The Reichmann family () is a Jewish-Canadian family best known for their property empire built through the

Olympia and York Olympia & York (also spelled as Olympia and York, abbreviated as O&Y) was a major international property development firm based in Toronto, Ontario, Canada. The firm built major financial office complexes including Canary Wharf in London, the W ...

company. At the family's peak, their combined wealth was estimated at $13 billion making them the fourth-richest family in the world. The family's fortunes eventually waned, particularly with the ill-fated

Canary Wharf Canary Wharf is a financial area of London, England, located in the Isle of Dogs in the London Borough of Tower Hamlets. The Greater London Authority defines it as part of London's central business district, alongside Central London. Alongside ...

development, which saw the family business file for bankruptcy in 1992 with debts of $20 billion. The family's wealth partially recovered, reaching roughly $2.3 billion in 2018.

History

The Reichman(n)s were originally from the small town of

Beled Beled is a town in Győr-Moson-Sopron county, Hungary with a population of around 2.5k people.Reference 1 Beled is the ancestral home of the Jewish-Canadian Reichmann family, who are best known for their Olympia and York property empire Referen ...

Hungary Hungary is a landlocked country in Central Europe. Spanning much of the Pannonian Basin, Carpathian Basin, it is bordered by Slovakia to the north, Ukraine to the northeast, Romania to the east and southeast, Serbia to the south, Croatia and ...

, but the ambitious Samuel Reichmann moved the family to

Vienna, Austria Vienna ( ; ; ) is the capital city, capital, List of largest cities in Austria, most populous city, and one of Federal states of Austria, nine federal states of Austria. It is Austria's primate city, with just over two million inhabitants. ...

, in 1928 where he became a successful merchant. He and his wife Renée had six children: * Eva Reichmann (

married name When a person (traditionally the wife in many cultures) assumes the Surname, family name of their spouse, in some countries and cultures that name replaces the person's previous surname, which in the case of the wife is called the maiden name ("bi ...

Heller; 1923–1984) * Edward Reichmann (1925–2005) * Louis Reichmann (1927–2005) * Albert Reichmann (1929–2022) * Paul Reichmann (1930–2013) * Ralph Reichmann (b. 1933) * Ezriel Reichmann (b.1938) During the

Second World War World War II or the Second World War (1 September 1939 – 2 September 1945) was a World war, global conflict between two coalitions: the Allies of World War II, Allies and the Axis powers. World War II by country, Nearly all of the wo ...

, the family fled first to

Paris, France Paris () is the Capital city, capital and List of communes in France with over 20,000 inhabitants, largest city of France. With an estimated population of 2,048,472 residents in January 2025 in an area of more than , Paris is the List of ci ...

, and then to the neutral city of

Tangier, Morocco Tangier ( ; , , ) is a city in northwestern Morocco, on the coasts of the Mediterranean Sea and the Atlantic Ocean. The city is the capital city, capital of the Tanger-Tetouan-Al Hoceima region, as well as the Tangier-Assilah Prefecture of Moroc ...

, in the 1950s. There, Samuel became a prominent business leader specializing in the currency trade. Renée became a renowned humanitarian aiding victims of the

Holocaust The Holocaust (), known in Hebrew language, Hebrew as the (), was the genocide of History of the Jews in Europe, European Jews during World War II. From 1941 to 1945, Nazi Germany and Collaboration with Nazi Germany and Fascist Italy ...

, arranging food parcels to be delivered through the Spanish Red Cross to

concentration camps A concentration camp is a prison or other facility used for the internment of political prisoners or politically targeted demographics, such as members of national or ethnic minority groups, on the grounds of national security, or for exploit ...

such as

Theresienstadt Theresienstadt Ghetto was established by the SS during World War II in the fortress town of Terezín, in the Protectorate of Bohemia and Moravia ( German-occupied Czechoslovakia). Theresienstadt served as a waystation to the extermination c ...

and

Auschwitz-Birkenau Auschwitz, or Oświęcim, was a complex of over 40 Nazi concentration camps, concentration and extermination camps operated by Nazi Germany in Polish areas annexed by Nazi Germany, occupied Poland (in a portion annexed into Germany in 1939) d ...

. Although they thrived in Tangier, the family left to avoid the turbulence of

Moroccan independence The Revolution of the King and the People () was a Moroccan anti-colonial national liberation movement with the goal of ending the French and Spanish protectorates in Morocco in order to break free from colonial rule. The name refers to the ...

. Eva moved to

London London is the Capital city, capital and List of urban areas in the United Kingdom, largest city of both England and the United Kingdom, with a population of in . London metropolitan area, Its wider metropolitan area is the largest in Wester ...

, and Edward went to

Montreal Montreal is the List of towns in Quebec, largest city in the Provinces and territories of Canada, province of Quebec, the List of the largest municipalities in Canada by population, second-largest in Canada, and the List of North American cit ...

, where in 1955, he founded Olympia Flooring and Tile Company to import European

tile Tiles are usually thin, square or rectangular coverings manufactured from hard-wearing material such as ceramic, Rock (geology), stone, metal, baked clay, or even glass. They are generally fixed in place in an array to cover roofs, floors, wal ...

s. The success of the company, along with the country's large

Jewish population the world's core Jewish population (those identifying as Jews above all else) was estimated at 15.8 million, which is approximately 0.2% of the 8 billion worldwide population. Israel hosts the largest core Jewish population in the world with ...

, soon brought the rest of the family to Canada in 1956. Louis joined Edward in Montreal while Albert, Paul, and Ralph settled in

Toronto Toronto ( , locally pronounced or ) is the List of the largest municipalities in Canada by population, most populous city in Canada. It is the capital city of the Provinces and territories of Canada, Canadian province of Ontario. With a p ...

