1. Thomson family: $24.41 billion
The family lost patriarch Ken Thomson in June, at the age of 82, leaving it to eldest son David, chairman of Thomson Corp. for only four years, to carry on the business. So far the stock price of Thomson Corp. has remained relatively unchanged since Ken's death. Also, the $1.7-billion offer from Bell Globemedia, in which the family recently increased its ownership stake to 40%, to purchase CHUM Ltd., will further expand the Thomson media empire.
2. Galen Weston: $7.1 billion
The elder Weston put his 33-year-old son, Galen G., in charge of Loblaw Cos. Ltd. in September, giving him the title of executive chairman. The surprise move coincided with the departure of longtime company man and former president John Lederer, leaving analysts questioning Galen G.'s ability to run the company at a time when, given Wal-Mart's aggressive entry into the grocery market, competition is fiercer than ever.
3. James (J. K.), Arthur and John (Jack) Irving: $5.45 billion
In addition to building a $750-million liquefied natural gas plant, Irving Oil Ltd. is considering a second oil refinery in New Brunswick. The proposed refinery could cost up to $7 billion and generate 300,000 barrels a day, but the privately held company won't make a final decision until next year.
4. Edward (Ted) Rogers Jr.: $4.54 billion
Rogers Communications Inc. may have more than doubled its dividend and tripled its Q3 net income this year, but the Toronto-based company still may have something to learn about the importance of grammar. A single comma in a multimillion-dollar contract with Aliant Inc. (now Bell Aliant Regional Communications Income Fund) is causing a lot of legal headaches. According to Aliant, the wording of a particular sentence allows it to exit the deal at any time; Rogers disagrees. The Canadian Radio-television and Telecommunications Commission sided with Aliant, but Rogers has now produced a French version of the contract — without the troublesome comma — and the matter is before the CRTC once again.
5. Paul Desmarais Sr.: $4.41 billion
The 79-year-old patriarch of one of Canada's most politically connected families has been on a roll lately. In mid-November, Power Financial Corp. announced that Q3 earnings had more than doubled from a year ago, thanks in part to the $356-million sale of its stake in Bertelsmann AG, Europe's largest media company, in July.
6. James (Jimmy) Pattison: $4.35 billion
As a teenager, Pattison worked at a hotel. In April, the 78-year-old entrepreneur opened one of his own: the Great Wolf Lodge resort and water park in Niagara Falls, Ont. Plans for the $100-million aquarium next door, meanwhile, have been put on hold while his tourist attraction company, Ripley Entertainment Inc., waits to assess the impact of new passport requirements for U.S. visitors starting in 2008.
7. Jeff Skoll: $3.93 billion
After bringing in more than US$170 million and 11 Oscar nominations with his Participant Productions' 2005 releases, the Montreal-born billionaire continued to put his money into environmental and socially aware organizations in 2006. Skoll invested in manufacturers of solar panels, water-free urinals and electric cars. He also awarded more than $25 million to various non-profit groups through his philanthropic foundation.
8. Bernard (Barry) Sherman: $3.23 billion
The Apotex legal team has seen a lot of action lately as the company is embroiled in two major lawsuits. Apotex is contesting the patent on blood thinner Plavix, arguing it should be allowed to distribute a generic version. The company managed to ship six months' worth of the drug before a U.S. judge ordered it to cease sales in August. In the second lawsuit, Apotex is suing U.S. regulators to prevent rivals from gaining rights to nausea drug Zofran.
9. David Azrieli: $2.44 billion
The man who brought the first shopping mall to Israel shows no signs of slowing down at age 84. This year, Azrieli gained control of Granite Hacarmel, an Israeli energy and engineering company, for approximately US$150 million. He'll also finance a major portion of a $2-million restoration of an historic public square in downtown Jerusalem.
10. Fred and Ron Mannix: $2.38 billion
Known in military circles as the Godfather of the Calgary Highlanders, Fred Mannix made three rare public appearances this year: in June, when he received an honorary doctorate from the University of Calgary, and in October, when he received an award from the Canadian Armed Forces and caught up with his younger brother, Ron, by being inducted into the Order of Canada.
11. Michael Lee-Chin: $2.18 billion
After losing more than $5.5 billion in assets over five years, AIC Ltd. lost its CEO of almost 20 years in October. Lee-Chin's resignation should give the Jamaica-born billionaire more time to focus on his company's Caribbean holdings, including a recently acquired 75% stake in Jamaica's largest auto insurer and a 51% interest in one of the island's leading media groups.
