Paul Desmarais Sr.
Net worth ($BIL): 4.27 Age: 84
2011 Rank: 7 2010 Rank: 6

Profile

City: Montreal Industries: Financial services, media
Province: QC Companies: Power Corp. of Canada
Sitting pretty: The elder Desmarais is chairman of Power Corp., which deals extensively in financial services, but it's son Paul Desmarais Jr. who handles the day-to-day operations. Power Corp. now sits on roughly $1 billion in cash that it can deploy when needed. At the company's annual meeting this year, Desmarais Jr. deplored investors who seek short-term gains, and credited his father for instituting a long-term investing approach that has made the company successful.

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