, where they first expanded Edward's tile business but then moved into construction and property development. Samuel was the leader of this business that became known as York Developments. Albert and Paul played a secondary but central role, while Ralph remained in charge of the tile business. In the late 1960s, Edward's Montreal business was faltering and on the verge of collapse. He was only saved from ruin by a bail-out from his younger brothers in Toronto. Embarrassed at this turn of events Edward left Canada for

Israel Israel, officially the State of Israel, is a country in West Asia. It Borders of Israel, shares borders with Lebanon to the north, Syria to the north-east, Jordan to the east, Egypt to the south-west, and the Mediterranean Sea to the west. Isr ...

. In 1969, the family incorporated Olympia & York (O&Y), a

privately-held A privately held company (or simply a private company) is a company whose shares and related rights or obligations are not offered for public subscription or publicly negotiated in their respective listed markets. Instead, the company's stock is ...

real-estate company entirely controlled by the family; in 1976, the company began operations in the US. Over time, through successful projects in Toronto and New York, O&Y became the largest

property development Real estate development, or property development, is a business process, encompassing activities that range from the renovation and re- lease of existing buildings to the purchase of raw land and the sale of developed land or parcels to oth ...

and management firm in the world in the 1980s, and the Reichmanns one of the world's richest families. (At the family's peak, their combined wealth was estimated at $13bn, making them the fourth-richest family on the planet.) Holdings of O&Y included

First Canadian Place First Canadian Place is a skyscraper in the Financial District of Toronto, Ontario, at the northwest corner of King and Bay streets, and serves as the global operational executive office of the Bank of Montreal. At , it is the tallest buildin ...

, the World Financial Centre in Manhattan, and

in London. In 1980, they bought English Property Corp, one of the largest British developers. In 1981, they bought Abitibi-Price Inc, the world's largest newspaper producer, for $502 million; and in 1985, they acquired the majority interest in Gulf Canada Resources, in the second-largest takeover in Canadian history. Throughout this time, the family remained strongly committed to their

Haredi Judaism Haredi Judaism (, ) is a branch of Orthodox Judaism that is characterized by its strict interpretation of religious sources and its accepted (Jewish law) and traditions, in opposition to more accommodating values and practices. Its members are ...

. In the early 1990s, the business empire and family's fortune was brought low by the Canary Wharf project in London. In 1987, British Prime Minister

Margaret Thatcher Margaret Hilda Thatcher, Baroness Thatcher (; 13 October 19258 April 2013), was a British stateswoman who served as Prime Minister of the United Kingdom from 1979 to 1990 and Leader of the Conservative Party (UK), Leader of th ...

, who had seen the transformation of the World Financial Centre, enlisted Paul to transform the docklands of Canary Wharf into a financial powerhouse. This project proved catastrophic, as banks were reluctant to move three miles east of the

City of London The City of London, also known as ''the City'', is a Ceremonial counties of England, ceremonial county and Districts of England, local government district with City status in the United Kingdom, city status in England. It is the Old town, his ...

. By 1992, O&Y declared

bankruptcy Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the deb ...

in the biggest corporate failure of all time—with debts of $20bn—and the Reichmann fortune was greatly reduced. In 1997, Albert's son Philip Reichmann and Paul’s son-in-law Frank Hauer relaunched the company as ''O&Y Properties Inc.'' and bought back First Canadian Place. Reichmann and Hauer sold their company in 2005. Since then, the family has continued to be involved in tiles and stone, retirement care, and real-estate development deals around the world. In 2019, descendants of the family donated US $5 million to the Tangier Holocaust Memorial.

Family tree

* Samuel Reichmann (1898 – 1975), m. Renée ** Eva Reichmann Heller (1923 – 1984) ** Edward Reichmann (1925,

– July 2005,

) ** Louis Reichmann (b. May 5, 1927, Beled, Hungary – May 25, 2005), m. 1951 to Marika (b. 1933,

Békéscsaba Békéscsaba (; ; see also #Name, other alternative names) is a city with county rights in southeast Hungary, the capital of Békés County. Geography Békéscsaba is located in the Great Hungarian Plain, southeast from Budapest. Highway 44, 47 ...

, Hungary) *** Charles Reichmann *** Andre Reichmann *** Golda Gross ** Albert Reichmann (1929,

Vienna Vienna ( ; ; ) is the capital city, capital, List of largest cities in Austria, most populous city, and one of Federal states of Austria, nine federal states of Austria. It is Austria's primate city, with just over two million inhabitants. ...

Austria Austria, formally the Republic of Austria, is a landlocked country in Central Europe, lying in the Eastern Alps. It is a federation of nine Federal states of Austria, states, of which the capital Vienna is the List of largest cities in Aust ...

– December 17, 2022,

Canada Canada is a country in North America. Its Provinces and territories of Canada, ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, making it the world's List of coun ...

) *** Philip Reichmann *** David Reichmann *** Bernice Koenig *** Libby Gross ** Paul Reichmann (September 27, 1930, Vienna, Austria – October 25, 2013,

), m. 1955–2013 to Lea Feldman *** Rachel Reichmann, m. Frank Hauer *** Barry Reichmann *** Libby Reichmann *** Vivian Reichmann *** Henry Reichmann *** Ari, Sharona, Tamar, Adina ** Ralph Reichmann (b. 1933, Austria) *** Abraham Reichmann ** Ezriel Reichmann (b. 1938) *** Ari, Tamar, Sharona, Adina

References

External links

Reichmann family: Paul, Albert, Ralph
at ''

The Canadian Encyclopedia ''The Canadian Encyclopedia'' (TCE; ) is the national encyclopedia of Canada, published online by the Toronto-based historical organization Historica Canada, with financial support by the federal Department of Canadian Heritage and Society of Com ...

History

Family tree

See also

References

External links

Further reading