12. Saputo family: $2.15 billion
Lower cheese prices in the United States and a plant closure in Indiana may have hurt the Quebec-based food company this year, but it's still turning a profit. Saputo Inc. expanded its operations with two acquisitions in 2006: a cookie maker in Quebec and a German cheese manufacturer, which marks its first foray into the European market.
13. Clay Riddell: $2.14 billion
In October, the 69-year-old veteran oilman expanded his stake in the North by signing a deal with Chevron Canada Ltd. and BP Canada Energy Co. The agreement could give Riddell's Paramount Resources Ltd. a 50% interest in a 412,500-hectare parcel of land in the Northwest Territories' gas-rich Mackenzie Delta.
14. Carlo Fidani: $2.11 billion
The commercial and industrial real estate tycoon continued to increase his more than 31 million square feet of leased properties this year with the development of a 1,250-acre business park in Mississauga, Ont., and a 500-acre site in nearby Brampton.
15. Charles Bronfman: $2.11 billion
Charles lost Andrea, his wife of 25 years, after she was struck by a vehicle near their home in Manhattan, N.Y., in January. To-gether, they were heavily involved in philanthropy and co-founded Taglit-birthright israel, a program that organizes free trips for young Jewish adults to the Holy Land. Charles spoke of Andrea at her memorial, saying, “Ours was a very, very special relationship.”
16. Daryl Katz: $2.07 billion
The son of a pharmacist who became Edmonton's wealthiest man, Katz donated $7 million to the University of Alberta faculty of pharmacy in October. The money, which has been matched by the province, will be used to develop new research in the field and to build a new health sciences building.
17. Alex Shnaider: $2.01 billion
The 38-year-old steel magnate faced a difficult decision this year: whether to sell Midland F1 Ltd., the motor sport division of his holding company, Midland Group. Shnaider purchased the Formula One racing team in 2005, and rumours that he was looking to sell circulated soon after, partly because Shnaider told media he'd part with the team if the right offer came along. It did in September: US$106.6 million from Dutch company Spyker, more than twice the amount Shnaider paid.
18. Harrison McCain family: $1.99 billion
With sales declining for the U.K. branch of McCain Foods Ltd., the company is launching a US$35-million advertising campaign celebrating the joy of french fries. One commercial features a cast of 120 dancers, singers and acrobats belting out a tune with a refrain of “5% fat,” to emphasize the health aspect of McCain's core product. A live version of the ad will be performed for theatre audiences across England.
19. Murray Edwards: $1.98 billion
The vice-chair of Canadian Natural Resources Ltd., Canada's largest producer of crude oil, looked to the skies this year and became the fourth-largest individual shareholder of WestJet Airlines Ltd.
20. Richardson family: $1.8 billion
The long game: Hartley Richardson talks about the history and the future of a 150-year-old family business. An exclusive interview.
21. Wallace McCain: $1.78 billion
This past year hasn't been kind to Maple Leaf Foods Inc. The rising Canadian dollar forced the company to cancel plans for a pork processing plant in Saskatoon and to shut down operations at another facility. A meat tampering scare and a product recall in November didn't help matters much, but Maple Leaf recently announced it will spend up to $120 million to restructure its operations over the next three years.
22. Allan Slaight: $1.77 billion
Slaight's private radio station empire toyed with becoming an income trust this year. Standard Broadcasting Corp. filed a preliminary prospectus for the conversion in May, put the idea on hold a few weeks later, and then said it was re-evaluating that decision in September.
23. Bombardier family: $1.7 billion
While Bombardier Transportation's rail division had a robust year — raking in more than $7 billion in contracts since May — its aerospace division continued to lag. It's too bad Oprah Winfrey couldn't do for airplanes what she does for book sales. The talk show host took possession of a $47-million Bombardier jet in June.
24. Michael Lazaridis: $1.7 billion
In mid-October, the co-founder of Research In Motion Ltd., maker of the ubiquitous BlackBerry wireless device, delayed Q2 results because of errors regarding the reporting of stock options. Two weeks later, the U.S. Securities and Exchange Commission asked for more information related to the matter and the Ontario Securities Commission has since confirmed its own examination of RIM's stock option practices.
