Bloomberg Billionaires Index

View profiles for each of the world’s 500 richest people, see the biggest movers, and compare fortunes or track returns.

# 173 Galen Weston $9.08B

Random fact: Daughter, Alannah, was appointed deputy chairman for Selfridges.

Overview

Weston is chairman emeritus of George Weston, the biggest shareholder of Loblaw Companies, Canada's largest food retailer. The Toronto-based group reported revenue of C$48.6 billion ($37.5 billion) in 2018. Weston also owns stakes in U.K. department stores Selfridges and Fortnum & Mason, and Holt Renfrew in Canada.

As of :
Last change -$28.6M ( -0.3%)
YTD change +$2.28B ( +33.5%)
Industry Retail
Biggest asset WN CN Equity
Citizenship Canada
Age 79
Wealth Inherited
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Galen Weston's net worth of $9.08B 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
0
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% directly and through companies he controls, according to George Weston's 2019 proxy statement.

Weston is calculated to own a 3% stake in British retailer Associated British Foods, including about 5 million shares through Galewest and 19 million shares through Wittington Investments, the London-based family holding company. A 2011 document filed in the U.K. shows Weston directly holds about 4.4% of Wittington, which owns about 55% of ABF, according to ABF's 2018 annual report.

Weston 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 against publicly traded peer companies.

He's collected more than $3 billion in dividends, 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.

Biography

Birthdate: 10/29/1940
Family: Married, 2 children
Education: University of Western Ontario

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.