Michael Lee-Chin: The Billionaire Who Beat the Odds
Michael Lee-Chin is a Jamaican-Canadian investor, philanthropist and entrepreneur who overcame adversity to become a billionaire. He is best known for his successful career as the founder and chairman of Portland Holdings, a privately held investment management company. Lee-Chin has an estimated net worth of $1.9 billion according to Forbes.
Early Life and Education
Michael Lee-Chin was born in 1951 in Port Antonio, Jamaica. He grew up in a poor family and had to work hard to support himself. As a young boy, he sold newspapers, shined shoes and worked on a banana plantation. Despite his poverty, Lee-Chin was determined to succeed and worked hard in school. He received a scholarship to attend McMaster University in Ontario, Canada where he studied engineering.
After graduating from McMaster University, Lee-Chin worked for several years as an engineer in Canada. However, he soon realized that his passion was in finance and investing. He went back to school and earned an MBA from the Rotman School of Management at the University of Toronto.
Career and Achievements
In 1983, Michael Lee-Chin founded AIC Limited, a mutual fund company that focused on investing in small-cap stocks. Over the years, AIC Limited grew to become one of Canada’s largest mutual fund companies, with over $15 billion in assets under management. However, in 2009, AIC Limited was acquired by Manulife Financial.
After selling AIC Limited, Lee-Chin started Portland Holdings, a privately held investment management company that invests in a diverse range of assets including real estate, financial services, and consumer goods. Through Portland Holdings, Lee-Chin has invested in several successful companies including National Commercial Bank Jamaica, Grace Kennedy, and Columbus Communications.
In addition to his business achievements, Lee-Chin is also known for his philanthropic work. He has donated millions of dollars to various causes including education, healthcare, and the arts. He has also established the Michael Lee-Chin Family Institute for Strategic Business Studies at his alma mater, McMaster University.
Michael Lee-Chin is married and has two children. He is known for his passion for art and collects works by famous artists including Pablo Picasso and Henri Matisse. He also enjoys playing golf and has been a member of several prestigious golf clubs, including the Augusta National Golf Club.
|Born:||1951, Port Antonio, Jamaica|
|Companies:||Portland Holdings, National Commercial Bank Jamaica, Grace Kennedy, Columbus Communications|
|Net Worth:||$1.9 billion (as of 2021)|
|Forbes URL Href:||https://www.forbes.com/profile/michael-lee-chin/?sh=6e65290ae1fb|