25. James Balsillie: $1.62 billion
Now that Research In Motion's lengthy patent dispute with Virginia-based NTP has been settled (RIM paid the patent-holding company US$612.5 million in March), James Balsillie was able to turn his attention to other matters, like buying a hockey team. The RIM co-founder offered to purchase the Pittsburgh Penguins from Mario Lemieux for US$175 million in October. While some have speculated he may move the troubled hockey club to Ontario, Balsillie says the only way the Penguins will leave Pittsburgh is if the team is “kicked out.”
26. Marcel Adams: $1.61 billion
The founder of Iberville Developments Ltd. opened his first mall in the 1950s. This year, a 1.5-million-square-foot shopping centre in Montreal opened on land the company flipped for a $38-million profit.
27. David Cheriton: $1.6 billion
The frugal billionaire: David Cheriton's long, winding road to riches. A Rich 100 debut.
28. Reichmann family: $1.54 billion
At 76, patriarch Paul has been making the most of his retirement, and even more of Retirement Residences REIT. In September, he pantomimed a buyout of the income trust, but just days later ceded to a rival offer from the Public Sector Pension Investment Board. When the acquisition is completed, Paul can unload his 14% stake and walk away with a tidy $90 million. Comeback rumours about the family still swirl, but the Reichmanns have yet to tip their hand on their new investment company, PR Capital.
29. Sobey family: $1.53 billion
Sobeys Inc. won a battle with the Nova Scotia government in October when, along with Loblaw, it successfully challenged the province's ban on Sunday shopping. But a much bigger challenge looms on the horizon. Next year will undoubtedly be one of intense strategizing for the family-run grocery chain, as Wal-Mart's entry into the sector has forced rivals to find innovative ways to compete.
30. Stephen Jarislowsky: $1.48 billion
The corporate governance activist filed a complaint with the Ontario Securities Commission earlier this year, alleging that Bell Globemedia's bid to take over CHUM Ltd. was discriminatory because it offered $5.25 more per voting share than per non-voting share. His investment house, Jarislowsky Fraser, owns about 3.3 million of the latter.
31. Jean Coutu: $1.42 billion
In August, the Longueuil, Que.-based drugstore chain agreed to sell 1,858 Eckerd and Brooks pharmacies for $1.45 billion cash plus the assumption of $850 million of debt to Rite Aid Corp. of Harrisburg, Pa. The deal, which would make Rite Aid the largest drugstore chain on the U.S. East Coast, is currently under review by the U.S. Federal Trade Commission.
32. Terence (Terry) Matthews: $1.37 billion
Mitel Networks Corp. — which has lost US$287.9 million since restructuring five years ago — filed preliminary documents in May for an IPO in Canada and the United States. In October, however, Matthews, who owns 64% of the telephone-systems company, said he would wait for the market to improve before going forward with the action.
33. Michael DeGroote: $1.31 billion
The former leader of the Laidlaw transportation empire gave the opening address at an October conference on pain research, made possible in part by his $105-million donation to McMaster University's faculty of health sciences three years ago. DeGroote, 73, has lived with chronic pain since suffering a stroke five years ago.
34. Guy Laliberté: $1.26 billion
Canada's fourth best-managed brand, according to a recent survey in Canadian Business, Cirque du Soleil had a busy year. In January, it rolled out a North American tour of Delirium, its first arena show; in June, it premiered Love, a Beatles-based spectacle, in Las Vegas; and in August, it announced that a new show revolving around the music of Elvis Presley was in the works.
35. Seymour Schulich: $1.22 billion
The billionaire philanthropist (and new inductee to the Canadian Mining Hall of Fame) put the Schulich name on yet another institution in September when he donated US$20 million to the Technion-Israel Institute of Technology. The newly renamed Schulich Faculty of Chemistry is the fifth university faculty with the Schulich appellation, and the first outside Canada.
36. Brandt Louie: $1.21 billion
Customers of Brandt Louie's London Drugs chain can buy everything from toilet paper to televisions to life insurance. Now they can add a pedicure and a facial to their shopping list. London Drugs experimented with in-store spas late last year, and opened up two more this year. The chain still has no plans to enter the Ontario market, and will instead continue developing operations in the West, opening seven new stores next year.
37. John MacBain: $1.21 billion
Trader Classified Media, the classified advertising firm founded by MacBain and his ex-wife, sold the North American branch of its business to the Yellow Pages Income Fund for $760 million in May. The sale includes classified publications such as Auto Trader, as well as nine websites owned by the Netherlands-based company. The deal follows the sale of Trader's Ontario branch to Yellow Pages for $436 million last December.
