Reddit reviews Codfathers, Lessons from the Maritime Business: Lessons from the Atlantic Business Elite
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Used Book in Good Condition
Now this is a question I can answer. First, if you're doing a research project on wealth in Eastern Canada, I'm happy to report that someone has already done all the work for you:
http://www.amazon.ca/Codfathers-Lessons-Atlantic-Business-Elite/dp/1552637182
For the sake of discussion, let's exclude Mary Jean Irving from the conversation. While she does reside on PEI, her family comes from NB and their business interests here are TINY in comparison to the overall vastness of their wealth. PEI isn't even a rounding error to their overall balance sheet, and they didn't make their money here.
In that book, only two Islanders warrant mentioning: Danny Murphy and Regis Duffy.This article does a great job explaining how Murphy made and continues to make money:
http://www.theglobeandmail.com/globe-investor/timbit-titan-the-story-behind-peis-entrepreneurial-murphy-clan/article6966097/?page=all
Despite what others have said here, his brother Kevin is not in the same realm of wealth as Danny. Still rich as fuck, but not truly wealthy like Danny (who also happened to marry another wealthy Tim's franchisor).
As for Regis Duffy, he was a UPEI chemistry prof who started a business Diagnostic Chemicals selling, you guessed it, chemicals. He sold out, and the company is now known as BioVectra. He has a very low profile in comparison to Danny, partly due to personality differences but also because selling coffee requires a different approach than selling reagents.
As for Tim Banks, he is not even in the conversation. Sure, he might theoretically "own" 100 million in assets, but he also probably has 99.9 million in debt against it. There is a reason he has gone bankrupt in the past, and its called leverage. His "empire" is built on borrowed money.
The way I've explained it in the past is like this. When Danny Murphy wakes up in the morning, his biggest problem is what to do with all the excess money being thrown off by the cash spigot that is Tim Horton's (which is why he's now buying hotels); Tim Banks, on the contrary, wakes up every day wondering who he can borrow from to build his next hotel.
To us plebs on the outside, they both appear "rich as fuck". And, while that may be true in relative terms, there is a difference between being rich and being wealthy. Tim Banks is rich, Danny Murphy is wealthy.