Canadian Private Wealth Industry
The top ten investment firms in Canada are Investissement Quebec Fonds de Solidarité rith $890 million, Futura Corporation, E-L Financial Corporation Ltd, CI Financial Corp., Crown Investment Corporation of Saskatchewan, James Richardson & Sons Ltd, Fairfax Financial Holdings Ltd, Caisse de Depot et Placement du Quebec, Onex Corporation. However, we could not resolve a clear picture of the number or names of all firms in Canada that handle investments for families with a worth over $50 million CAD. We have provided some helpful findings below that emerged in the course of our research and that may provide some insight.
Number of firms that manage the wealth of people or families that have a net worth of $50 million CAD or more.
- EY overviews the Canadian wealth management industry and stated that "3 out of 10 clients in Canada are open to switch wealth managers under the right circumstances."
- In addition, 53 percent of Canadian wealth management clients have relationships with multiple wealth managers.
- According to Business Chief, the top 10 Canadian firms that manage the wealth of companies and/or families in Canada are: Investissement Quebec with $713.7 million of revenue, Fonds de Solidarité rith $890 million, Futura Corporation with $1.13 billion , E-L Financial Corporation Ltd with $1.54 billion, CI Financial Corp with $1.55 billion, Crown Investment Corporation of Saskatchewan with $3.99 billion , James Richardson & Sons Ltd with $8.1 billion, Fairfax Financial Holdings Ltd with $9.54 billion, Caisse de Depot et Placement du Quebec with $16.46 billion and Onex Corporation with $19.61 billion.
- According to the 2018 Top 40 Money Managers Report, the total Canadian assets under management is estimated at $3,405,048.1 million, of which $375,770.7 million are from Private clients/high net worth.
Number of private or families that have a net worth of $50 million CAD or more in Canada
- In their article from 2018, Global News stated that Canada’s richest families own as much wealth as 3 provinces combined, according to a report from Canadian Business Magazine.
- Canada's most wealthy families hold $259 billion in wealth and an estimated of $269 billion in net assets.
- In an article by CBC Canada News is stated that Canada is the fifth country in the world with more number of people whose net worth is estimated at US$30 million or more.
- According to CBC's article, "Canada had around 10,840 residents worth $30 million or more including their investable assets in 2017."
- US $30,000,000USD = $39,801,705.30 CAD (1 CAD = 0.753737 USD , 1 USD = 1.32672 CAD.)
According to Canadian Business, some top richest families in Canada are:
- Thomson Family, located in Toronto, they run Thomson Reuters, Woodbridge Co. with an estimated revenue of $41.14 billion.
- Galen Weston, located in Toronto, owner of George Weston, Associated British Foods, Loblaw, Selfridges, Holt Renfrew with an estimated of $13.55 billion in revenue.
- Rogers Family located in Toronto, owners of Rogers Communications with an estimated revenue of $11.57 billion.
- Saputo Family Montreal located in Saputo, owner of Transforce with an estimated revenue of $10.41 billion.
- Desmarais Family, located in Montreal owners of Power Corp. of Canada with an estimated revenue of $8.38 billion.
- Irving Family Saint John, N.B. | Irving Oil, J.D. Irving $7.38 billion.
We began our research with North American and Canadian focused business and financial press sources such as Business Chief, Global News, Canadian Business and CBC News, among others. While these sources contained numerous overviews of top firms and investment profiles, none made clear mention of the net worth of investors, nor gave us enough information to make any high-confidence inferences about which firms served high-net-worth families.
Wealth Management Canada's website provided us with a wealth of information about major wealth management companies. We used that information, plus information on the web presences (web sites, press releases, financial disclosure reports, etc.) of these companies to try to build a profile of the major players and to gather a picture of their client bases. However, nothing definitive concerning their clients' family wealth levels emerged from this strategy.
As a final strategy, we attempted to answer the question from the other end, looking at wealth families in Canada and trying to tie them to investment firms, but privacy laws and other barriers prevented us from gathering enough information to resolve a general picture of the investment strategies of wealthy Canadian families.