Source of Wealth:Restaurants
Birth Place:Tatamagouche, Nova Scotia
Full Name:Ronald Vaughan "Ron" Joyce
Date of Birth:1930
Occupation:Co-Founder of Tim Hortons
About Ronald Vaughan "Ron" Joyce
Canadian billionaire businessman Ronald Joyce is the co-founder of Tim Hortons and he has an estimated net worth of $1.29 billion as of May 2016. This year, he was added for the first time in the World Billionaires list by Forbes and is ranked 1175th overall. He is also the 25th richest the Canadian.
Ronald Vaughan "Ron" Joyce has accumulated his estimated net worth of $1.3 billion when he co-founded the Tim Hortons doughnut chain along with former NHL player Tim Horton. They later sold the company to Wendy’s, which is owned by Dave Thomas, in 1995 for $600 million.
Ron and Tim reportedly first met in the early 1960's when Joyce visited the Tim Horton Doughnut Shop while on patrol and they became business partners. The former policeman then followed his gut and opened two more restaurants under the same name in 1967 and became a full partner for Horton.
In 1974, Horton died in a car accident. Mr. Joyce bought his partner’s shares and became the sole owner of the doughnut chain who was later known as the Doughnut King of Canada. After the Wendy’s transaction in 1995, he became the largest single shareholder of the fast food chain who gained more than $16 million shares.
Ronald Joyce sold all of his shares to Wendy’s in 2003 and has invested the money in other Canadian companies which have paid considerable dividends for him. He currently owns an aircraft charter company and the Fox Harb’r golf resort in the north shore of Nova Scotia. He also serves as the chairman emeritus of the Tim Horton Children Foundation.
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