Richest People

Canada’s Richest People: Mitchell Goldhar

Canada’s Richest People
Mitchell Goldhar
(Photo: Colin McConnell/Getty)

Mitchell Goldhar

Net Worth:
$2.77 billion
(▲16.4% from 2017)

Rich 100 rank: #38
Change in rank from 2017: ▼1
Major company holdings: SMART REIT
Location: Toronto
Age: 56

Mitchell Goldhar owes his fortune largely to Smart REIT, a retail and mixed-use real estate development company that boasts 31 million square feet of leasable space. One of the business’s flagship developments, a 400-acre “downtown” for the city of Vaughan, Ont., north of Toronto, made progress last fall when lead tenant KPMG moved into the first office building.

Goldhar is credited with helping to bring Walmart to Canada through his real estate developments. (Indeed, Walmart is still the anchor tenant of most of Goldhar’s retail centres.) Last year, he changed the structure of his holdings: In April, Goldhar sold SmartCentres, the big-box retail developer he founded, to Calloway REIT, a real-estate investment trust of which he already owned 21%. The $1.16-billion deal renamed Calloway to Smart REIT and upped Goldhar’s stake to 23%. The increased scale will allow the company to tackle more mixed-use urban developments.

Outside retail, Goldhar is the owner of the Maccabi Tel Aviv Football Club, which has made him a figure of interest in the Israeli press. In fact, an Ontario court ruled last year that Goldhar could sue Haaretz in Canada over an article that Goldhar alleges impugned his reputation and criticized his management of the football club.

Updated Thursday, November 9, 2017