Michael Lee-Chin the 12th richest Canadian

Jamaican born, Canadian billionaire, Michael Lee-Chin, was named the 12th richest person in Canada by Canadian Business magazine.

Lee-Chin who according to the magazine is worth $2.24 billion, move to the 12th position on the list from the 33th position in 2004. Lee-Chin who currently lives just outside Toronto in Burlington, Ontario, is of Black and Chinese heritage and made his billions in the Canadian mutual fund industry.

2005 is proving to be a difficult year for Lee-Chin's AIC Ltd., with assets under management down 20% as a result of investors cashing out of the company's mutual funds. Investor have redemptions of close to $2 billions as of September this year. AIC Ltd., also ran into trouble with regulaters and had to shell out $59 millions to unitholders affected by its market timing practices.

The richest person in Canada remains Kenneth Thomson with a networth of $22.16 billion, twice as much as number two Galen Westion, who comes in with a networth of $9.28 billions.