The 8 Richest People In Calgary for February 2025

Financial JournalistChristopher Liew, CFA
Christopher Liew is a CFA Charterholder and has held several roles in the finance industry. He’s worked as an investment wholesaler at Sentry and CI Financial, a financial advisor at RBC, and an energy trader at Enmax. He is Alberta-based while he’s in Canada, but spends much of his time working and living in other countries. Christopher speaks English and studied accounting and finance at the University of Alberta. He is one of the founders of Wealth Awesome where he has written articles and created videos for our subscriber base of over 20,000 Canadian investors.

Expertises: finance, investment, stocks, retirement, canada
Richest People In Calgary
 

The wealthy of Canada live throughout the country. There are currently 60 billionaires and over 1.6 million millionaires spread across the Great White North.

While Canada boasts numerous billionaires, Calgary has its share of ultra-wealthy individuals who have significantly impacted its economy. But exactly how many billionaires are in Calgary? In this article, we explore the wealthiest individuals residing in this vibrant city as of February 2025, revealing their sources of wealth and contributions to Calgary’s prosperity.

Many of the families acquired their riches from inheritances or family businesses. However, whether self-made or through generational wealth, the folks on my list each put in hard work to grow their companies and make savvy investments.

Ready to catch up with the richest in the city? Read on to find out who tops my list of the richest people in Calgary.

Why Calgary Attracts Billionaires?

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It’s easy to overlook Calgary. Most times, when you think of rich and thriving cities within Canada, your first thoughts go to Toronto or Vancouver.

While each of those respective cities has a flourishing wealthy population, Calgary easily walks away as the city with the most millionaires per capita.

So, just how many? The city leads in the most millionaires per capita category- 225 per 100,000 residents. Alberta tops Canada as the richest province.

Not only is it the main hub for oil sands and other natural resources, but it’s also a huge tourist attraction with places like Banff National Park and Lake Louise. 

This energy corridor of Alberta is a huge contributor to Canada’s gross domestic product. For 2021, the province’s GDP was $323.1 billion, an increase of over five percent from 2020.

The upticks were almost entirely across the board of most industries, especially food services, mining, oil and gas extraction, as well as healthcare.

1. Daryl Katz

Daryl Katz

Estimated net worth: $4.36 billion

Source of Wealth: Katz is the chairman of the Katz Group of Companies, a conglomerate that spans pharmacy, sports, and real estate development. His initial fortune stemmed from acquiring the Canadian rights to the U.S.-based pharmacy chain The Medicine Shoppe. Under his leadership, the company expanded dramatically by purchasing small independent stores and the declining Rexall drugstore chain. Katz’s ventures into the U.S. included buying the discount chain Drug Emporium and later, entering the professional sports arena by acquiring the Edmonton Oilers and contributing to the construction of Rogers Place, a state-of-the-art sports and entertainment venue.

The bulk of his fortune came from acquiring the Canadian rights to the U.S.-based pharmacy chain The Medicine Shoppe. Shortly after opening the first store in Canada, he formed The Katz Group as a holding company for the pharmacy business.

He continued to grow the company, including purchasing small independent stores and the fading Rexall drugstore chain.

Over time, he ventured into the United States, buying big box discount chain Drug Emporium.

Katz also made his way into the world of professional sports. In 2007, he made two offers to buy the Edmonton Oilers, but got rejected both times.

The following year, he increased his proposal to $200 million and finally acquired the team.

Since then, he’s helped build a new arena, Rogers Place, coined as one of the most advanced sports and entertainment venues throughout the country.

Katz doesn’t just sit on his money, either. He’s donated $7 million to the University of Alberta Faculty of Pharmacy and Faculty of Law.

He’s also very charitable within the healthcare sector, donating $20 million to Mount Sinai Hospital in Toronto and the Health Research Innovation Facility in Edmonton.

2. Fred and Ron Mannix

Mancal Company Logo

Estimated net worth: $3.3 billion

Source of Wealth: The Mannix brothers inherited a robust business foundation from their grandfather who initiated a railway construction business in 1898. The business later expanded under their father into road construction and heavy construction projects. Upon their father’s retirement, the company was split between the two, with Fred heading the Mancal Group—diversifying into coal mining, oil and gas exploration, and real estate—and Ron taking over Coril Holdings, focusing on railway maintenance and personal health services.

Over time, the railway business grew into road construction, including heavy construction projects.

When Fred and Ron’s father decided to step away from the business, he divided the company into two portions, giving each to his two sons. Fred acquired the Mancal Group.

The company deals in many different avenues, including coal mining, oil and gas exploration, oil and gas transportation, construction, real estate, development, and railway maintenance.

Ron took over Coril Holding. This is a privately held parent company that operates in railway maintenance, real estate development, and personal health and wellness services.

The Mannix family has worked on some of Canada’s biggest projects, including the Canadian Pacific Railway, the Trans-Canada Highway, as well as the Toronto and Montreal subway systems.

