According to a research released by BMO Harris Private Banking in April of 2011, most Canadian millionaires got their wealth by hard work rather than inheriting it. According to the same study, about 77 percent of 459 millionaires interviewed said they are wealthier compared to before the recession of 2008. Just as in any other country, Canadian millionaires owe their riches to their hard work and focus on several industries, such as food, clothing, real estate, communication and transportation.
The Libfelds, headed by Ted Libfeld, is a family-run real estate development firm in Toronto. Ted Libfeld’s four sons now manage the Conservatory Group, which is the family’s privately owned company. One of the company’s prominent investments, “Milan,” is a luxury condominium located in Rosedale Valley in Toronto. As of the time of publication, Libfeld’s family’s net worth is estimated at $590 million.
As of publication time, André Chagnon’s net worth is estimated at $540 million. The 83-year old millionaire is the force behind Videotron Ltee., a company focused on Cable TV and broadcasting. Its main office is located at Montreal, Quebec. In 2010, Andre and his wife, Lucie, received the BNP Wealth Management Grand Prix award for their efforts in helping children and the youth; they invested about 75 percent of their assets to build a youth foundation in Quebec.
Jack Cockwell is another millionaire engaged in real estate development. He is the director of Brookfield Asset Management Inc. and Brookfield Properties Corporation. As of the time of publication, he has a net worth of around $540 million. Also in 2010, Cockwell donated $5 million to Ryerson University to found the Daphne Cockwell School of Nursing in honor of his mother.
The Jodrey family has a hand in several industries; nursing homes, real estate, transportation, forestry products and frozen foods. The family’s net worth is estimated at $570 million, and their largest companies include Minas Basin, High Liner Foods and Assisted Living Concepts.
Michael Potter involved himself in software development, antique planes and investments. Potter spent most of his professional career as the CEO of Cognos ULC. In 2000, Potter founded the Vintage Wings of Canada Foundation, a charitable foundation aimed at restoring and maintaining rare vintage airplanes. As of the time of publication, Potter has an estimated net worth of $670 million.