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Canada’s 20 richest people saw their fortunes grow by $37 billion during the pandemic

Canada’s 20 richest people saw their fortunes grow by $37 billion during the pandemic
/ AH86 / iStock / Getty Images Plus / Getty Images

Last November, CEOWORLD Magazine released a list of the richest people in Canada for its annual Canada Rich List Index, and to my surprise, the list included 41 billionaires.

According to the financial publication’s annual listing, 2019 saw the total wealth of the top 10 richest Canadians hit a new record high of $96.4 billion.

That was last year. In 2020, the rich are only getting richer…

According to an article posted earlier today by Sara Mojtehedzadeh at the Toronto Star, Canada’s 20 richest people saw their fortunes grow by $37 billion over the past few months during the COVID-19 pandemic.

The data was based on a new study which shows the country’s top billionaires are collectively worth $178 billion— meanwhile, some 1.8 million Canadians have lost their jobs or seen their hours reduced as a result of COVID-19.

“Billionaire wealth has bounced back and expanded by billions of dollars while millions of Canadians struggle with the consequences of the pandemic,” says the study. And while the country sees glimmers of economic recovery, the gains are uneven.

During the Canadian COVID‐19 lockdown, TaxCOOP studied the wealth and donation profile of the GAFAM and the top 5 wealthiest Canadian individuals.

From March 16th to May 16th, cash donations from the five wealthiest Canadians represented only 0.09% of their wealth.

Over the same period, these five Canadians, who had an initial total wealth of US$59 billion, saw their wealth increase to US$64.5 billion, a total increase of more than 9%.

While the employment rate has improved since April, the pace of recovery in Canada is slowing and many worry a second wave of COVID-19 can do even more damage. 

Here is a list of the richest people in Canada

David Thomson: $39 billion

Joseph Tsai: $10.2 billion

Galen Weston: $9 billion

David Cheriton: $6.4 billion

James Irving: $6.3 billion

Jim Pattison: $5.7 billion

Huang Chulong: $5.6 billion

Emanuele (Lino) Saputo: $5.1 billion

Chip Wilson: $4.6 billion

Mark Scheinberg: $4.5 billion

Alain Bouchard: $4.1 billion

Peter Gilgan: $4 billion

Arthur Irving: $3.5 billion

Daryl Katz: $3.1 billion

Bob Gaglardi: $3 billion

Tobi Lutke: $2.9 billion

Garrett Camp: $2.7 billion

Robert Miller: $2.7 billion

Mitchell Goldhar: $2.7 billion

Lawrence Stroll: $2.6 billion

Jean Coutu: $2.5 billion

Michael Lee-Chin: $2.4 billion

Carlo Fidani: $2.3 billion

Serge Godin: $2.3 billion

Charles Bronfman: $2.3 billion

Jacques D’Amours: $2.1 billion

Pierre Karl Péladeau: $1.8 billion

Stephen Smith: $1.8 B $2 billion

Marcel Adams: $1.7 billion

Stephen Jarislowsky: $1.6 billion

Hal Jackman: $1.6 billion

Gerald Schwartz: $1.6 billion

Mark Leonard: $1.5 billion

N. Murray Edwards: $1.4 billion

Bruce Flatt: $1.4 billion

Brandt Louie: $1.4 billion

Peter Szulczewski: $1.4 billion

K. Rai Sahi: $1.3 billion

Jack Cockwell: $1.3 billion

Terence (Terry) Matthews: $1.2 billion

Guy Laliberté: $1 billion

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