There are rich families, and there are those that are worth more than hundreds of wealthy families combined.
The Irving family is one of them.
Dating back to the late 1800s, the Irving family is well-known in Atlantic Canada and continues to own and operate several companies in New Brunswick. In fact, a good chunk of people in the province work for one of the Irving companies or at least know someone who does.
The Irving family is one of the richest families in Canada, but how much exactly are they worth?
Let’s go into more detail about the net worth of the Irvings and how they were able to build such incredible wealth.
Who Are The Irvings?
The Irvings are a Canadian family who is descendants of J.D. Irving, a businessman who started the Irving empire back in 1881 when he purchased a small sawmill in Bouctouche, New Brunswick. Irving’s operations were eventually passed down to his children, including K.C. Irving, who used his father’s empire to break into the pulp and paper industry, along with other forestry-related operations throughout the 1920s to the 1940s.
In 1924, K.C. Irving founded Irving Oil. From there, his sons J.K., Arthur, and Jack have had their hand in the business pie that their grandfather started and are each highly successful in their own right. Today, the Irvings are the source of as many as 1 in 12 jobs in New Brunswick.
In 2008, the three Irving brothers split a $3 billion trust and the conglomerate founded by their father, K.C.
Irving Family Net Worth
The two surviving Irving brothers — J.K. and Arthur — have a net worth of $4.1 and $4.3 billion USD, respectively, according to Forbes.
J.K. is K.C.’s oldest son, who inherited the forestry business that falls under the J.D. Irving Ltd. umbrella. This organization controls several businesses, including food processing, construction, and media holdings.
Arthur Irving controls the energy business end of the highly-profitable Irving holdings. Jack, who passed away in 2010, inherited the real estate business sector of Irving holdings.
Irving Family Net Worth Over the Years
The following chart illustrates how the net worth of J.K. and Arthur Irving — the two surviving brothers — has changed over the past decade (in USD):
| Year | J.K. Irving Net Worth | Arthur Irving Net Worth |
| 2014 | $6 billion | $5.5 billion |
| 2015 | $6.5 billion | $5.5 billion |
| 2016 | $5.4 billion | $4.7 billion |
| 2017 | $7.6 billion | $4.5 billion |
| 2018 | $8.3 billion | $3.5 billion |
| 2019 | $7 billion | $3.3 billion |
| 2020 | $4.5 billion | $2.5 billion |
| 2021 | $4.2 billion | $1.9 billion |
| 2022 | $4.1 billion | $4.3 billion |
Putting the Irving Family Net Worth Into Perspective
Imagining what $1 billion can buy can be daunting in itself, but imagine what over $8 billion USD can do. According to Bloomberg, the relative value of JK Irving net worth can buy:
- 4.46 million ounces of gold
- 0.356% homes sales in the US
- 77.9 million barrels of crude oil
- 0.0272% of the US GDP
How Is Net Worth Calculated?
‘Net worth’ refers to the sum total of what a person owns, less any debt. Stated a different way, your net worth is the value of your assets minus your liabilities.
Assets
Your assets include more than just what you have in your bank account. In addition to cash, your assets also include real estate, vehicles, investments, furniture, jewelry, artwork, and any other possessions. Basically, anything you have that can be sold would be considered an asset.
That said, anything that’s considered to have marginal value wouldn’t be counted, as you likely wouldn’t get much if you tried selling them for cash.
Liabilities
Liabilities include any debts you owe or financial obligations you’re still required to cover. These often include car loans, mortgages, credit cards, student loans, rent, personal loans, and so forth.
For the purposes of calculating net worth, only your actual debt is considered, which is money you’ve borrowed and still owe or money that you continue to owe for services received.
For instance, your cell phone bill. Because you received service and pay at the end of the month, your bill would be considered part of your liabilities. On the other hand, next month’s cell phone bill wouldn’t be included in your liabilities because you haven’t received services for the debt yet.
Having said that, all assets and liabilities should be included in your net worth calculation. Your net worth will increase when your assets grow faster than your liabilities but will decrease when your liabilities grow faster than your assets.
Irving Family Net Worth FAQs
How much is the Irving empire worth?
What does the Irving family own?
Final Thoughts
There are plenty of wealthy families in Canada, but the Irving family is one of the richest. With operations involved in several industries, the Irvings continue to build their wealth and have become a staple in Canada’s economy out east.
