There are several industries that are responsible for creating wealth in Ontario. Some of the most important ones include;
- Financial services: The financial sector is a key contributor to the economy of Ontario, with many of Canada’s largest banks and financial institutions headquartered in Toronto. This includes banks, investment firms, insurance companies, and other financial services providers.
- Technology: The technology industry in Ontario includes software development, telecommunications, biotechnology, and clean technology. The province has a large and diverse technology sector, with many innovative companies working on cutting-edge technologies.
- Manufacturing: Ontario has a strong manufacturing industry, with companies producing everything from cars and airplanes to food products and consumer goods. The province’s location and transportation infrastructure make it an attractive location for manufacturers, and many multinational companies have operations in Ontario.
- Mining: Ontario is rich in natural resources, including gold, silver, copper, nickel, zinc, and other metals. The mining industry is a major contributor to the province’s economy, providing jobs and revenue for communities across the province.
- Energy: Ontario is home to a diverse energy sector, including renewable energy sources like wind and solar power, as well as traditional sources like oil and gas. The province’s energy industry is a key driver of economic growth, and many companies in the sector are investing in new technologies to reduce emissions and improve efficiency.
- Healthcare: The healthcare sector is a major employer in Ontario, with hospitals, clinics, and research institutions contributing to the province’s economy. Ontario is home to some of Canada’s leading medical research facilities and hospitals.
- Real estate: Ontario’s real estate industry includes construction, development, and property management. The province’s housing market is one of the largest in Canada, with a growing demand for both residential and commercial properties.
Tourism: Ontario’s natural beauty and cultural attractions make it a popular destination for tourists from around the world. The province’s tourism industry includes attractions like Niagara Falls, the CN Tower, and the Toronto Islands, as well as outdoor activities like hiking, skiing, and boating.
Here are the ten richest people in Ontario…
David Thomson & family
David Thomson is a Canadian media magnate and businessman, and he is the chairman of Thomson Reuters, one of the world’s leading news and information companies. Born in Toronto in 1957, Thomson inherited his family’s media empire upon the death of his father, Kenneth Thomson, in 2006.
Thomson’s family owns a controlling stake in Thomson Reuters, which has a presence in over 100 countries and provides information and news to businesses, governments, and individuals around the world. The company’s products include financial market data, legal research, and news services.
According to Forbes’ 2021 Billionaires List, David Thomson is the wealthiest person in Canada and the 27th richest person in the world, with an estimated net worth of $42.6 billion USD. In addition to his business ventures, Thomson is known for his philanthropy, particularly in the areas of art and culture.
Galen Weston & family
Galen Weston was a Canadian businessman and philanthropist who passed away in April 2021 at the age of 80. He was the third generation of his family to run the George Weston Limited, a Toronto-based company that is one of Canada’s largest food and retail businesses. The company’s subsidiaries include Loblaw Companies Limited, which is the largest grocery retailer in Canada, and Weston Foods, which produces baked goods and operates bakeries throughout North America.
Weston joined his family’s business in 1961 and was appointed chairman and president of George Weston Limited in 1974. He was credited with transforming the company into one of Canada’s most successful and innovative businesses. Weston was also a prominent philanthropist, supporting a wide range of causes, including health care, education, and the arts.
According to Forbes’ 2021 Billionaires List, Galen Weston was the second-richest person in Canada and the 147th richest person in the world, with an estimated net worth of $10.5 billion USD at the time of his passing. His son, Galen G. Weston, has taken over as chairman and CEO of George Weston Limited.
Edward Rogers III
Edward Rogers III is a Canadian businessman and the chairman of Rogers Communications, one of Canada’s largest telecommunications and media companies. Rogers Communications provides wireless, cable, internet, and home phone services to millions of customers across Canada, and it also owns various media properties, including television and radio stations, magazines, and sports teams.
Rogers joined the family business in 1994 and has held various positions in the company, including president and CEO of Rogers Cable and vice-chairman of Rogers Communications. He was appointed chairman in 2013, succeeding his late father, Ted Rogers.
In addition to his work at Rogers Communications, Edward Rogers III is also involved in various philanthropic endeavors. He serves on the board of directors for several organizations, including the Toronto General & Western Hospital Foundation and the Canadian Film Centre.
