You’ve likely seen the name “McCain” when you’re out grocery shopping, especially when you’re in the frozen food section. The food brand is responsible for providing Canadians with their infamous french fries
But who exactly are the McCains? Who is the family behind the popular food brand in Canada? Read on to find out more about this famous family, how they grew their company, and how much they’re currently worth.
McCain Family Net Worth
Harrison and Wallace McCain passed away in 2004 and 2011, respectively, but several members of the McCain family continue working with the food conglomerate. As of 2018, the Harrison McCain estate’s net worth was $3.79 billion, while Wallace McCain’s estimated net worth is approximately $4.15 billion.
What Is Net Worth?
Net worth refers to the value of all assets, less total debt. In other words, your net worth is the total value of everything you own minus what you still owe in liabilities.
How Is Net Worth Calculated?
Net worth is calculated by subtracting your liabilities from your assets. For instance, if your assets total $300,000 and your liabilities are $180,000, you would have a net worth of $120,000 ($300,000 – $180,000).
- Assets. Your assets include everything you own with value, such as cash, investments, real estate, vehicles, art, or jewelry.
- Liabilities. Your liabilities include any debts you carry, such as credit card balances, mortgages, car loans, or student loans. This is money that you have borrowed and still owe or money that you currently owe for services rendered.
Who Are The McCains?
The McCain brothers — Wallace and Harrison — were entrepreneurs back in the 1950s. They were sons of a farmer and learned about agriculture and food processing working on their family’s farm.
Eventually, their entrepreneurial spirit combined with their expertise allowed them to start the family business which has now grown to be among the most successful and profitable in Canadian history.
The McCain brothers used cutting-edge frozen food technology to develop the first McCain Foods production facility in Florenceville, New Brunswick, their hometown. They used this innovation to produce frozen French fries, which are the company’s main product.
Today, McCain food products are available in over 160 countries, making them a global leader in frozen potato products.
Who Is Micheal McCain?
Michael McCain is the son of Wallace McCain, who was a co-founder of McCain Foods. In 1979, Michael joined McCain Foods and eventually became the president of McCain Citrus Incorporated in 1986. Four years later, Michael became the president and CEO of McCain Foods USA Incorporated.
Michael and his father Wallace eventually left McCain Foods following a long legal dispute, and Michael joined Maple Leaf Foods in 1995. By 1999, he became CEO of the company. He currently serves as the president, CEO, and Director of Maple Leaf Foods and earns a salary of approximately $1.08 million per year, with total annual compensation of $6.8 million.
Today, Michael McCain is worth about $1.385 billion and was listed as one of the top 34 richest people in Toronto in 2022.
What Is Maple Leafs Foods?
Maple Leaf Foods produces and distributes food products all over the globe, including prepared meats, fresh poultry and pork, ready-made meals, snacks, and plant protein products. There are several brands under the Maple Leaf Foods Inc. umbrella, such as Maple Leaf, Maple Leaf Prime, Lunch Mate, Schneiders, Shopsy’s, Lightlife, Field Roast, Cappola, and Mitchell’s, among others.
McCain Family Net Worth FAQs
Is McCain family-owned?
How rich is the McCain family?
Is Michael McCain one of the richest people in the world?
Final Thoughts
For the past 65 years, McCain Foods has grown to become one of the most well-recognized companies in Canada’s history. Thanks to the entrepreneurial-minded McCain family from New Brunswick, the founding McCain brothers and their children and grandchildren are considered among the richest families in Canada.
