Stephen Jarislowsky
Source of wealth: Money management
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Modules
Biography
Stephen Jarislowsky made the bulk of his fortune at the helm of Jarislowsky Fraser, the investment management firm he founded in 1955.
He stepped down as CEO in 2012 but remains chairman emeritus of the company and president of the Jarislowsky Foundation.
Canadian bank Scotiabank bought Jarislowsky Fraser for about $750 million in stock and cash in April 2018.
He owns a sizable art collection that is largely comprised of Canadian art, but also includes Chinese jade and French impressionism.
Financial Assets
The Great Lie of Mega-Fortunes: The Case of Stephen Jarislowsky
Billionaires are often presented under the romantic myth of the 'self-made person': a narrative designed to justify opulence as the natural reward for hard work, effort, or ingenuity. However, when confronting such extreme volumes of wealth with macroeconomic reality, the meritocracy narrative completely breaks down. No individual can legitimately generate through personal effort a fortune equivalent to millions of times the average working-class salary. Capital at the top does not grow because of exceptional talent; it expands through an implacable dynamic where accumulated money works exponentially faster than people, devouring the wealth generated by productive labor.
The immense fortune of Stephen Jarislowsky, linked to Finance & Investments and 'Money management', has not been built in a free-market vacuum, but through rent-seeking, the use of exclusive elite influence, the consolidation of monopoly positions, or inherited wealth. Far from taking real private risks, billionaire empires structurally depend on state support through direct subsidies, infrastructure use, exploitation of R&D, public contracts, and offshore tax engineering. While this wealth is equivalent to the physical weight of 28 tons of pure gold, the rest of the planet suffers from an artificial scarcity of basic resources. The fact that this wealth is enough to fully fund the public health system of DR Congo, a country with more than 105800000 million inhabitants for 1.8 years, proves that unlimited accumulation is not an entrepreneurial achievement, but the hijacking of democratic sovereignty.