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... &

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