Often, when we talk about accomplished entrepreneurs, the spotlight tends to shine on success stories from south of the border. But it’s actually right here in Canada where you’ll find some truly inspirational success stories of business people who exercised their entrepreneurial talent and achievement across a spectrum of sectors.
This article shines the spotlight on some of the richest people in Canada and its smartest business minds, by concentrating on the industries that propelled them to such economic heights.
While we could focus on the big names like David Thomson and Mike Lazaridis, we’ll instead explore those who made it from more accessible industries such as e-commerce and service technologies. For anyone who has ever wanted to achieve business success in a country that has so much to offer, we hope these stories bring you inspiration and motivation to realize your dreams.
Let’s take a look at the journeys of those who came before us.
Canada's Richest Business People
1. Tobi Lütke – Technology and E-commerce
Net Worth: C$9.2 billion
Industry: Technology and E-Commerce
Tobi Lütke is the CEO and co-founder of the widely used e-commerce platform Shopify, currently based in Ottawa.
The German-Canadian moved to Canada in 2002, where he began developing software and an online platform to sell snowboards. Launched officially in 2004, his online store named “Snowdevil” was developed using the server-side web application framework Ruby on Rails.
Realizing the potential of such a platform so early on, he co-founded Shopify in 2006 and focused on empowering small and medium-sized businesses to create and manage their own online stores.
Right from the start, Lütke guided his team with a focus on developing a powerful platform that welcomed newcomers with accessibility and, at the same time, met the demands of more experienced business owners.
Shopify flourished into a vibrant network of developers as partners laid the foundations for a platform that grew into an entire ecosystem. Lütke’s experience highlights one core lesson: Scalable tech matters.
Lütke’s creation adapted alongside businesses as they flourished and ensured that scalability and extensibility were a built-in promise and not just an afterthought. Today Shopify is an e-commerce powerhouse, and although it’s now a household name (amongst those with an online store anyway), it didn’t just pop up overnight like so many unicorn tech companies.
As Lütke said himself: "It took about ten years' time for Shopify to be an overnight success".
That’s the power and value of persistence and a long-term vision in action.
2. Heather Reisman – Publishing and Retail
Net Worth: C$2.9 billion
Industry: Publishing (Now: Lifestyle and E-Commerce)
Born in Montreal, Reisman is the CEO and founder of Indigo Books and Music, the largest book retailer in Canada.
Her story is one of initial success and then overcoming the adversity of a business landscape that was rapidly changed by online accessibility to media. Reisman started her career in consulting, but her love for books led her to create a space that offered far more than just a retail experience.
Indigo’s stores were designed to have community at their core. They were designed as hubs where people could connect together over a shared love of books and learning. However, when the rise of e-books and consumption of media online threatened her brick-and-mortar stores, Reisman was faced with the task of staying relevant in an increasingly digital world.
Reisman was able to pivot and adapt quickly. She diversified Indigo’s offerings but remained true to her ethos of reinforced customer loyalty by including a range of home decor and wellness items. Despite this adaptation, Reisman has always maintained that “books were, are, and always will be the heart and soul of our business”.
Her rise to success and the ability to overcome massive setbacks is a testament to staying true to one’s passions, but remaining flexible enough to stay afloat when the market shifts course rapidly.
As Reisman herself says: "The future belongs to those who believe in the beauty of their dreams."
3. Daryl Katz – Real Estate and Diversified Investments
Net Worth: C$5.6 billion
Industry: Real Estate and Pharmaceutical (Now: Sports, Entertainment)
Katz is a well-known Canadian businessman who built his fortune initially upon the purchase of the Canadian rights to the US pharmaceutical brand ‘Medicine Shoppe’ for $300,000 US with his father in 1991.
He then purchased the Rexall drugstore chain in Canada and grew the business to 80 stores. In 1997, Katz purchased the Ontario pharmaceutical store chain from supermarket operator Oshawa Group for $100 million US.
Daryl Katz didn't just expand his portfolio; he thoughtfully chose investments with the potential to uplift neighbourhoods. A standout example is the ICE District in Edmonton, Alberta – it's more than a hefty financial undertaking.
This sprawling hub fuses living spaces, offices, and leisure zones with an overarching goal: to inject life into downtown Edmonton. Katz poured not only funds but also his desire for communal prosperity into this project.
Katz has evolved from a pharmaceutical magnate to a champion of urban development. His path underscores the value of foresight, embracing risk, and committing to community betterment.
In sharing his narrative, we find encouragement that astute planning coupled with zeal for progress can truly reshape sectors and touch lives within them.
