• Jim Pattison , who has a reported net worth of $5.9 billion , has been called "Canada's Warren Buffett ."
  • Like Buffett, Pattison is the third-richest person in his country, is relatively frugal, and donates heavily to philanthropy.
  • But Pattison can also be a little lavish he owns a $25 million yacht and a fleet of jets.

Warren Buffett has plenty of billionaire peers , but it's easy to see why Jim Pattison has been dubbed this Canadian counterpart.

Known as "Canada's Warren Buffett," Pattison, 90, has a net worth of $5.9 billion, according to Forbes . It may not even graze Buffett's $8o billion net worth , but it ranks him as the third-richest man in Canada equivalent to Buffett's seat as the third-richest man in America.

Also like Buffett, Pattinson is relatively frugal. Born during the Great Depression, he had humble beginnings that stuck with him even as he created and developed a giant conglomerate, The Jim Pattison Group, of 200-plus companies worth more than $7 billion today . He also donates heavily to philanthropy.

But that doesn't mean he doesn't indulge in a few lavish purchases. While he might have a Toyota truck parked in his garage, he also has a $25 million yacht docked not far away.

Here, see how Pattison earns and spends his billions.

Jim Pattison, Canada's third-richest man, has a reported net worth of $5.9 billion.

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George Pimentel/Getty Images

Source: Forbes , Bloomberg

But Pattison wasn't always worth billions his net worth is even more impressive considering his beginnings. He was born during the Great Depression and grew up poor, wearing hand-me-downs and living in "Vancouver's gritty east side."

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Bettmann/Getty Images

Source: Bloomberg

Pattison began practicing the art of business at age 7, selling seeds door-to-door. He eventually progressed to selling newspapers and playing trumpet at church picnics.

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John Mahler/Getty Images

Source: Bloomberg , Vancouver Sun

In 1961, Pattison bought a GM dealership with a C$40,000 Royal Bank of Canada loan he still has the financial statements.

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Phillip Chin/Getty Images

Source: Bloomberg

It was the beginning of The Jim Pattison Group, a conglomerate of more than 200 companies across 85 countries that generates C$10.1 billion in annual sales (US $7.75 billion).

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Phil McCarten/Reuters

Source: Forbes , Bloomberg , The Jim Pattison Group

It spans a variety of industries, including packaging, food, lumber, fisheries, billboards, and entertainment, a division that includes Great World Lodge, Guinness World Records, and the Ripley's Believe It Or Not! chain.

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Bernard Weil/Getty Images

Source: Forbes , Bloomberg

Pattison also controls more than 40% of Canfor, a publicly-traded forest products company, and has a big stake in Westshore Terminals Investment Corp., a coal export facility.

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Canfor/Facebook

Source: Forbes , Bloomberg

His latest venture is Pattison Agriculture, comprised of John Deere equipment dealerships.

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Rick Wilking/Getty Images

Source: Bloomberg

With such a hefty fortune from his business successes, Pattison seems to have mastered the balance of frugality and lavish spending. He stays on the down low, but knows how to indulge.

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George Pimentel/Getty Images

"Most of the time, I didn't have the money to buy anything that was any good, so I had to buy stuff that nobody wanted," Pattison told Bloomberg.

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Phillip Chin/Getty Images

Source: Bloomberg

He keeps his wheels modest, driving a Toyota Ram 1500 Laramie truck around his hometown. The pricing for the 2019 model ranges from $31,695 to $56,495.

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Angela Weiss/ACMA2012/Getty Images

Source: Edmunds , Bloomberg

But Pattison doesn't always get around so casually he also owns five jets, including a Dassault Falcon 900 that seats up to 19 people. However, they're all used for business.

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ERIC PIERMONT/Getty Images

Source: Bloomberg , Business Vancouver

By water, he gets around on his $25 million, 150-foot yacht Nova Spirit. Princess Diana and Oprah have both been on board.

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Kiichiro Sato/AP Images

Source: Bloomberg

And like many billionaires, Pattison also has an extensive real-estate portfolio, which includes an office condo in Vancouver and a property in Palm Springs previously owned by Frank Sinatra.

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Andrew F. Kazmierski/Getty Images

Source: Bloomberg

When asked by a Bloomberg reporter whether he takes vacations, Pattison replied, "Well, I get 365 days ... If you like your work, it's not work."

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Phillip Chin/Getty Images

Source: Bloomberg

Pattison is also known for investing in memorabilia. In 1985, he bought a Rolls Royce once owned by John Lennon for C$2.3 million (US$1.74 million). At the time, it was the world's most expensive used car. He later donated it to a museum.

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Corey Struller/AP Images

Source: National Post

He paid US$5 million for the gown Marilyn Monroe wore in 1962 while singing "Happy Birthday" to then-President John F. Kennedy. Displayed in Ripley's venues across North America, the publicity has generated a lot of money for the company.

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Liliane Lathan/Getty Images

Source: Bloomberg

Pattison is also generous. His charitable foundation, The Jim Pattison Foundation, donated $12.5 million in 2016.

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George Pimentel/Getty Images

Source: Vancouver Sun

Pattison has a history of donating to Canada's healthcare system he's given away more than $35 million to various hospitals including Vancouver General Hospital, Lions Gate Hospital, Surrey Memorial Hospital, and Victoria's Royal Jubilee Hospital.

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Lions Gate Hospital Foundation/Facebook

Source: Global News

And in 2017, he donated $75 million to St. Paul's Hospital Foundation to build the Jim Pattison Medical Centre.

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Phillip Chin/Getty Images

Source: Global News

As he once said, "I was always brought up to give up 10% of what I made, and I always have."

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Pat Brennan/Getty Images

Source: Global News

See Also:

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