38. Robert Friedland: $1.2 billion
The founder and chairman of Ivanhoe Mines Ltd. spent three years searching for a partner to help develop the Oyu Tolgoi gold and copper mine in Mongolia. He finally found one in October when London-based Rio Tinto agreed to pay US$691 million for just less than 20% of Ivanhoe. The deal boosted its market cap to $3.8 billion from $2.2 billion.
39. Gerald (Gerry) Schwartz and Heather Reisman: $1.15 billion
The power couple caused a stir this year when they publicly defected from the Liberal party and threw their weight behind the pro-Israel Conservatives. On the business front, Schwartz's Onex Corp. completed a US$1.43-billion initial public offering of its aviation arm and also engineered a $720-million buyout of a U.S. scrap steel company. Reisman's Indigo Books & Music Inc. faltered this year with a $1-million loss in the second quarter, which the company blamed on the lack of a new Harry Potter instalment to sell.
40. Richard Li: $1.14 billion
Controversy surrounded the chairman of Hong Kong telecom operator PCCW Ltd. in September, when it emerged that financier Francis Leung's US$1.2-billion bid for Richard Li's 23% stake in the beleaguered company had been financed in part by billionaire Li Ka-shing, the chair's father. In the end, stockholders of Li's holding company, Pacific Century, rejected the bid as too low.
41. Asper family: $1.1 billion
Ever since Bell Globemedia's buyout of CHUM Ltd. in July, speculation has been rampant about what's next for CanWest Global Communications Corp. — and everything from an acquisition of Alliance Atlantis Communications Inc. to a merger with Rogers Communications Inc. has been rumoured. The company itself has kept quiet, but CanWest sold its Irish television network this year for $164 million and hired Citigroup Global Markets in October to explore opportunities in Australia and New Zealand, including sell-offs.
42. Joseph and Ted Burnett: $1.08 billion
Joseph Burnett hasn't spoken to the media since his tax evasion trial ended in 1991. But the family holding company, Burnac Corp., remains active developing commercial real estate (five projects are currently on the go) and building luxury condos. An 1,800-square-foot space in the company's latest Toronto condo goes for just more than $1 million.
43. Peter Gilgan: $1.01 billion
Gilgan's Mattamy Homes, one of Canada's largest residential developers, was named Ontario Home Builder of the Year for 2006. But Gilgan himself has had trouble selling Edgemere, his nine-bedroom, 17-bathroom, 32,000-square-foot mansion in Oakville, Ont. The property still awaits a deep-pocketed buyer willing to pay the record $45-million asking price.
44. Kruger Family: $1.01 billion
Kruger Inc. has rarely branched out of its core forestry products business in its 100-year history. But in September, the company acquired Quebec winemaker Maison Des Futailles, a deal reportedly worth $68.8 million. The winemaker has two bottling plants in Quebec, a vineyard in Ontario and a monopoly on the distribution of wine in Quebec grocery stores.
45. Robert (Bobby) Julien and Delia Moog: $1.01 billion
Julien, the president of Kolter Communities in West Palm Beach, Fla., lamented a slow real estate market in the Sunshine State this fall. The company currently has 10 residential projects in development in Florida, as well as two in Toronto. Meanwhile, Julien's aunt, Delia Moog, was no doubt pleased to see Wagner's Ring Cycle finally staged at Toronto's new Four Seasons Centre for the Performing Arts this fall. The opera was funded in part with a $2.5-million donation from Moog in 2000.
46. Muzzo family: $1 billion
Marco Muzzo, whose career in construction and development spanned more than 50 years, died of cancer last December at age 72. The president of the Greater Toronto Home Builders' Association called Muzzo's death “the biggest loss to our industry ever.” Muzzo leaves behind a vast fortune, however, and the thousands of homes and industrial and commercial buildings across southern Ontario that he built.
47. Samuel family: $972 million
A fifth generation took the reigns of Samuel, Son & Co. in January when Mark Samuel replaced his mother, Elizabeth, as chairman. The 43-year-old had his work cut out for him. Samuel Manu-Tech Inc., the company's publicly traded manufacturing arm that derives about half of its sales from the United States, responded to the strengthening Canadian dollar by scooping up U.S. tubing and compressed air equipment manufacturers and expanding operations into Mexico.