3. The Estate of Ronald Southern

Estate of Ronald Southern

Estimated net worth: $2.3 billion

Source of Wealth: Ronald Southern co-founded the Alberta Trailer Hire Co., which evolved into ATCO. The company, which initially focused on renting and selling utility trailers, expanded under Southern’s leadership into the natural gas, petroleum, and electricity sectors. Southern’s strategic expansions and public offering in the 1960s helped solidify his and his family’s wealth, which continues to influence Calgary’s economy through various philanthropic efforts, including the establishment of Spruce Meadows for equestrian sports.

In the 1960s, ATCO went public and expanded into the natural gas, petroleum, and electricity industries. Ronald Southern was the head of the company until he passed off control to his daughter, Nancy, in the early 2000s.

In the 1970s, the Southern family built Spruce Meadows, a multisport complex mainly used for competitive equestrian riding. Ronald Southern started the business because his daughter was a competitive rider.

Southern served on the boards of many corporations, including Chrysler Corporation of Canada, Canadian Airlines, and Canadian Pacific.

4. N. Murray Edwards

N. Murray Edwards

Estimated net worth: $2.18 billion

Source of Wealth: Edwards has major holdings in Canadian Natural Resources, focusing on converting Alberta’s bitumen-bearing sands into crude oil. His portfolio extends into other sectors such as oil services, aerospace through ownership stakes in Ensign Energy and Magellan Aerospace Corporation, and entertainment via the ownership of the Calgary Flames and several ski resorts across Canada.

In addition, Edwards owns stakes in other oil and aerospace companies, including Ensign Energy, Canada’s second biggest oil services provider, and Magellan Aerospace Corporation.

The majority of Edwards’ wealth from these companies comes from his massive stock options portfolio.

He also owns the Resorts of the Canadian Rockies, a combination of six ski resorts located throughout Canada. Edwards moved into the sporting world when he purchased ownership in the professional hockey team, Calgary Flames.

5. The Riddell Family

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Estimated net worth: $1.62 billion

Source of Wealth: The family’s wealth originated from Clay Riddell’s establishment of Paramount Resources in 1976, an all-encompassing petroleum company. The family’s influence expanded as they developed various energy subsidiaries, enhancing their portfolio and contributions to Calgary’s oil and gas sector.

As the company grew, the family added various other energy subsidiaries under its name. Today, Jim Riddell is the president and CEO of the company, while his daughter, Sue, oversees Perpetual Energy.

In 2017, Paramount bought the Canadian assets of Apache Corporation, a company involved in hydrocarbon exploration.

6. David Werklund

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Estimated net worth: $1.43 billion

Source of Wealth: Werklund’s ascent began in the oilfield servicing industry, culminating in the founding of Concord Well Servicing. His entrepreneurial spirit led to diversifications into oil processing and waste management, pioneering environmentally conscious techniques like the Gravity Compression System. His philanthropic efforts are notable, including a significant donation to Olds College to foster educational advancements.

Werklund grew up on a farm where he learned the value of hard work and honesty. He got one of his first jobs at Shell Canada as a production manager, which opened his eyes to all the opportunities in the oil business.

He started a servicing company but quickly learned the oilfield business is cyclical and anything but routine. In an effort to gain normalcy, Werklund started a well-servicing company, Concord Well Servicing.

It became one of Canada’s top well-servicing companies, and Werklund eventually added oil processing and waste management to the business. He pioneered the Gravity Compression System, which helped separate solid waste from emulsions.

After years of success, Werklund wanted to give back to the community. He and his wife Susan made the largest donation ever to an educational facility when they contributed $16 million to Olds College. 

7. The Shaw Family

Shaw Communication Logo

Estimated net worth: $1.2 billion

Source of Wealth: Founded by JR Shaw, Shaw Communications has become a major player in Canada’s telecommunications landscape, providing a wide range of services from internet to mobile communications. The recent negotiations for merging with Rogers Communications highlight the strategic importance of Shaw’s assets in the competitive telecom industry.

The company also has a subsidiary, Freedom Mobile, which furnishes mobile phone service.

Brad Shaw, JR’s son, currently runs the company. In 2021, he entered into a deal in which Rogers would acquire Shaw Communications for $26 million.

The acquisition was subject to regulatory approval, but many opponents pointed out it would reduce competition and likely drive up prices. Both heads of the companies expected the merger to be finalized by the end of 2022.

However, just recently, the request for Rogers to acquire Shaw’s wireless frequencies was denied. The federal government claimed the proposed merger would eliminate “established, independent, and low-priced” competition.

To get around this setback, Shaw is looking to sell Freedom Mobile to Videotron, a subsidy of Quebecor.

The Industry Minister said he would review the revamped merger agreement as long as Videotron maintains the wireless licenses for at least 10 years.

8. Ghermezian Brothers

Triple-Five-Group-logo

Estimated net worth: $650 million

Source of Wealth: Starting from a rug business in Iran, the Ghermezian family transitioned to real estate and construction in Canada. Their notable projects include the iconic Edmonton Mall and Mall of America. Their latest venture, the American Dream Mall in New Jersey, combines retail with entertainment, showcasing their innovative approach to large-scale developments.

He set up a company, Triple Five Corp, and acquired farmland throughout Edmonton with the hopes of finding oil. It never happened, and the family eventually sold it to the government, making a lucrative profit.

