Page 14, The Herald, Tuesday, August 12, 1980

“How to become a

In Canada these days, mil-
lionaires area dime a dozen.

The establishment figures
have always been with us —
the tycoons, the silent men of
Merger Inc, the little old.
ladies who inherited it, in-
vested it and kept the profits
in a sock, and those who
parlayed an unlikely rock
stratum into a seat on the
stock exchange.

With each generation,
however, there is a new
breed of men and women
who turn their dreams,
talents, luck-and drive into
financial security.

For some it’s a well:
defined progression; for
others it's a ride on the nose
cone of a rocket.

But new money or old, in-

flation being what .it is, a-

million dollars isn’t what it
used to be.

The Oxford English Die-
tionary defines millionaire
as a person “possessing a
million pounds, dollars,
francs, ete,; a person of
great wealth,”

As a general definition, it
will have to do. Neither
StatsCan nor Revenue
Canada -- government
agencies which keep a loose
eye on such things — can
come up with a more precise
reference point, .

On one hand, they say it is

impossible to do a national

survey ona group this small,

On the other, they claim
’ that anyone who reports an
annual income of more than
$200,000 should fall into the
millionaire category. By
most recent statistics, that’s
2,297 Canadian men and
"women.

Just below that figure — in
the $100,000 to $200,000 neigh-
borhood — dwell 11,099 more
Canadians. Count them in, if
only on a cumulative basis.

Does this mean there are

only about 13,500 Canadian »

roillionaires?

To accept that naive :

assumption is to ignore those
with millions in investments
who live quietly on repor-
table interest of less than

$100,000 a year — {fo Bay

nothing of those whose
wealth ‘is hidden in. the
corporate structure and
those who employ firms of
accountants ‘specializing in
diffusing reportable income.

It is this diffusion which
makes it difficult to deter-
mine just how much
Canadian millionaires are
worth, Many of them don’t
know themselves.

Probably the most vivid {fi-
nancial presence in Canada
is E. P. (Bddie> Taylor,
brewery magnate,- con-
struction entrepreneur and
— for fun and profit —- one of
the world’s leading breeders

. of thoroughbred racehorses.
Taylor isn’t the richest
man in Canada, but he’s up
- there. It’s his high profile in
the business and sporting
worlds which has made him
a Canadian household word.

Whenever a cartoonist
wants to portray a tycoon, he
reaches into the Taylor file
for pictures of a portly E. P.
in pearl-grey topper and
cutaway, binoculars resting
upon ample waistcoat,
chatting with the Queen
Mother at Epsom on Derby
Day.

In some aspects, the term
“tycoon” is apt for a man
who parlayed his grand-
father’s Ottawa brewery into
the world’s largest brewing
concern, encompassing 30
labels. Today he operates his
multi-faceted empire from
Nassau.

Among the most wealthy
of Canadians is Ken
Thomson.

He owns more than ‘100

daily newspapers in Britain,
Canada and the U.S. and an
uncounted number of
weeklies, Through corporate
moves which shook the
financial world he also owns
Hudson's Bay Co. A later
manoeuvre by The Bay also
granted him control of Simp-
son’s department stores.

Only when operating from
his London headquarters
does he we the Inherited title
of Lord Thomson of Fleet. It
has been estimated that he
and his enterprises employ
100,000 persons.

The original Lord
Thomson of Fleet — Roy
Thomson of Timmins, Ont.
— started out operating a

radio station In Northern .

Ontario and died as one of
the world’s richest men.
“Everyone wants to make

money,” he once said, “But
how many want it enough to
work for it?” .

Roy Thomson did and it is
said that when Soviet
Premier Nikita Khrushchev
chided him on his weaith,
saying ‘You can’t take it
with you,” Thomson replied,
“Then I’m not going.” ~

Morton Shulman of
Toronto, a doctor, crusading
coroner, television in-
terviewer and former NDP,

“.member of. the legislature,

who made a million and lived
to write about it, may not
haye been merely modest
when he said, “Anyone can
make a million.”

f They’ re a: ‘dime a , dozen now -

_ people thank you and pay
you at the same time?”

Lol Killam, 66, is a blue-
water sailor who inherited
his wealth. He skippered his
yacht Greybeard into first

place in the Canadian
Bivision in the 980 Swiftsure
race,

"T don’t know what to do
next,” he says. “I'm getting
a little less elastic.”

Judy Welch, at 29, heads
her own company,
distributing health and
beauty aids across Canada.

year ne excess Of $2,5- million. -

In Canada, as anywhere
else, each endeavar has its
rich men and women at the
top.