According to Forbes’ 2021 Billionaires List, Edward Rogers III has an estimated net worth of $3.3 billion USD, making him one of the richest people in Canada.
Mitchell Goldhar is a Canadian businessman and real estate developer. He is the founder and chairman of SmartCentres, one of Canada’s largest real estate companies, which specializes in the development and operation of shopping centers and other retail properties. SmartCentres’ portfolio includes over 150 shopping centers across Canada, totaling over 34 million square feet of retail space.
Goldhar began his career as a lawyer before transitioning to real estate development in the 1990s. He is known for his innovative approach to retail development, which incorporates mixed-use and transit-oriented development concepts. Goldhar is also a co-owner of the Maccabi Tel Aviv football club in Israel.
In addition to his business ventures, Goldhar is also known for his philanthropy, particularly in the areas of health care and education. He has donated millions of dollars to support medical research and to establish scholarships for disadvantaged students.
According to Forbes’ 2021 Billionaires List, Mitchell Goldhar has an estimated net worth of $3.3 billion USD, making him one of the richest people in Canada.
Carlo Fidani is a Canadian businessman and philanthropist. He is the chairman of the Fidani family’s real estate and development company, Orlando Corporation, which was founded by his father in the 1950s. Orlando Corporation is one of Canada’s largest private real estate companies, with a portfolio that includes commercial and residential properties, as well as land holdings.
Fidani is also known for his philanthropy, particularly in the area of health care. He has made significant donations to hospitals in the Greater Toronto Area, including a $25 million donation to Credit Valley Hospital, which was renamed the Carlo Fidani Peel Regional Cancer Centre in his honor. Fidani has also supported educational and cultural institutions, including the University of Toronto and the Royal Ontario Museum.
According to Forbes’ 2021 Billionaires List, Carlo Fidani has an estimated net worth of $2.9 billion USD, making him one of the richest people in Canada.
Frank Stronach is an Austrian-Canadian businessman and philanthropist who was born on September 6, 1932. He is the founder of Magna International, a global automotive parts supplier based in Aurora, Ontario, Canada.
Stronach founded Magna in 1957 as a one-man tool and die shop. The company grew rapidly and became one of the world’s largest automotive parts suppliers, providing components to major car manufacturers like General Motors, Ford, and BMW. Stronach served as the company’s chairman and CEO until he stepped down in 2010.
In addition to his business ventures, Stronach has also been involved in politics. He founded the centrist political party, the Reform Party of Ontario, in 1989. He ran for public office as a member of the party but was unsuccessful.
Stronach is also known for his philanthropy. He has donated millions of dollars to charitable organizations, including the Stronach Cancer Centre at Southlake Regional Health Centre in Newmarket, Ontario. He has also established the Stronach Institute for Innovation, which supports research and development in the fields of manufacturing, engineering, and technology.
As of 2021, Forbes estimates Stronach’s net worth to be $2.7 billion USD.
Tobi Lütke is a German-born Canadian entrepreneur who made his fortune through e-commerce. He is the founder and CEO of Shopify, a Canadian e-commerce company that provides an online platform for small businesses to sell their products. As of my knowledge cutoff date of September 2021, Lütke’s net worth is estimated to be around $12.6 billion.
Lütke co-founded Shopify in 2006 with two partners, initially as a platform to sell snowboarding equipment online. However, the trio quickly realized that there was a significant demand for an easy-to-use e-commerce platform that would allow small businesses to sell their products online. They pivoted the company towards this market, and Shopify quickly grew to become one of the largest e-commerce platforms in the world, with over a million businesses using the platform to sell their products online.
Under Lütke’s leadership, Shopify has become one of the most successful technology companies in Canada and has expanded its operations to over 175 countries. Lütke is known for his vision, business acumen, and commitment to innovation. He has also been recognized for his philanthropy and has donated millions of dollars to various causes, including education and technology.
Arthur Labatt is a Canadian businessman and philanthropist. He was born on November 19, 1931, in London, Ontario, Canada. He is best known for co-founding the Canadian investment management firm Trimark Financial Corporation, which was later acquired by the US-based asset manager Invesco in 2000.
