while Ed solidified his leadership by being elevated from chair to executive chair of the Rogers board in August. Joseph Tsai, co-founder and chair of Alibaba, holds a 1.4 per cent stake in the Chinese e-commerce giant he helped establish. As chair, Tsai is navigating the company through challenging times, with its market value down 64% since 2020. This decline stems from Beijing’s crackdown on big tech, which has introduced stricter regulations, imposed fines for monopolistic practices, and blocked major deals, including the IPO of Alibaba’s affiliate, Ant Group. In June, Tsai sold a minority stake in BSE Global—the owner of the Brooklyn Nets—to billionaire Julia Koch. His family office, Blue Pool Capital, also recently acquired a Manhattan penthouse for $188 million, adding to the two units he already owns in the same Central Park-facing building. Read also: Meet the richest people from 14 states in Nigeria At 96 years old, Jim Pattison remains at the helm of the Vancouver-based Jim Pattison Group, the conglomerate he founded in 1961 with a single GM dealership. Today, his empire generates $16 billion annually across more than 20 divisions spanning eight diverse industries. Key assets include Pattison Outdoor Advertising, Pattison Media, Ripley Entertainment, Great Wolf Lodge, Guinness World Records, and Pattison Food Group, which encompasses Save-On-Foods and Monte Cristo Bakery. Pattison is also known for his philanthropy, donating 10 per cent of his annual income to charitable causes and committing to giving away half of his fortune during his lifetime and beyond. In addition to his private ventures, Pattison holds stakes in companies like West Fraser Timber, Westshore Terminals, and Canfor, collectively valued at over $2.8 billion. Read also: Top 10 richest men in the world increase wealth by $201.8 bn in Q2 2024 The Desmarais family, with a net worth of $9.96 billion, built their fortune through the financial services sector. Paul Desmarais Sr. established a $5-billion empire with Power Corporation of Canada, an asset management firm, before passing away in 2013. His legacy was passed down to his four children via the Desmarais Family Residuary Trust. For 24 years, his sons André and Paul Jr. co-led the Montreal-based company, overseeing numerous acquisitions. Today, their sons, Paul III and Olivier, are focused on attracting younger, tech-savvy investors. Paul III leads the company’s fintech division, which includes an investment in Wealthsimple, while Olivier chairs Power Sustainable, a climate-conscious alternative asset management firm. Alongside the family trust’s stake in Power Corporation, the Desmarais family members, including André, Paul Jr., Paul III, and Olivier, also hold personal shares in the company.
Tua Tagovailoa Blames Dolphins Disappointing 2024 Campaign on 1 PersonPresident-elect Donald Trump announced Wednesday that he will nominate former Sen. Kelly Loeffler, R-Ga., to lead the Small Business Administration in his second term. "I am very pleased to nominate business leader and former U.S. Senator Kelly Loeffler, from the Great State of Georgia, to serve as Administrator of the Small Business Administration (SBA)," Trump wrote on Truth Social . Trump called Loeffler "a tremendous fighter in the U.S. Senate during the first Trump Administration" and said she would "bring her experience in business and Washington to reduce red tape, and unleash opportunity for our Small Businesses to grow, innovate, and thrive." Trump announced l ast month that Loeffler would co-chair the organization planning his inauguration. Loeffler, 53, represented Georgia in the Senate for just over a year in 2020 and 2021, filling the seat left by the late Johnny Isakson, R-Ga., when he resigned because of health reasons. She ran in the 2020 special election for the seat but lost in a runoff election to Democrat Raphael Warnock . After the 2020 election, as Trump pushed his claims of widespread voter fraud, Loeffler repeatedly refused to acknowledge that he had lost the presidential election. NBC News reported last year that a special grand jury in Georgia that initially investigated Trump's efforts to overturn the election results recommended indict ing more than three dozen people , including 21 who weren't charged in the Fulton County case. Loeffler was among those the panel recommended, but she was ultimately not charged. Trump has named other choices for his future Cabinet who also expressed doubt about his loss in the 2020 election, including Rep. Elise Stefanik, R-N.Y., his pick for ambassador to the U.N. ; Sen. Marco Rubio, R-Fla. , chosen for secretary of state ; and former Florida Attorney General Pam Bondi , selec t ed for attorney general . Loeffler is the founder of the company RallyRight, which is described as “a suite of technology products designed to empower conservatives with the necessary tools to win at every level.” She is also on the board for the application PublicSquare, which is described as the “largest marketplace & payments ecosystem that protects life, family, and freedom.” She previously owned a 49% stake in the WNBA’s Atlanta Dream, which was sold in 2021 . The small business administrator is subject to Senate confirmation.
No nation can prosper without investment in youths – VP ShettimaAP News Summary at 5:46 p.m. ESTAir Force standout defensive back Lincoln Tuioti-Mariner plans to enter transfer portal
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Washington, DC, Dec. 04, 2024 (GLOBE NEWSWIRE) -- Today Arabella Advisors announced the acquisition of the assets of Ribbon, a fiscal sponsorship technology solution. This acquisition includes Ribbon’s client contracts, a perpetual license to its software and domain, and team members to support the technology. The investment marks a significant step forward in Arabella’s commitment to expanding its suite of services and advancing its technology strategy to better serve changemakers across the philanthropic sector. “Arabella Advisors is committed to providing innovative solutions that enhance the capacity of organizations to drive meaningful change,” said Arabella Advisors’ CEO Himesh Bhise. “The acquisition of Ribbon’s assets, along with our ongoing technology investment, strengthens our ability to serve the philanthropic sector in new and effective ways and help a greater number of social impact organizations succeed.” Ribbon’s technology complements Arabella’s existing suite of services, creating a new tier of software-supported fiscal sponsorship options. This new tier will allow Arabella to meet the needs of a wider array of initiatives and projects, particularly those requiring affordable and efficient support. “The Ribbon software streamlines workflows, making fiscal sponsorship more accessible and affordable,” said Braden Fineberg, CEO of Ribbon. “We’re excited that Arabella Advisors, a leader in back-office solutions for nonprofits, will continue to deliver our technology and support our clients’ missions.” Organizations utilizing the Ribbon technology have praised the software for its speed, flexibility and affordability. “Ribbon enables our clients to easily and flexibly put their philanthropic dollars to work,” said Leah Barr, Social Impact Director at Foundation X. The acquisition of Ribbon’s assets reinforces Arabella’s reputation as an industry-leader in providing an expanded platform for capacity and solutions to nonprofits and philanthropic initiatives. “We welcome Ribbon’s clients and look forward to serving them in the long run with unmatched speed, flexibility and affordability,” said Bhise. “We are excited to utilize Ribbon’s technology and to leverage this investment to help changemakers maximize their impact.” ### About Arabella Advisors: Arabella Advisors is a business dedicated to making philanthropic work more efficient, effective, and equitable. Along with our clients, we are working to build a better future—one with healthy air, water, and food for all, with strong democracies and engaged citizens, with flourishing communities, expanded opportunity and enhanced equity. We help our clients by sharing our expertise and experience, which includes providing outsourced operational support to nonprofit organizations. Proudly a certified B Corporation, Arabella Advisors has been recognized as a Great Place to Work and is a two-time recipient of Entrepreneur Magazine’s “Best Entrepreneurial Companies” award. Arabella Advisors press@arabellaadvisors.com