In the world of global wealth, where tech moguls and retail magnates often dominate headlines, Canada’s richest person represents a quieter, more enduring form of fortune. David Thomson, the 3rd Baron Thomson of Fleet, along with his family, holds the title of the wealthiest entity in Canada, commanding a net worth estimated in the tens of billions of dollars. Their immense wealth is primarily anchored by their controlling stake in Thomson Reuters, a global information services behemoth, which was formed from the strategic merger of the family’s Thomson Corporation and the iconic British news agency Reuters in 2008. This financial dynasty, now in its third generation, was built on a foundation of media and information, a legacy that continues to expand through their private holding company, Woodbridge.
The Genesis of a Media Empire
The Thomson family’s journey to immense wealth did not begin with complex financial instruments or digital technology, but with the humble ink of a local newspaper. The architect of the fortune was Roy Thomson, David’s grandfather. An ambitious entrepreneur from Timmins, Ontario, Roy’s story is a classic tale of relentless expansion.
He began his empire in the 1930s by purchasing a small radio station and, shortly after, the Timmins Daily Press newspaper. Roy Thomson’s strategy was simple but effective: acquire small, often struggling, local newspapers and apply efficient management principles to make them profitable. He believed that while every town needed a newspaper, it didn’t necessarily need a great one to be a good business.
This approach fueled a rapid expansion across Canada and eventually into the United States and the United Kingdom. By the 1960s, Roy had acquired a vast portfolio of newspapers, including prestigious titles like The Times and The Sunday Times in London. His success earned him a hereditary British peerage in 1964, granting him the title Baron Thomson of Fleet, a title that has passed down through the generations.
The Strategic Shift to Information
The true genius of the Thomson empire, and the key to its lasting power, was its ability to see the future beyond traditional print media. Under the leadership of Roy’s son, Kenneth Thomson, the family began a pivotal and prescient shift away from newspapers and toward specialized information services.
They recognized that while general news was becoming a commodity, high-value, proprietary information for professionals was a defensible and highly profitable market. The company began acquiring businesses that provided essential data and software to lawyers, accountants, scientists, and financial professionals. This was the foundation of what would become Thomson Financial, Thomson Legal & Regulatory, and other lucrative divisions.
This strategic pivot culminated in the single most important transaction in the family’s history: the 2008 acquisition of Reuters Group PLC. The merger created Thomson Reuters, a powerhouse in financial data, legal research, and news. It solidified the family’s transition from media barons to indispensable information providers for global business.
David Thomson: The Reclusive Custodian
Unlike his grandfather, who was a public and gregarious figure, David Thomson is known for being intensely private and reclusive. He rarely gives interviews and shies away from the public spotlight often sought by other billionaires. He serves as the Chairman of Thomson Reuters, but his passions are said to lie more in the world of fine art than in the day-to-day operations of the family business.
He is regarded as one of the world’s most significant art collectors, with a collection rumored to include masterpieces by artists like Pablo Picasso and John Constable. This quiet, intellectual demeanor belies a sharp understanding of his role as the custodian of a multi-generational fortune. His primary function is to steer the family’s holding company, Woodbridge, which manages the controlling stake in Thomson Reuters and a portfolio of other significant assets.
Woodbridge: The Engine of Diversified Wealth
The Thomson family’s wealth is not solely tied to Thomson Reuters. It is managed and diversified through their private holding company, Woodbridge Company Limited. This entity acts as the central command for the family’s vast financial interests, allowing for strategic, long-term decision-making away from the quarterly pressures of public markets.
A Stake in Canadian Telecom
Beyond Thomson Reuters, one of the family’s most significant holdings is a substantial stake in Bell Canada’s parent company, BCE Inc. This investment gives the Thomsons significant influence in Canada’s telecommunications sector, a stable, utility-like industry known for generating consistent cash flow.
Ownership of a National Voice
In a nod to their media roots, the family also owns The Globe and Mail, arguably Canada’s most influential national newspaper. While they have sold off most of their other newspaper assets, their retention of The Globe and Mail underscores a commitment to maintaining a voice in Canadian public discourse and national affairs.
Real Estate and Other Ventures
Through Woodbridge, the family also holds extensive real estate investments and stakes in various other businesses. This diversification is a hallmark of sophisticated wealth preservation, spreading risk across different asset classes and industries to protect the fortune from downturns in any single sector.
Lessons in Wealth Building from the Thomson Dynasty
While the scale of the Thomson family’s wealth is unattainable for most, the principles that built and sustain it offer powerful lessons for any investor or entrepreneur seeking to build their own financial security.
Find and Dominate a Profitable Niche
The core of the Thomson Reuters business is not general news. It is providing essential, non-discretionary data and workflow tools to professionals. Lawyers rely on its Westlaw database to conduct legal research, and traders depend on its Eikon terminals for real-time market data. These are sticky, subscription-based services that are deeply embedded in their customers’ operations, creating a powerful competitive moat.
Embrace “Boring” Businesses
The services Thomson Reuters provides are not flashy or exciting in the way a new social media app might be. However, they are fundamentally essential to the functioning of the global economy. These “boring” businesses generate predictable, recurring revenue and high-profit margins, forming a bedrock of financial stability. For personal investors, this highlights the value of investing in companies with durable, essential products over chasing speculative trends.
Play the Long Game
The Thomson fortune was not built overnight. It is the result of nearly a century of patient investment, strategic acquisitions, and the power of compounding returns. The family’s structure, centered on a private holding company, allows them to focus on a multi-decade vision rather than short-term stock performance. This long-term perspective is a critical ingredient for building truly generational wealth.
Adapt and Evolve
Perhaps the most crucial lesson is the family’s ability to adapt. They saw the decline of print media long before others and had the courage to divest from their legacy assets to pivot toward the future of digital information. Successful investors must be willing to recognize when market dynamics are changing and reposition their portfolios accordingly.
The story of David Thomson and his family is more than just a ranking on a rich list; it is a masterclass in strategic business evolution and disciplined wealth preservation. From a single small-town newspaper, they built a global empire by understanding the enduring value of information. Their journey demonstrates that the greatest and most lasting fortunes are often built not on fleeting trends, but on providing essential services, dominating a chosen niche, and maintaining a steadfast focus on the long-term horizon.