48. Ronald (Ron) Joyce: $945 million
Iconic coffee-and-doughnut chain Tim Hortons went public earlier this year. But co-founder Joyce, who sold out to Wendy's in 1996, didn't bite because Canada “eventually will be saturated” with Timbits and double-doubles. He may have had a point: the stock slumped after the IPO and only recently rose above its $30.89 offering price. (continued on page 98)
49. Ronald (Ron) Southern: $943 million
The 76-year-old chairman of Calgary-based power company the ATCO Group received some acclaim for his sporting endeavours this year. In May, the founder of the Spruce Meadows competitive show jumping complex was inducted into Canada's Sports Hall of Fame for his role in bringing international equestrians to Canada; in October, a documentary on the Retreads, the competitive women's basketball team that Southern coaches (average age: 72), premiered on Citytv.
50. Lalji family: $928 million
Now based in British Columbia, but from Uganda, the Lalji family usually keeps a low profile. It drew some attention in September, however, when family-owned Larco Investments put the Renaissance Toronto Hotel at the Rogers Centre up for sale, along with four other hotels in both Toronto and Ottawa. Altogether, the properties are worth an estimated $300 million to $400 million.
51. Leslie Dan: $922 million
Viventia Biotech, of which Dan had a controlling stake, ceased to be a public company in December 2005. Viventia will continue to develop Proxinium, a drug to treat head and neck cancer, currently in its second phase of global clinical trials.
52. JR Shaw: $917 million
The booming western economy has been a bonus for the cable baron. Demand for Shaw Communications' cable and telephone services has surged, helping net income almost triple in 2006.
53. Robert Miller: $891 million
It's rumoured that a photograph of the reclusive Future Electronics Inc. founder and CEO has never been published, and that he has a private entrance to his office. Things got even stranger this year when it was reported that Miller plans to have himself cryogenically frozen upon death. He's also invested in a “revival trust,” which allows him to reclaim his millions when he thaws out.
54. Saul Feldberg: $874 million
The Global Group, Feldberg's privately owned company, celebrated its 40th anniversary in May. Founded in 1966 with just six employees, today Global is the sixth-largest furniture manufacturer in the world.
55. Alfredo (Fred) DeGasperis: $868 million
In October, the president of Metrus Development Inc. received praise from the mayor of Richmond Hill, Ont., for donating $1 million toward a performing-arts centre. Just north of the city, however, some politicians weren't so pleased. In September, the deputy mayor of Aurora criticized Metrus for banning pole-to-pole clotheslines in its housing developments.
56. Lawrence Ho: $866 million
The prince of Macau: Casino magnate Lawrence Ho wants to bring the bright lights of Vegas to big Asian gaming. A Rich 100 debut.
57. Mitchell Goldhar: $847 million
Goldhar's privately held development company, SmartCentres Inc., sold 16 of its malls to Calloway REIT in October in a blockbuster $1-billion deal. Goldhar, who is also the largest individual shareholder in Calloway, got a win-win deal, netting both the cash and a bump in the value of his units.
58. Frank Stronach: $838 million
The Magna International founder's ongoing feud with New York- based Greenlight Capital is finally reaching a resolution. After Stronach used his power to defeat a shareholder vote spearheaded by Greenlight to convert Magna's real-estate arm into an income trust, the investment firm responded with a lawsuit claiming Stronach was oppressing shareholders' rights. The case was dismissed in October when a judge ruled Greenlight did not prove its claim.
59. Vittorio (Vic) De Zen: $829 million
The founder and former chairman of Royal Group Technologies Ltd. had some kind of closure in October when his embattled company was taken over by U.S.-based Georgia Gulf Corp. But an RCMP investigation into property transactions between De Zen and Royal Group drags on, outliving the company itself and leaving a cloud over De Zen, who denies wrongdoing.
60. Lawrence Tanenbaum: $827 million
Owning stakes in a baseball team and a basketball team isn't enough for the chairman of Maple Leaf Sports & Entertainment Ltd. Tanenbaum wants to add a football team to his portfolio, too. In September, Tanenbaum confirmed he and Ted Rogers were interested in bringing an NFL franchise to Toronto, although the plan has generated little interest so far.
61. Henry (Hal) Jackman: $821 million
It took over 20 years and more than $6 million of his own money, but Jackman's dream of a new home for the Canadian Opera Company finally came true this year with the opening of the Four Seasons Centre for the Performing Arts in Toronto. The former lieutenant-governor of Ontario pledged $5 million to the centre in March, 16 years after losing $1.3 million when plans for a previously proposed opera house were cancelled.
