These millionaires are Canada’s richest no more

There are a few new faces on Canadian Business’s list of Canada’s richest people. They’re tech innovators and industry giants. But for every new billionaire, there’s an unlucky rich person who’s fallen on hard times, relatively speaking.

Stock prices, the depreciation of the Canadian dollar, and legal issues were among the reasons these businesspeople didn’t make the cut this year.

Read: Meet the next wave of Canadian billionaires

The richest of the people dropped from the list is Robert Friedland, who has a net worth of $820 million, CB reports. Friedland’s Ivanhoe Mines is in a dispute with the Congolese government over a deal to sell a stake in a copper mine to a Chinese investor. Share prices took a hit, though the government eventually approved the deal in September.

For four other people dropped from the list, read more here.

Also read:

Canada’s richest people revealed

Ultra-wealthy may face more IRS scrutiny

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.