Canada's richest billionaires are worth over $300B — Here's how they made their mega-fortunes
The ultra-wealthy in Canada have amassed fortunes that most of us can barely fathom, building billion-dollar empires across industries ranging from tech and finance to groceries and forestry.
These Canadian billionaires are the country's most successful entrepreneurs and investors, though their paths to extreme wealth vary dramatically. Some built their fortunes from scratch through groundbreaking innovations, while others inherited century-old family businesses and expanded them into modern empires.
The combined net worth of Canada's 10 wealthiest people (and families) now sits at a staggering $310 billion — nearly 20% higher than last year, according to the 2025 Maclean's Rich List, released Monday.
The magazine's annual ranking reveals some surprising shifts in who holds the most wealth in the country. Maclean's calls its numbers "conservative estimates," noting that some assets were excluded when they didn't have enough information to form an accurate valuation.
So who are these billionaires in Canada, and how exactly did they accumulate such massive wealth? Here's a countdown of the richest Canadians right now, from number 10 all the way to Canada's richest person.
Desmarais Family
Net worth: $12.7 billion
How they made their billions: The Desmarais family's fortune started with a dramatic rescue mission. Paul Desmarais Sr. bought Sudbury Bus Lines Limited for a symbolic $1 in the 1950s when the company, initially founded by his grandfather, was nearly bankrupt. He turned it around and kept acquiring more transportation companies and investments until he eventually controlled Power Corporation of Canada, now a massive financial services empire.
Fast-forward to today, and the family fortune is in its third generation. Paul Sr.'s sons Paul Jr., now 71, and André, 69, took over the company in 1996 and have grown it through holdings in Great-West Lifeco and IGM Financial. André is also married to former prime minister Jean Chrétien's daughter France, keeping the family well-connected in Canadian politics.
The younger generation is now steering the ship. André's son Olivier Desmarais, 43, chairs Power Sustainable, which just launched a $330-million fund focused on helping mid-sized businesses cut carbon emissions. His cousin, Paul Jr.'s son Paul Desmarais III, also 43, runs Sagard, the venture capital arm that holds a $2.7-billion stake in Wealthsimple. The family also owns a sprawling 75-square-kilometre estate in Sagard, Quebec.
Ling Tang
Net worth: $13.7 billion
How she made her billions: Ling Tang is one of the most mysterious billionaires in the world — so low-profile that she's the only person on this list without a single publicly available photo. There's almost no information about her online, and even Forbes had trouble tracking down details beyond a business address in Hong Kong that's on the same street as another secretive AppLovin investor.
Tang made her fortune by investing in AppLovin before the company went public in 2021. The mobile tech company's AI-powered software helps app developers deliver targeted ads and collect user data. She owns roughly 17.2 million shares through a company called Angel Pride Holdings Ltd., which adds up to about 5.8% of AppLovin.
The investment paid off big time. AppLovin's stock price shot up more than 700% since the start of 2024, Maclean's reports — catapulting Tang onto the billionaires list for the first time this year and making her the ninth-richest self-made woman on earth, according to Forbes.
McCain Family
Net worth: $13.9 billion
How they made their billions: If you've ever bought frozen fries at a Canadian grocery store, you've probably grabbed a bag of McCain. The family business makes one out of every four french fries eaten anywhere in the world — that's a lot of potatoes.
Brothers Harrison and Wallace McCain started the company in 1957 in tiny Florenceville, New Brunswick, building their first plant on the banks of the Saint John River. Their family had been farming and selling potatoes in the region since 1900. Today, McCain Foods operates in 160 countries with over 20,000 employees and pulls in more than $8.5 billion in annual sales.
The family went through a messy split in the 1990s when the brothers fought over who would take over the company. Wallace and his sons left McCain Foods and eventually took control of another food giant, Maple Leaf Foods. The brothers didn't speak for years until they reconciled in 2004, when Wallace visited Harrison in hospital before Harrison's death.
Now Wallace's son Scott, 67, is back at McCain as chairman, while his brother Michael remained as executive chairman of Maple Leaf Foods.
Irving Family
Net worth: $15.8 billion
How they made their billions: The Irving family is the richest family in New Brunswick, having controlled Atlantic Canada's business landscape for over a century through more than 250 companies across industries like forestry, oil, construction, retail and media. The empire is worth an estimated $10 billion in assets alone.
It all started when Scottish-born J.D. Irving opened a gas station in Bouctouche, New Brunswick, in the early 1900s. His son K.C. Irving took over and massively expanded the business between the 1920s and 1970s. K.C. had three sons who each inherited different pieces of the empire: J.K. got forestry and transportation, Art got Irving Oil (Canada's largest refinery), and Jack got real estate and media.
Today, the fourth generation runs the show. J.K.'s sons Jim Jr. and Robert are co-CEOs of J.D. Irving Ltd. Art's daughter Sarah serves as vice-president and chief brand officer of Irving Oil. Jack's son John K.F. oversees the real estate and media companies. The family's fifth generation is also starting to get involved, with Jim Jr.'s kids, Jamie and Kate, already working for the family business too.
David Cheriton
Net worth: $16.3 billion
How he made his billions: Vancouver-born computer scientist David Cheriton made one of the best investment calls in tech history — he put $100,000 into a little startup called Google back in the day. He also co-founded Arista Networks in 2004, a computer networking company that now provides the ethernet systems powering some of the world's biggest AI data centres.
Despite being worth billions, Cheriton is famous for living frugally. He still lives in the same house he bought 30 years ago and cuts his own hair. The 74-year-old "Professor Billionaire" currently works as chief data centre scientist at Juniper Networks, which bought his startup Apstra in 2021.