As the brothers grew up and expanded the company, they began to focus on construction, specifically developing unique shopping malls.

They worked on the Edmonton Mall and Mall of America, but the American Dream Mall in New Jersey is on a different level.

This mall isn’t just for shopping but is also part amusement park and tourist attraction.

Not only does it have stores but also features a water park, ski and snow resort, ice rink, and wave pool. It’s one of the biggest construction projects in the United States.

The Impact of Billionaires on Calgary’s Economy

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Wealthy individuals have influenced Calgary in several ways, ranging from business development to philanthropy and political influence. Here are some examples:

  1. Business Development: One of the most notable examples is JR Shaw, the founder of Shaw Communications, which has provided a lot of job opportunities and technological advancements in Calgary, contributing to the city’s economy.
  2. Philanthropy: Many wealthy individuals engage in philanthropy, donating money to causes they care about. In Calgary, these could include local universities, hospitals, arts organizations, and social services. For example, the Taylor Family Foundation donated $40 million to the University of Calgary in 2016 to support entrepreneurship and innovation programs.
  3. Real Estate: The Southern Family, known for their wealth acquired in oil and gas, has been influential in real estate through Remington Development Corporation. Quarry Park, a major mixed-use development in southeast Calgary, is one of their notable projects.
  4. Political Influence: Wealthy individuals can also fund political campaigns or lobby for specific policies. For example, Murray Edwards, a billionaire and co-owner of the Calgary Flames, is known for his political contributions and has significant influence in the Alberta oil industry.
  5. Cultural Influence: Philanthropists like the Taylor family have made significant contributions to Calgary’s cultural scene. For instance, Don Taylor, an entrepreneur and philanthropist, donated $25 million to the Calgary Public Library Foundation, the largest donation in the library’s history.

Frequently Asked Questions About Calgary’s Wealthiest Residents

1. How many billionaires are in Calgary?

As of February 2025, Calgary is home to several billionaires. The exact number can fluctuate due to changes in the market and personal fortunes, but the city consistently features prominent billionaires such as Daryl Katz, who have made significant contributions to both the local economy and the broader Canadian financial landscape.

2. Why does Calgary attract so many wealthy individuals?

Calgary attracts many wealthy individuals due to its status as a hub for the oil and gas industry, which has historically been a major contributor to wealth in the region. Additionally, Calgary’s high quality of life, proximity to natural attractions like Banff National Park and Lake Louise, and relatively low tax environment make it an appealing place for the wealthy to reside.

3. Who is the richest person in Calgary?

The richest person in Calgary is often considered to be Daryl Katz, with an estimated net worth of $4.36 billion. His wealth comes from a variety of sources, including his ownership of the Katz Group of Companies, which spans pharmacy, sports, and real estate development.

4. What impact do Calgary’s billionaires have on the local economy?

Calgary’s billionaires have a significant impact on the local economy through their investments in key industries, philanthropic efforts, and real estate developments. They contribute to job creation, support for local businesses, and funding for cultural and educational institutions, which in turn stimulates economic growth and development in the region.

5. What are some common industries that Calgary’s richest people are involved in?

The most common industries among Calgary’s wealthiest include oil and gas, real estate, sports, healthcare, and retail. These sectors reflect the city’s economic strengths and provide opportunities for substantial wealth generation.

6. Are there any philanthropic trends among the billionaires in Calgary?

Philanthropy is a significant trend among Calgary’s billionaires, with many choosing to donate large sums to healthcare, education, and arts organizations. Examples include Daryl Katz’s donations to the University of Alberta and health facilities, as well as contributions from other wealthy families to various local causes and community projects.

Conclusion

Richest People In Calgary

Calgary, often overshadowed by cities like Toronto and Vancouver, is a significant economic force within Canada, boasting the highest number of millionaires per capita in the country. This financial prosperity is not only due to its major role as the center of Canada’s oil and gas industries but also thanks to its vibrant culture and high quality of life which attract wealthy individuals.

While the exact number of billionaires in Calgary can vary, the city is known to house several, including prominent figures like Daryl Katz, whose diverse business ventures span from pharmaceuticals to professional sports. Each billionaire has contributed uniquely to the fabric of the city, whether through business development, philanthropy, or cultural influence.

The collective actions and investments of these billionaires not only continue to shape Calgary’s economic landscape but also enrich the community, ensuring the city’s place as a key player in Canada’s overall wealth and prosperity.

In sum, Calgary not only stands as a wealthy Canadian city but also as a testament to the enduring success of its most affluent residents, whose impacts resonate well beyond their financial achievements.

If you’re looking to find other wealthy people from Alberta, check out this article

2 thoughts on “The 8 Richest People In Calgary for February 2025

  1. We are a family in Lasne Belgium hosting a Ukrainian refugee family for the last six months. The parents are in their young thirties and have two adorable twin daughters. The experience has been excellent, they are highly educated people, wonderful to have in our guest house.

    They want to immigrate to Calgary (he is an IT expert, still practicing).

    Do you know families I may contact to welcome them ?

    Thank you for your consideration! Charles Vuylsteke

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