62. Charles Sirois: $811 million
Subsidiaries of Sirois's Montreal-based Telesystem Ltd. announced $140 million in venture capital for worthy enterprises this year: $100 million for Ontario- and Quebec-based software companies through Propulsion Ventures III, and $40 million for innovative startups through ID Capital Management Inc.
63. Albert Latner: $783 million
Latner and his family kept a low profile in 2006, but their businesses, ranging from casinos to air-cargo shippers to medical laboratories, had a good year. The Latners' estimated net worth rose 9%. Their most visible property, the Niagara Fallsview Casino Resort, recently hosted the first Canadian tournament on the World Poker Tour.
64. Bob Gaglardi: $779 million
Efforts by Gaglardi's son, Tom, to purchase a professional sports team continued to be unsuccessful this year. In June, the Western Hockey League declined his $6-million offer to buy the Kamloops Blazers; while in November, the Aquilini family finalized its 100% ownership of the Vancouver Canucks. Tom Gaglardi, who runs Northland Properties Ltd., is contesting the deal in court with a hearing scheduled for next April.
65. Eugene Melnyk: $770 million
It's fitting that Melnyk's pharmaceutical company, Biovail Corp., makes the popular antidepressant Wellbutrin XL. Melnyk may need a little cheering up after a U.S. patent ruling in August paved the way for American drug makers to start manufacturing a generic version of Biovail's flagship drug earlier than predicted. That bitter pill came just one day after the Ontario Securities Commission alleged that Melnyk hadn't disclosed some of his stock trades properly, prompting a hearing next year.
66. Chan family: $761 million
Caleb Chan, dominant stakeholder in vegetable producer Hot House Growers Income Fund, sold the company to New Jersey-based Village Farms for an undisclosed amount in October. The new company, Village Farms Income Fund, is now North America's largest producer of greenhouse-grown produce, capable of supplying 63.5 million kilograms of tomatoes per year.
67. Victor Li: $730 million
Li's father, 78-year-old Li Ka-shing, announced in August that he will (continued on page 104) eventually donate at least one-third of his estimated US$18.8-billion fortune to charity. His eldest son seems to be following in his footsteps. Late last year, the Li Ka-shing (Canada) Foundation, an organization he founded in 2005, donated $25 million to St. Michael's Hospital in Toronto.
68. Greenberg family: $687 million
The Greenbergs' Minto Developments Inc. made a controversial but lucrative deal last spring to lease an Ottawa office complex to the RCMP. Having bought the former JDS Uniphase campus in 2005 for a fire sale price of $30 million, Minto will lease the property to the federal government for 25 years. Total price tag: more than $600 million.
69. Stewart Blusson: $660 million
The co-discoverer of Canada's Ekati diamond mine in the Northwest Territories had a busy year philanthropically. He and his wife, Marilyn, donated $5 million to the Vancouver Aquarium and US$10 million to the California-based X Prize Foundation. That gift will go to the first competitor to sequence 100 individual human genomes in 10 days. The X Prize is best known for a similar competition in 2004 that promoted cheap passenger space travel.
70. Douglas Fregin: $651 million
The media-shy co-founder of Research In Motion Ltd. remained under the radar in 2006. But Fregin, the company's vice-president of operations who focuses mostly on product development, has obviously been busy: RIM recently launched the consumer-friendly version of its popular BlackBerry hand-held device, named the Pearl. RIM's soaring stock boosted Fregin's fortune more than 60% over the past year.
71. John Risley: $638 million
Clearwater Seafoods Income Fund, which Risley co-founded, reinstated payments of 60¢ per unit to investors in August after it was forced to suspend distributions last year. The troubled company was able to make the payments due to a boost in its scallop business, but investors haven't entirely regained faith. Clearwater's unit price is still hovering just under $5 despite selling for twice that amount when Risley took it public in 2001.
72. Peter Nygård: $632 million
Lawyers for the Finnish-born fashion mogul were kept busy in 2006. In October, a Manitoba appeals court ruled that a former Nygård employee was entitled to overtime pay, essentially invalidating employment contracts in the province that don't specify the amount of overtime required. Meanwhile, the designer's fashion company sued two Finnish tabloids for stories claiming he mistreated an employee in the Bahamas and hosted lewd parties at his Caribbean villa.
73. David Werklund: $631 million
The oilman: David Werklund has made barrels of money.
