Bloomberg Billionaires Index

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#178 Galen Weston $8.35B

Random fact: Loblaws bought rival Shoppers Drug Mart for $12 billion in July 2013.

Overview

Weston is chairman emeritus of George Weston, the biggest shareholder of Loblaw Companies, Canada's largest food retailer. The Toronto-based business reported revenue of C$46.4 billion ($35 billion) in 2016. He also owns stakes in U.K. department stores Selfridges and Fortnum & Mason, and Holt Renfrew in Canada.

As of June 19, 2018:
Last change -$81.1M (-1.0%)
YTD change -$665M (-7.4%)
Industry Retail
Biggest asset WN CN Equity
Citizenship Canada
Age 77
Wealth Inherited
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Galen Weston's net worth of $8.35B can buy ...

0
troy ounces of gold
0
barrels of crude oil

... and is equivalent to ...

0%
of the GDP of the United States
0%
of the total wealth of the 500 richest people in the world
0%
of the top 100 U.S. college endowments
0%
of the top 200 U.S. executives’ total awarded compensation
0%
of U.S. existing home sales
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times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Weston's fortune is derived from George Weston, a publicly traded business that owns the biggest stake in Loblaw, Canada's largest retailer, according to the company website. He owns about 63 percent directly and through companies he controls, according to George Weston's 2017 proxy statement.

Weston is calculated to own a 3 percent stake in British retailer Associated British Foods, including about 5 million directly held shares. He is also credited with 19 million shares that are held through London-based Wittington Investments, a family holding company that owns about 55 percent of ABF, according to ABF's 2017 annual report. A 2011 document filed in the U.K. showed Weston directly holds about 4.4 percent of Wittington and he is credited with that proportion of its holdings. The balance is held by other family members and the Garfield Weston Foundation, which controls 79.2 percent.

He also has stakes in closely held department stores like Fortnum & Mason, and Selfridges, which disclose revenue to U.K. regulators. Selfridges's Canada stores -- Holt Renfrew, HR2 and Ogilvy -- are valued using the sales per square foot of Hudson's Bay and Nordstrom, against publicly traded peer companies identified in the asset notes for each business.

Weston founded Windsor, a community in Vero Beach, Florida, in 1989, and has sold about $270 million worth of lots at Windsor through January 2017, according to Indian River County data. Unsold parcels are valued at $56 million from county appraisals. Windsor's ownership structure isn't disclosed. Weston is assumed to own all of Windsor because he founded the business.

He's collected more than $2 billion in dividends as of Dec. 26, 2017, based on an analysis of Bloomberg data, and his cash investments are based on these proceeds, taxes and market performance.

Geoffrey Wilson, a spokesman for George Weston, declined to comment on the billionaire's net worth calculation in November 2017.

Biography

Birthdate: 10/29/1940
Family: Married, 2 children
Education: 1962, University of Western Ontario/The, Bachelor's Degree, Business Administration

Born in England, in 1940, Weston moved with his family to Canada, where he started to work at the retail business started by his grandfather. He moved to Ireland after college, where he created his own grocery business. There he met his wife, Hilary, an Irish fashion model, with whom he had two children.

At his father's request, he returned to Canada in the 1970s, to turn around the family's struggling supermarket chain, Loblaws. Weston had restructured the company and expanded it into Canada's largest retailer by 1984. He also oversaw the growth of Weston Foods, the bakery and distribution arm of the company.

Weston acquired a clutch of luxury department stores, including Canada's Holt Renfrew in 1984, and U.K.-based Selfridges in 2003. As a trustee of the W. Garfield Weston Foundation, he also oversees his family's charitable giving in the U.K.

Milestones
  • 1940 Galen Weston was born near Buckinghamshire, U.K.
  • 1945 Moves to Canada with family.
  • 1962 Graduates from the University of Western Ontario; moves to Ireland.
  • 1966 Marries Hilary Frayne. They have two children, Alannah and Galen.
  • 1974 Moves back to Canada and expands family's supermarket Loblaws.
  • 2003 Buys Selfridges to add to his holdings of luxury department stores.
  • 2010 Purchases upscale Dutch department store De Bijenkorf.
  • 2014 Son, Galen G. Weston, named CEO of George Weston Ltd.