Richest People

Canada’s Richest People: The Bombardier Family

Canada’s Richest People
Bombardier Family

Bombardier Family

Net Worth:
$2.87 billion
(▲47.2% from 2017)

Rich 100 rank: #36
Change in rank from 2017: ▲21
Major company holdings: Bombardier, BRP
Location: Montreal

Excitement around last year’s launch of the long overdue CSeries jet was cut short when the U.S. announced it would impose a 220% duty tax on the jets. Then, just as we were calculating their holdings, the firm swung a huge deal with Airbus to sell control of the CSeries to the Euro giant. While the deal had no cash value, the brighter prospects boosted the stock considerably.

The company has long been accused of getting unwarranted support from governments while maintaining a management structure that’s been criticized for failing to produce sufficient shareholder returns. The eight members of the Beaudoin-Bombardier family—heirs of Joseph-Armand Bombardier, who invented the snowmobile—control the company through a dual-class share structure that gives class A shares, 54% of which are owned by the family members, 10 votes apiece. Like it or not, the structure has helped the family maintain firm control over the aerospace and train company for nearly 80 years.

Updated Thursday, November 9, 2017