74. Ruldolph (Rudy) Bratty: $626 million
The CEO of the Remington Group was happy to see the Toronto condo boom shift to the suburbs this year. His company is currently building the largest planned mixed-use development in Canada in Markham, Ont., just north of Toronto. This summer, the mini-community's first phase of condos sold out in five hours.
75. Koschitzky family: $621 million
Roofing may not be exciting, but it certainly can be lucrative. Family-owned IKO Industries Ltd. teamed up with a rival roofing company, Missouri-based Tamko Roofing Products Inc., to open a state-of-the-art, US$100-million manufacturing plant in Tennessee. Construction began two years ago, and the facility started production in April.
76. Alain Bouchard: $612 million
At convenience-store chain Alimentation Couche-Tard's annual meeting this year, CEO Alain Bouchard boasted of the company's history of thrice doubling its size through acquisition. But Couche-Tard's reputation for acquisition hit a snag in November, when Susser Holdings, a Texas-based licensee, decided not to renew its agreement with the Quebec-based company, resulting in the loss of 315 Circle K stores in the United States.
77. Dave and Cliff Lede: $607 million
Although former Ledcor Group president Cliff Lede spends most of his time at his vineyard in Napa Valley, the family-owned construction company is keeping busy. This year, it completed a $178-million casino and resort in Alberta two months ahead of schedule, landed a $7.5-million contract for two buildings on the Prince Rupert, B.C., waterfront and will finish construction of a $65-million aerospace campus for the B.C. Institute of Technology.
78. Hassan Khosrowshahi: $592 million
The chairman of private holding company Inwest Investments Ltd. tried to get involved in the public sector this year. Iranian-born Khosrowshahi was selected to join Prime Minister Stephen Harper's public appointments commission, essentially a patronage watchdog. But after MPs rejected former EnCana CEO Gwyn Morgan's nomination as chairman, Harper dissolved the commission.
79. Molson family: $581 million
Cost reductions from last year's merger with Coors helped the world's fifth-largest brewer see profits increase by 25% in its most recent quarter. And that despite declining volumes in Canada, where the company faces competitive price pressure from discount brands such as Lakeport.
80. Leon family: $581 million
Leon's Furniture Ltd. grossed more than $700 million in 2005, and CEO Terry Leon partly attributes the company's good fortune to a higher power. The family had a Catholic priest deliver a blessing at the relaunch of a store in Winnipeg that had undergone renovations. Terry told reporters: “We're very lucky. God has been good to us.”
81. Sam and Van Kolias: $560 million
Alberta's oil-fuelled economic boom has pushed up the cost of real estate, creating problems for anyone looking for affordable housing. But not for brothers Sam and Van. More than half of the property owned by their Boardwalk REIT is in Alberta. And with rents there jumping 40% this year, things are looking up for Boardwalk. (continued on page 120)
82. Belkin family: $545 million
The steadily increasing value of the Canadian Hotel Income Properties Real Estate Income Fund (about 30% in the past year) was good for Vancouver's Belkin family, which owns about one-third of outstanding units. In November, the trust, which operates 32 hotels, reported record income of $22.6 million in the third quarter.
83. Jodrey family: $544 million
After flip-flopping on the issue, Extendicare Inc. — whose multiple-voting shares were 65% owned by Nova Scotia's Jodrey family — finally converted into a real estate income trust in early November. Shares in the nursing home operator shot up almost 40% in February after it announced it was planning to reorganize.
84. Robert Gratton: $536 million
Gratton was already one of the best-paid CEOs in Canada when he stepped down from Power Financial Corp. to become its chairman, and the investment holding company continues to rake in the cash. Power received $350 million in July through a share buyback program with German media giant Bertelsmann AG.
85. Pierre Karl and Érik Péladeau: $534 million
Problems continued to plague Quebecor Inc.'s Sun newspaper chain this year as the company laid off another 120 employees in June. The Toronto Sun, the chain's flagship paper, is losing readers and advertising revenue, and Pierre Karl isn't ruling anything out in terms of ways to fix the paper. That includes potentially axing the Sunshine Girl.
86. Michael Potter: $529 million
Retirement doesn't have to be boring. Just ask Potter. After leaving his software company, Cognos Inc., in 1995, he went on to create Vintage Wings of Canada, a foundation to maintain vintage aircraft. The collection consists of eight planes that are put on display for veterans and schoolchildren, and are occasionally flown for special events, sometimes by Potter himself.