Most ‘visible are ‘those who *

‘inhabit the Eamboyant;::.

publicityrich , areas of sport —

‘and entertainment,

Among Canadians. who
have made fortunes in show
business are Paul Anka,
Anne. Murray, Gordon .
Lightfoot, Rich Little pnd
Neil Young. —-

In’ sport are such rich,

Herve Filion, Bobby: Orr,
. Wayne Gretsky — and others

_ emerge each year as co-

tract time rolls aroind.

“Jack Kent Cooke,’ who

started out in Northern ©
- Ontario with. Roy: Thomson, :
‘ig a-sports millionaire who .

*. never got paid for throwing a.
‘baseball, shooting ‘a basket *
Or Scoring a goal.

For ‘many yeats Cooke

- owned Los Angeles Kings of
-the National Hockey League;

_ Los Angeles Lakers of the -

Association and the building =
they playedin, =

He ‘sald his: California .
- interests.” but ‘yemains -
chairman’ and“ majority ©

-owner-of Washington Red-.
‘aking, of the National Foot- °

-ball League. and bought: a
country: house in Virginia 5
‘kilometres .from
-~.Washington. .

price reported to be in elght ~

figures.
- Another millionaire who,

-_ Dke EB. P. Taylor, combines

business with the pleasures

|~-6f the track is Jean-Louls.

Levesque. of -Mohtreal.

Levesque, one of the moat -

influential of Canadian

winners’ ‘elrcles of some af
: the | world's. most historic
courses,

/ In. ‘Canada’ as in other

‘- countries, where there is
money to be made there are

- Never one ti do gs part ‘powerful ‘dynasties whose

way, as part of his eastward.

move Cooke purchased the
Chrysler. building, * ‘a major.

influence and. interests
spread and interlock across

‘Websters,

tycoons, is no stranger to the

There are ‘ne press

families — the T. Thomson,
Siftons,
Blacks; the
fhe Weatone
the builders

Southams,
merchants -~
and the Eatons;

— Mannix, Rathgeb, aad the ,

names familiar foevery

drinker’ — Molson, Labat, .

Taylor, and for those whose
tipple is, somewhat stronger,

_ Bronfman. |

‘Thelr power extends fat
beyond the areas in which

the fortunes were founded. .. .

The Thomsons, for. in~

stance, are heavily involved
in such diverse interesty a8

‘North Sea oll, department

' couver,

Real Caouette, fiery
Quebec politician, had. a
healthy respect for those
who could and did, saying:

“How many millionaires -
do you know who aren't
working for their second
million? They’re the ones.
working hardest. The people
who den’t want to work are
those whe are so poor they
say ‘what’s the use?’ and
give up.”

Canadian humorist
Stephen Leacock never
made it into the exclusive
club but it didn’t make him
bitter.

"I mix a good deal with

millionaires,” he wrote 70 4

years ago.

“T like them. I like their
faces, I like the way they .
live, I like the things they

eat. The more we mix

together, the better I like the
things we mix." —

Probably the most famous
quotation on money it ;
Canada is the celebrated
“what's a million?’’ at-
tributed to C. D, Howe, the
lord-high-just-about-every-
thing to a succession of
government leaders: a
generation ago.

He spent most af his
maturing years denying he
said it and the history books
back him up.

- What he really said, was:

“| daresay my honorable
friend could cut a million
dollars from this amount —
but a million dollarafrom the ~
war appropriations: bill .
would not be a. very ..im-,
portant matter.”

More recently come to
wealth is Colin Thatcher,
Prairie businessman and
politician who finds
Americans “more open than

Canadians” although he &

wouldn’t want to be one. He
‘dreams of avenging the ‘‘in-
dignity and ridicule" that.
marked his ‘father’s
departure from office as
premier .of Saskatchewan.

Nelson Skalbania, a
wheelerdealer on a world
scale, operates primarily out
of Vancouver and Calgary. A
friend calls him a man who
“plays Monopoly with real
buildings.”” .

Another of the young rich
is Herb Capozzi of Van-
a businessman-
sportsman who pursues “a
never-ending quest for la
dolce vita and aches for a
rematch with Skalbania who
took him for $5,000 in a game
of racketball.

Hy Hisenstat owns a
restaurant empire across:
Canada and the United
States, smokes 10 hand-
rolled Havanas a day and
loves his life — ‘‘what

business can you be in where... &

= British Columbia
Buildings Corporation

invitation to Tenders

Sealed. Tenders,
marked, "Finishing -
Draperies, Skeena.

Her firm turned’ sales last

2 (CGE

‘the hazy boundaries of the

- Canadians ag Bobby. Hull, _ National - Basketball New York landmark, for a - business world, * | Btores and shipping.

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