Introduction
Toronto’s Mayor John Tory has been in the public eye for years, but many may not know about his massive fortune. In recent years, his wealth has come under scrutiny, prompting many to ask how he amassed such a large sum of money. In this blog post, we will take a closer look at the millionaire mayor, exploring his financial history, sources of income, investments and net worth.
Background
John Tory was born in Toronto in 1954 and grew up in the city’s affluent Lawrence Park neighborhood. He received his law degree from Osgoode Hall Law School in 1983 and had a successful career as a lawyer before becoming involved in politics. He was elected as the leader of the Progressive Conservative Party of Ontario in 2004 but resigned after losing the election to Dalton McGuinty. He later served as the chairman of the board of Rogers Communications from 2006 to 2014.
Political Career
After a brief stint as the leader of the Ontario PC party, Tory was elected the mayor of Toronto in 2014, and won re-election in 2018. He has been a proponent of several major infrastructure projects in the city, including the expansion of the transit system and a plan to build a new waterfront community. He has also been praised for his work on affordable housing initiatives and improving relations with Indigenous communities.
Net Worth
Mayor John Tory’s net worth is estimated to be around $20 million. While the majority of his fortune comes from his time as the chairman of Rogers Communications, he has also made significant investments in real estate and other ventures. He owns several properties in Toronto, including a $3.5 million home in the city’s Annex neighborhood and a $2.5 million condo in Yorkville.
Investments
Tory has made several investments throughout his career, including in the technology sector. He was an early investor in Shopify, a Canadian e-commerce company that has grown into a multibillion-dollar corporation. He has also invested in several real estate projects, including a luxury hotel in Muskoka. Additionally, Tory owns a significant stake in Torstar, the parent company of the Toronto Star newspaper.
Income Sources
Tory’s main source of income comes from his time as the chairman of Rogers Communications, where he received an annual salary of over $1 million. He also earns money from his investments, including dividends from his Torstar holdings and rental income from his real estate properties.
Philanthropy
Tory has been involved in several charitable organizations throughout his career. He is a former chairman of the United Way, and he has donated significant sums of money to the organization over the years. He has also been a major donor to hospitals and universities in the Toronto area.
Controversies
Tory’s wealth has come under scrutiny in recent years, with some critics accusing him of using his public office to benefit his personal and business interests. For example, he has been criticized for his ties to the development industry, with some suggesting that he may be too close to developers who have projects that require city approval. He has also faced criticism for his handling of the city’s affordable housing crisis.
Future Plans
Tory has not yet announced his plans for after he leaves office, but some speculate that he may return to the private sector. He has expressed interest in continuing to work on affordable housing initiatives and other social justice issues.
Conclusion
Mayor John Tory’s fortune is no secret, but the details of how he acquired his wealth are less well-known. Through his investments and time as the chairman of Rogers Communications, Tory has built a net worth of around $20 million. While he has faced criticism for his ties to big business and the development industry, he has also made significant contributions to charitable organizations and social justice causes.
FAQs
1. How much is John Tory worth?
John Tory’s net worth is estimated to be around $20 million.
2. Where did John Tory make his money?
Tory made the majority of his fortune as the chairman of Rogers Communications. He has also made significant investments in real estate and other ventures.
3. What is John Tory’s annual salary as the mayor of Toronto?
The mayor of Toronto earns an annual salary of $192,416.
4. What charities has John Tory donated to?
Tory has donated to several charitable organizations, including the United Way, hospitals, and universities in the Toronto area.
5. Will John Tory return to the private sector after leaving office?
Tory has not yet announced his plans for after he leaves office, but some speculate that he may return to the private sector.