87. Charles (Chuck) Fipke: $513 million
The diamond explorer donated $6 million to UBC Okanagan in September to help finance the construction of a new study centre to be named the Fipke Centre for Innovative Research. Fipke is a graduate of the school, and credits his success to the education he received there.
88. Jack Cockwell: $501 million
The man behind Brascan: Veteran Jack Cockwell spreads the wealth. A Rich 100 debut.
89. Randall Moffat: $495 million
Winnipeg's former cable TV baron made headlines in 2001 when he donated a record $100 million to the city's community foundation. This year, in recognition of his philanthropy, Moffat was made an officer of the Order of Canada in a ceremony alongside Research In Motion Ltd.'s Mike Lazaridis and Onex Corp.'s Gerry Schwartz.
90. Bill Comrie: $491 million
The founder of the Brick Group Income Fund not only saw his company's operating revenue shoot to more than $1 billion last year, he received the Order of Canada in July. The Edmonton-based company is in the process of bolstering its brand name by folding some of its subsidiaries under the Brick banner.
91. John Bragg: $490 million
EastLink, Bragg's privately owned telecommunications company, could be facing stiffer competition in the future. In April, the CRTC ruled it would allow telephone companies to set their own rates in markets where the incumbent has lost at least 25% of its subscribers to a competitor (continued on page 124) and has given the rival access to its network for at least six months. Competitor Bell Aliant claims EastLink has scooped up at least 33% of the residential market in Halifax.
92. Jack Cowin: $480 million
Australia-based, Ontario-born fast-food mogul Jack Cowin is taking a different approach to attracting customers to his Hungry Jack's franchise. While other burger joints are crafting healthier menus, Cowin is fattening up Hungry Jack's offerings, a move that he says resulted in 6% store growth in the past year.
93. André Chagnon: $474 million
The Lucie and André Chagnon Foundation, formed by the former head of Quebec cable company Vidéotron, was busy doling out cash to charities this year, including $200 million to fight childhood obesity and $5.75 million to treat female drug addicts and their children.
94. Aldo Bensadoun: $473 million
Aldo Group Inc. lassoed a handful of big-name celebrities to participate in its “Aldo fights AIDS” campaign launched last spring, including Avril Lavigne, Adrien Brody and Ludacris. The campaign has raised more than $2 million to date.
95. Lee Ka Lau: $470 million
The founder of ATI Technologies Inc., as well as its former vice-president of strategic planning, watched the Markham, Ont.- based company struggle over the past few years with bloated inventories and erratic profits. But the thrill ride is finally over for shareholders. California-based Advanced Micro Devices Inc. scooped up ATI in late October at US$21.36 per share.
96. Robert Beamish: $466 million
Beamish's Woodbridge Group, maker of foam products for the auto industry and the largest producer of polyurethane foam products in the world, will soon expand into India. In May, Woodbridge confirmed that it's entering into a joint venture with Indian company Sheela Foam to build up to three manufacturing plants in the Asian country over the next three years.
97. Isadore Sharp: $460 million
The Four Seasons founder and CEO recently announced plans to take the luxury hotel operator private as part of a consortium including Microsoft founder Bill Gates and Saudi Prince Alwaleed Bin Talal. Sharp will remain as CEO and also receive $280 million as part of a long-term incentive plan while retaining 10% of the company he started in a rundown Toronto neighbourhood 45 years ago.
98. de Gaspé Beaubien family: $430 million
François de Gaspé Beaubien, chairman and CEO of Montreal-based advertising firm Zoom Media, co-chaired the first Canada 2020 Conference in June. Held in Mont Tremblant, Que., it was a two-day forum on social and environmental policy that attracted such speakers as former U.S. vice-president Al Gore, economist Jeffrey Sachs and Lewis Lapham, writer and editor emeritus of Harper's Magazine.
99. Louise Blouin MacBain: $425 million
The Louise T. Blouin Institute opened in London in October. The $44-million facility will showcase art exhibitions, performances, lectures, debates and workshops. The institute is the latest project of MacBain's eponymous foundation, one that has a vague, though lofty, goal: “To promote culture and creativity and their role in making societies stronger.”
100. Lawrence Stroll: $422 million
Stroll bailed out of troubled London jeweller Asprey & Garrard this year. He invested millions in the company in 2000, but his Michael Kors fashion label may make up for that loss with plans to open 100 stores in the United States by 2009.