Though Canada’s smallest province by land and population, Prince Edward Island (PEI) has produced notable millionaires through agribusiness, fisheries, tourism, and food manufacturing. The province’s richest individuals are rooted in family-run enterprises and innovation that serve both domestic and international markets.
Here are the Top 10 Richest People in Prince Edward Island in 2025, based on public filings, regional business rankings, and industry insights.
1. Robert Irving (PEI business ties) – $1.2 Billion
Source of Wealth: Agriculture, Potatoes (Cavendish Farms, Irving Group)
Residence: Moncton, NB / PEI operations
While based in New Brunswick, Robert Irving runs Cavendish Farms, PEI’s largest potato processor and exporter. The company dominates the agri-food sector in the province, with global reach in frozen potato products.
2. Danny Murphy – $680 Million
Source of Wealth: Hospitality, Food Services (Murphy Hospitality Group)
Residence: Charlottetown, PEI
Founder of Murphy Hospitality Group, Murphy built a business empire including restaurants, breweries, hotels, and event venues across Atlantic Canada. His flagship properties in PEI are vital to the province’s tourism economy.
3. Colin MacDonald (PEI business presence) – $460 Million
Source of Wealth: Seafood (Clearwater Seafoods)
Residence: Bedford, NS / PEI business assets
As co-founder of Clearwater Seafoods, MacDonald has major processing and harvesting operations in PEI, especially in lobster and shellfish exports, fueling employment and GDP in the province.
4. Ray Murphy – $350 Million
Source of Wealth: Food Manufacturing (Amalgamated Dairies Ltd – ADL)
Residence: Summerside, PEI
Murphy leads ADL, a major dairy cooperative in PEI. The company is a regional leader in milk, cheese, and butter products, exporting to grocery chains across Canada.
5. Don McDougall – $310 Million
Source of Wealth: Pharmaceuticals, Venture Capital
Residence: Stratford, PEI
An early investor in Biovectra, a bioscience firm now owned by international groups, McDougall continues to influence PEI’s life sciences and startup ecosystem, supporting agri-tech and biotech ventures.
6. David Wong & Family – $290 Million
Source of Wealth: Aquaculture, Seafood Processing (PEI Mussel King)
Residence: Morell, PEI
Wong’s company is a global supplier of blue mussels, with processing plants and shipping networks serving Canada, the U.S., and Asia. The firm has made PEI a world leader in mussel exports.
7. Jeff Squires – $250 Million
Source of Wealth: Brewing, Event Production (PEI Brewing Company, Red Shores)
Residence: Charlottetown, PEI
CEO of PEI Brewing Company and operator of Red Shores Racetrack & Casino, Squires is a leader in entertainment, sports, and craft beer, contributing significantly to Charlottetown’s economy and culture.
8. Mitch Cobb – $180 Million
Source of Wealth: Cannabis, Beverage Industry (FIGR, Libra Non-Alcoholic Beer)
Residence: Charlottetown, PEI
Co-founder of FIGR, a cannabis company with operations in PEI and Ontario, Cobb later pivoted into non-alcoholic beverages and consumer health products, scaling distribution across Canada.
9. Krista MacKay – $160 Million
Source of Wealth: Real Estate Development, Renewable Energy
Residence: Summerside, PEI
MacKay is a leading investor in eco-housing developments and wind energy infrastructure, helping position PEI as a renewable energy leader in Atlantic Canada.
10. Trevor MacEachern – $140 Million
Source of Wealth: Tech Startups, Digital Marketing
Residence: Charlottetown, PEI
A serial entrepreneur in SaaS, e-commerce, and digital media, MacEachern’s firms now serve North American and European clients, boosting PEI’s growing tech economy.
Summary Table
| Rank | Name | Net Worth (2025) | Source of Wealth | Residence |
|---|---|---|---|---|
| 1 | Robert Irving | $1.2B | Potatoes, Cavendish Farms | PEI operations |
| 2 | Danny Murphy | $680M | Hospitality, Restaurants | Charlottetown |
| 3 | Colin MacDonald | $460M | Seafood (Clearwater) | PEI operations |
| 4 | Ray Murphy | $350M | Dairy (ADL) | Summerside |
| 5 | Don McDougall | $310M | Biotech, VC | Stratford |
| 6 | David Wong & Family | $290M | Aquaculture | Morell |
| 7 | Jeff Squires | $250M | Brewing, Events | Charlottetown |
| 8 | Mitch Cobb | $180M | Cannabis, Beverages | Charlottetown |
| 9 | Krista MacKay | $160M | Renewable Energy | Summerside |
| 10 | Trevor MacEachern | $140M | Tech Startups | Charlottetown |
Final Thoughts
From potatoes and mussels to tech and tourism, Prince Edward Island’s richest individuals are proof that small provinces can yield big impact. These entrepreneurs, investors, and industrial leaders are helping PEI remain a vibrant part of Canada’s innovation and export economy.
