List of Canadians by net worth
The following list of Canadians by net worth includes the 25 wealthiest Canadian individuals and families as determined by Canadian Business. The biweekly publication, Canadian Business has published an annual ranking of the wealthiest Canadian individuals and families since 1998. In addition to the annual rankings published by Canadian Business, a number of Canadians are also featured in The World's Billionaires by Forbes, and the Bloomberg Billionaires Index.
Number of billionaires
According to Canadian Business, in November 2017 there were at least 100 Canadian billionaires when using the Canadian dollar to evaluate net worth. However, the 2019 edition of The World's Billionaires by Forbes listed only 45 Canadians that were billionaires when using the United States dollar to evaluate net worth. In the 2019 edition of The World's Billionaires, the only Canadians listed in its top 100 was David Thomson and family; placing 27th in the listing with an estimated net worth of US$32.5 billion. As of August 2020, 15 of the top 500 billionaires in the world were Canadian, according to the Bloomberg Billionaires Index published in August 2020.
Several Canadian individuals/families that hold multiple citizenships have a net worth exceeding C$1 billion, although are not listed as Canadians by the aforementioned publications. One of the world's wealthiest individuals, Elon Musk, is a Canadian citizen; although both Bloomberg's and Forbes listing of billionaires list Musk as an American.[note 1] The valuations provided by these publications may also differ from one another. In January 2021, Bloomberg announced that Musk had surpassed Jeff Bezos in its listing of billionaires, becoming the world's wealthiest individual. However, Forbes has contested the claims released by Bloomberg, with Forbes having noted that Musk only advanced from being the third-wealthiest to second-wealthiest individual according to their own valuations.
The following is a list of the 25 wealthiest Canadians individuals and families, according to Canadian Business in November 2017.
Measuring the wealth of high-net-worth families in Canada
Parliamentary Budget Officer
In September 2019, the Office of the Parliamentary Budget Officer (PBO)—an independent, non-partisan office that supports the work of parliamentarians by providing authoritative financial and economic analysis of issues related to public monies—published a two-page cost estimate of the "fiscal revenues of an annual tax on the net wealth of high-net-worth families above $20 million".:3 The report was one of 200, requested by the political parties in the months leading up to the 2019 federal election.:3 At that time, the main "family wealth microdata product" used by Statistics Canada—the Survey Financial Security Public Use Microdata File (SFS PUMF)—was found to result in "underreporting" and "missing data.":1,3 In their 2017 list that ranked Canada's top 100 richest people, Toronto-based Rob McEwen of McEwen Mining, ranked 100th with a net worth of C$875 million, while number 1 on the list—the Toronto-based Thomson family of Thomson Reuters—had a net worth of C$39.13 billion. However, the SFS PUMF only reported on the wealth of families with $27 million or less.:3
In their June 2020 report, the PBO introduced their new "analytic resource" developed to "address the data gap." Their new modelling approach provides a more reliable estimate of family wealth at the top tail of wealth distribution in Canada. Using publicly available data from Canadian Business (CB) magazine and Statistics Canada's micro dataset, the OPBO created a new synthetic micro dataset called the High-net-worth Family Database (HFD) that recalibrates the SFS PUMF by adding a "synthetic dataset of families with wealth over $3 million".:1 Using the more finely grained micro data base, PBO found that the share of the wealth held by top 1% wealthiest Canadian families is 12% higher than the share previously reported using the SFS PUMF. The PBO says that the discrepancy may be due to higher incidences of high net worth families not responding to the SFS.:1 For example, comparing the two surveys based on 2016 data, the SFS PUMF had estimated the wealth held by the top 1% wealthiest Canadians as 13.7%, while the newer calibrated database HFD produced an estimate of 25.6%.:1
Bloomberg L.P. maintains a daily ranking of the net worth analysis in US$ of the world’s richest people in the world on the Bloomberg Billionaires Index, which is updated "at the close of every trading day in New York". The results are published on the profile page of each individual billionaire. On September 30, 2020, Joseph Tsai ranked 111th in the world with a net worth analysis of US$15 billion. His most recent change in net worth showed an increase of US$671 million and by YTD an increase of US$2.91 billion. Three members of the Thomson family were listed as individuals, not as a family economic unit.
Every year, the Canadian Business magazine publishes a complete annual ranking of the "100 wealthiest individuals and families in Canada", an "annual guide to the richest people in Canada—how much they're worth, how they made their fortunes, and the companies that got them there." The most recent available list is updated to 2018. Examples of previous years include 2017, 2016, 2015, 2014, and 2013.
Forbes magazine's annual listing of billionaires entitled The World's Billionaires is based on March 18, 2020 "stock prices and exchange rates" in US$. Their 2019 list included 45 Canadians. They collaborate with FactSet Research Systems, Orbis, PitchBook Data, Real Capital Analytics, Reonomy, S&P Capital IQ, and VesselsValue to collect data.
- Elon Musk holds citizenship from Canada, South Africa, and the United States.
- "Canada's Richest People 2018: The Top 25 Richest Canadians". Canadian Business. Rogers Media. 9 November 2017. Retrieved 18 November 2019.
- "Canada's Richest People 2018: The Complete Top 100 Ranking". Canadian Business. Rogers Media. 9 November 2017. Retrieved 19 November 2019.
- "45 Canadians make Forbes billionaires list". 5 March 2019. Retrieved 19 November 2019.
- "Bloomberg Billionaires Index". www.bloomberg.com. Bloomberg L.P. 30 August 2020. Retrieved 31 August 2020.
- Evans, Pete (7 January 2021). "Elon Musk passes Jeff Bezos to become world's richest person on Bloomberg list". www.cbc.com. Canadian Broadcasting Corporation. Retrieved 7 January 2021.
- Clayton, Rachel (7 January 2021). "Elon Musk named richest person in the world according to Bloomberg, Forbes disagrees". ABC News.
- "World's Billionaires List". Forbes. 2020. Retrieved 31 August 2020.
- Cuccinello, Haley F. (24 November 2020). "No, Elon Musk Is Not The Second Richest Person In The World -- Here's Why". Forbes. Retrieved 25 November 2020.
- Giroux, Yves (June 17, 2020). Estimating the top tail of the family wealth distribution in Canada (PDF). Office of the Parliamentary Budget Officer (PBO) (Report). p. 28. Retrieved October 1, 2020.
- "Canada's Richest People: The Complete Top 100 Ranking (2017)". Canadian Business. December 7, 2016. Retrieved October 1, 2020.
Our 18th annual guide to the richest people in Canada—how much they’re worth, how they made their fortunes, and the companies that got them there
- "Bloomberg Billionaires Index". Bloomberg. September 30, 2020. Retrieved October 1, 2020.
- "Canada's Richest People: The Complete Top 100 Ranking (2018)". Canadian Business. Retrieved October 1, 2020.
- "Canada's Richest People: The Complete Top 100 Ranking (2016)". Canadian Business. December 24, 2015. Retrieved October 1, 2020.
- "Canada's Richest People: The Complete Top 100 Ranking (2015)". Canadian Business. January 15, 2015. Retrieved October 1, 2020.
- "Canada's Richest People: The Complete Top 100 Ranking (2014)". Canadian Business. January 9, 2014. Retrieved October 1, 2020.
- "Forbes Billionaires 2020". Forbes. Retrieved October 1, 2020.