4. Harrison and Wallace McCain – Frozen Foods and Global Expansion
Wallace Net Worth: C$5.5 billion
Harrison Net Worth: C$5.1 billion
Industry: Food
McCain’s Frozen Foods is a household name not only in Canada, but also in the United States, Britain, and Australia. However, few people know that the worldwide food conglomerate actually had humble beginnings in Canada, started by Harrison and Wallace McCain.
Harrison and Wallace were brothers from Florenceville who revolutionized the frozen food industry when they co-founded McCain Foods in 1957.
At the time, the very idea of frozen food was very new. With a small factory and a loan from their mother, the McCain brothers quickly scaled their business through innovation and a keen sense of market opportunities.
Their operation came to fruition at a time when the frozen food industry was ripe for growth. By the 1970s, McCain Foods had become a truly massive company, being the largest producer of frozen French fries, all due to a strategy of aggressive expansion and relentless acquisition of key competitors.
This story, while not a new one, is still a testament to the power of innovation and adaptability in growing industries. In Canada today, the same opportunities still exist for business owners and entrepreneurs with the right attitude of quality customer service, values, and vision.
The McCain brothers showed that the pursuit of nothing short of excellence can lead to unparalleled success.
5. Michele Romanow – Technology and Venture Capital
Net Worth: C$1.7 million
Industry: Coffee Shop (Now: Technology and E-Business)
Michele Romanow is a spirited presence in Canada's tech and venture capital environment. While not a billionaire, Romanow has been included because her journey from humble beginnings to successful Canadian entrepreneur is an inspirational one.
Romanow opened a coffee shop on campus while at university, revealing her innate talent for business and creativity early on. Leveraging this initial venture, Romanow went on to co-found Buytopia.ca, which offered daily shopping deals.
Her ambition soon ushered her into the realm of technology with Clearco (known earlier as Clearbanc), where she made waves by changing how startups and online businesses secure funding.
Since its inception in 2015, Clearco has swiftly grown into one of the most groundbreaking financial platforms tailored for e-commerce ventures. By 2021 it had disbursed over $2 billion across more than 5,500 firms—cementing Romanow's status as an influential figure within the Canadian startup community.
Romanow personifies not just innovation but also tenacity, an invaluable asset during tough times. As captured in her words: "Good companies are built in bull markets; great companies are built in bear markets."
This philosophy underscores the importance of persistence and calculated moves during economic downturns—principles that have been cornerstones throughout her entrepreneurial path. As such, Michele continues to be a source of motivation for up-and-coming entrepreneurs both within Canada and globally.
6. Jim Pattison – Diversified Conglomerate
Net Worth: C$12.5 billion
Industry: Car Sales (Now: Agriculture and Investor)
Jim Pattinson is one of the most well-known and richest Canadians. Pattinson’s journey started humbly when he began selling cars at a young age, and quickly realized he had a knack for customer service.
In 1961, he took a giant leap and purchased a General Motors dealership in Vancouver that ultimately became the foundation for his business empire.
Having achieved success in car sales, Pattison branched out into various industries within Canada including packaging, food, media, and entertainment. His approach was always about diversification as quickly as possible, and seizing opportunities over as many sectors as possible.
Today, the Jim Pattison Group has revenues exceeding $10 billion US annually and employs tens of thousands of people not only in Canada but across the globe. Pattison’s success can be mainly due to his relentless work ethic. In one interview by Bloomberg, when asked if he has even taken a vacation, he said: “Well, I get 365 days. If you like your work, it’s not work”.
Building Your Own Success Story in Canada
These stories of Canada’s wealthiest entrepreneurs, many of whom came from humble beginnings, show that success is possible when you have a strong vision and relentless determination.
These business leaders have shown that global corporations can grow from something as small as purchasing your first small business. With the right strategies and a willingness to learn not only from others but from your own mistakes, absolutely anyone can achieve greatness.
If you’re ready to take that first step into business ownership in Canada, start your entrepreneurial journey today with BusinessesForSale.com.
FAQs
Q: Who is the richest person in Canada?
As of 2024, Changpeng Zhao is the richest Canadian with an astonishing net worth of $37.9 billion US. Commonly known as “CZ” he is the founder and CEO of Binance, the world’s largest cryptocurrency exchange. His success has been mainly attributed to the rapidly growing crypto industry.
Q: How many billionaires are there in Canada?
Currently, Canada is home to 57 billionaires, which actually makes it one of the countries with the highest number of billionaires in the world. These individuals have amassed their wealth through ventures consisting of multiple sectors such as real estate, technology, finance, and retail.
Q: Who is the youngest billionaire in Canada?
At the age of 43, Tobi Lütke is the youngest Canadian billionaire. Tobi Lütke is the co-founder of the e-commerce platform Shopify. His innovative approach to technology and entrepreneurship has earned him his place amongst Canada’s most wealthy.