Canada’s Richest People: The Reichmann family

 
Canada’s Richest People
Reichmann family
(Photo: Rex/CP)

Reichmann family

Net Worth:
$2.33 billion
(No change from 2017)

Rich 100 rank: #42
Change in rank from 2017: ▼4
Major company holdings: Reichmann International Development
Location: Toronto
Age: 83


The five Reichmann brothers—Albert, Paul, Edward, Louis and Ralph—immigrated to Canada from Morocco in the 1950s. Toronto developer Paul amassed a fortune in commercial real estate before he died in 2013. Ralph now runs Olympia Tile International.

In the 1980s, Paul’s Olympia + York Development Ltd. was one of the most respected commercial real estate companies in the world—its holdings included First Canadian Place, the NYC World Financial Centre and London’s Canary Wharf. Paul built a reputation for himself by buying undervalued pieces of land and hiring notable architects to develop grand buildings. Under the weight of the 1990s real estate crash, the firm filed for bankruptcy. Paul’s nephew Philip and son-in-law Frank managed to relaunch the company in 1997 as O&Y Properties Inc. and buy back First Canadian Place. They sold their company in 2005.

Further family drama arose in 2013, when Ralph’s son Abraham sued his parents for allegedly cutting off his income; his parents described him as a wealthy unemployed man with millions of dollars in assets.

Updated Thursday, November 9, 2017



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