But Cheriton's path to tech billionaire almost didn't happen. When he applied to the University of Alberta, he put in applications for both math and music programs. His music application was rejected, so he went with math instead — eventually earning degrees from UBC and the University of Waterloo. Good thing music didn't work out.
Joseph Tsai
Net worth: $18.5 billion
How he made his billions: Taiwan-born Joseph Tsai co-founded Alibaba with Jack Ma in 1999, famously leaving his $700K job at an investment firm to take a salary of just $600 a year. Today, the 61-year-old is chairman of the Chinese e-commerce giant and its second-largest individual shareholder after Ma, with a 1.4% stake in the company.
Tsai holds Canadian citizenship and two degrees from Yale. He's also a huge sports fanatic who's turned his wealth into a mini sports empire. He owns the Brooklyn Nets (NBA), the New York Liberty (WNBA) and the San Diego Seals (National Lacrosse League), plus stakes in several other professional franchises. This summer, he also backed the launch of the new Asian University Basketball League.
Tobias Lütke
Net worth: $19.1 billion
How he made his billions: German-born Tobias Lütke moved to Canada in 2003 after meeting his now-wife on a snowboarding trip to Whistler, and he's been based here ever since. The 45-year-old co-founded Shopify and serves as CEO of the e-commerce giant that now powers online stores for over 2 million businesses worldwide.
Lütke sparked major controversy this year when he sent out a memo ordering his employees to justify why they're hiring humans instead of using AI. The memo also announced that everyone at Shopify would be required to use AI in their jobs — and evaluated on how well they use it.
The bold move seems to be paying off. Shopify's stock jumped in August after the company reported 31% revenue growth, helping it overtake RBC as Canada's most valuable company at $275 billion. And the platform keeps landing major new clients, including Starbucks, Michael Kors and Canada Goose.
When he's not running Shopify, Lütke spends his time behind the wheel — he launched a professional racing career in 2025.
Galen Weston Jr.
Net worth: $20.6 billion
How he made his billions: Galen G. Weston may have stepped down as president of Loblaw Companies Ltd. in 2023, but he remains chair of the board and controlling shareholder. The 52-year-old is the great-grandson of George Weston, an American-born baker who started working in a Toronto bread factory at age 12. George eventually opened his own bakery in the late 1800s, which grew through acquisitions into the massive grocery empire the family controls today.
That empire now includes George Weston Ltd., which owns the Choice Properties real estate trust and a controlling stake in Loblaw Companies — Canada's biggest supermarket chain. The Weston family runs it all through their holding company, Wittington Investments.
Loblaw's stock has more than tripled since the pandemic, with revenue up 5.2% and earnings per share up 11.6% in the second quarter of 2025. Last year, Loblaw and parent company Weston agreed to pay $500 million to settle a class-action lawsuit alleging it participated in a 14-year scheme to artificially inflate the price of packaged bread. Canadians who bought bread during that time can now file for compensation.
Thomson Family
Net worth: $90.2 billion
How they made their billions: The Thomson family's massive fortune traces back to Roy Thomson, a Toronto newspaper tycoon who founded the Thomson Corporation in the 1950s. After his death in 1976, his son Kenneth took over and kept expanding the empire until the company acquired Reuters Group in 2008, becoming Thomson Reuters.
Today, six heirs share control of the media giant through their holding company, Woodbridge. The wealthiest is Sherry Brydson, Kenneth's 79-year-old niece, who holds a 23% stake in Woodbridge and rarely appears in the media. Kenneth's son David — who inherited the title Baron Thomson of Fleet when his father died in 2006 — chairs Thomson Reuters and holds a 14% stake. He also owns an investment firm with a piece of the Winnipeg Jets.
David's siblings Taylor and Peter each hold 14% stakes too. Taylor is a former actor who once successfully sued Christie's auction house after discovering she'd been sold fake antique urns. Peter co-chairs Woodbridge alongside David and is deep into motorsports — he owns a rally racing team and competes as a driver himself. Their cousins Linda Campbell and Gaye Farncombe each hold 11% stakes.
Despite ongoing revenue growth, Thomson Reuters's share price dropped by October, knocking the family's net worth down slightly from where it sat last year.
Changpeng Zhao
Net worth: $91.3 billion
How he made his billions: Changpeng Zhao — also known as CZ — was born in China but moved to Vancouver when he was 12. As a teenager in Canada, he worked at McDonald's and a gas station to help support his family. He eventually earned a computer science degree from McGill University before diving into the tech world.
CZ founded Binance in 2017, which became the world's largest cryptocurrency exchange. He still owns an estimated 90% stake in the company, and his wealth exploded this year thanks to BNB, the cryptocurrency used on Binance. The coin's value nearly doubled over the past year, solidifying him at the top of Canada's rich list.
But the crypto mogul's journey to becoming Canada's richest person has been anything but smooth. He pleaded guilty in 2023 to failing to maintain an effective anti-money laundering program, stepped down as Binance CEO and served several months in prison.
But things turned around when a new U.S. administration took power. The government dropped its lawsuit against Binance in May, and Binance reportedly helped create code for a Trump family crypto project. After publicly praising the president's crypto policies, CZ received a presidential pardon in mid-October.
Despite being Canada's richest person, though, Zhao is only ranked #24 on Forbes' Real-Time Billionaires list right now — so while he's a big fish in our small pond, there are still 23 people on the planet with even deeper pockets. Yeesh.
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