Labatt earned his bachelor’s degree in Engineering from the University of Western Ontario in 1953 and his master’s degree in Industrial Engineering from the University of Michigan in 1955. He started his career as an engineer with General Electric and later became an investment banker at Wood Gundy & Co.
In 1981, Labatt co-founded Trimark Financial Corporation with Michael Bregman and Jeffrey Orr. The company grew rapidly and became one of Canada’s largest independent investment management firms. Labatt served as the company’s Chairman until it was sold to Invesco in 2000.
Aside from his business career, Labatt is also a well-known philanthropist in Canada. He has donated millions of dollars to various causes, including healthcare, education, and the arts. In 2003, he was appointed as an Officer of the Order of Canada in recognition of his philanthropic work.
Today, Labatt is retired and lives in London, Ontario, with his wife. He continues to be involved in philanthropic activities and serves on the boards of several non-profit organizations.
As of my knowledge cutoff date of September 2021, Arthur Labatt’s net worth was estimated to be around $2.2 billion USD
Mark Scheinberg is an Israeli-Canadian businessman and philanthropist. He is best known for co-founding PokerStars, an online poker company that became the world’s largest poker site.
Scheinberg was born in Israel in 1973 and grew up in Toronto, Canada. He graduated from the University of Waterloo in Ontario with a degree in computer science. In 2001, Scheinberg and his father, Isai Scheinberg, founded PokerStars, which quickly grew to become the world’s largest online poker site.
In 2014, Scheinberg and his family sold their majority stake in PokerStars to Amaya Gaming for $4.9 billion USD. After the sale, Scheinberg stepped down from his position as the company’s CEO.
In addition to his work with PokerStars, Scheinberg is also a prominent philanthropist. He and his wife have donated millions of dollars to support various causes, including education, health care, and Jewish organizations. They have established the Scheinberg Relief Fund, which has donated millions of dollars to support disaster relief efforts around the world.
According to Forbes’ 2021 Billionaires List, Mark Scheinberg has an estimated net worth of $6.2 billion USD, making him one of the wealthiest people in Canada.
Mike Lazaridis is a Canadian entrepreneur and philanthropist, best known as the co-founder and former co-CEO of Research In Motion (RIM), the company behind the popular BlackBerry smartphone. He was born on March 14, 1961, in Istanbul, Turkey, and raised in Canada.
Lazaridis studied electrical engineering at the University of Waterloo in Ontario, Canada, and later founded RIM in 1984 while still a student. The company’s early focus was on wireless data transmission, and it eventually developed the BlackBerry smartphone, which became popular worldwide.
Under Lazaridis’s leadership, RIM grew to become one of the world’s largest smartphone makers, with a market capitalization of over $70 billion at its peak. However, the company struggled to keep up with the competition from Apple’s iPhone and devices running Google’s Android operating system, and its market share declined in the mid-2010s.
In 2012, Lazaridis stepped down as co-CEO of RIM, but remained on the board of directors. He has since focused on philanthropic work through the Mike & Ophelia Lazaridis Foundation, which supports research and education in science and technology. He has also been involved in various initiatives related to quantum computing, including founding the Perimeter Institute for Theoretical Physics in Waterloo, Ontario, which focuses on quantum physics research.
Overall, Lazaridis’s contributions to the technology industry have been significant, and his philanthropic work has also had a positive impact on the scientific community.
Jim Balsillie is a Canadian businessman and philanthropist. He was born on February 3, 1961, in Seaforth, Ontario, Canada.
Balsillie co-founded Research In Motion (RIM), the company that created the BlackBerry smartphone, with Mike Lazaridis in 1984. He served as the co-CEO of RIM until 2012, during which time the company became a dominant player in the smartphone market.
Balsillie is also known for his efforts to bring an NHL team to southern Ontario. He made multiple attempts to purchase and relocate an NHL team, including the Pittsburgh Penguins, the Nashville Predators, and the Phoenix Coyotes. However, these attempts were ultimately unsuccessful.
In addition to his business pursuits, Balsillie is also a philanthropist. He has donated millions of dollars to various causes, including education and healthcare. He is a member of the Order of Canada and has received numerous awards and honours for his contributions to Canadian business and philanthropy.