Canadian grocery tycoon Galen Weston Jr. is now worth a staggering $18 billion
Galen Weston Jr., president of grocery giant Loblaw, has been crowned one of the richest people in Canada.
Maclean's revealed its list of Canada's Richest People on Thursday. In partnership with Canadian Business, the ranking "takes a fresh look at the uber-wealthy in this country."
"The bulk of Canada's money is still held by a few at the top. On average, a billionaire will earn a typical Canadian's yearly salary by January 2. What has changed is where that affluence lives," reads the report.
The people on this list own grocery stores, hotels, restaurants and wineries. You may not have heard all their names, but they’re definitely part of your lives.
— Maclean’s Magazine (@macleans) November 7, 2024
Meet Canada’s richest people. https://t.co/4MteFxawLO pic.twitter.com/KZczsXsTXn
Maclean's says that the country's wealthiest are no longer just hedge fund managers and real estate moguls, but also e-commerce giants, crypto CEOs, and tech wizards.
"The people on this list own grocery stores, hotels, restaurants and wineries. You may not have heard all their names, but they're definitely part of your lives," reads the ranking.
Weston is definitely one of the more well-known names on the list, but currently not for the best reasons.
He's received backlash from many Canadians for defending Loblaw's high food prices. On top of that, one of the biggest stories from this year surrounding the corporation was the May-long boycott hosted by a community of frustrated customers.
So, it may not be welcome news to find out that the grocery exec ranks as the third richest person in Canada.
According to Maclean's, Weston is worth a staggering $18.05 billion.
Before the anger surrounding grocery costs, many knew the businessman as an everyman in a series of TV commercials promoting Loblaw's President's Choice brand.
In 2020, Weston became the controlling shareholder in Wittington Canada, the family holding company that has a controlling stake in George Weston Ltd., which owns Loblaw.
"The stock price of Loblaw—whose chains include No Frills, Valu-mart and Provigo—tripled over the last three years (all while food prices have become increasingly unaffordable)," reads the report.
"George Weston Ltd. is more than a grocery giant: it owns 61 per cent of Choice Properties REIT, which holds more than 700 retail and industrial properties nationwide, with Loblaw as its biggest tenant. Weston's personal properties include a 500-acre estate near Caledon, Ontario."
Weston rounds out the top three richest people in Canada. The Thomson family, worth $98.15 billion took the top spot, and crypto CEO Changpeng Zhao received second place, with a net worth of $61.02 billion.
