Michael Lee-Chin Canada's 11th Richest Person

Michael Lee-Chin the Jamaican Canadian billionaire was ranked as the 11th richest person in Canada by Canadian Business Magazine in their annual ranking of Canada's wealthiest people.

This is the magazines eight year of releasing the annual Rich 100 list which was started in 1999. The Rich 100 list is similar to the Forbes 400 list which is released by Forbes Magazine every year.

Lee-Chin who stepped down as CEO of AIC Ltd. in October, is listed as having a net worth of CAD $2.18 (USD $1.90) billion.

Lee-Chin has had a ruff year at his AIC mutual funds saw assets under management decline 19.8% last year due to lackluster fund performance.

In March Forbes Magazine ranked him the 365th richest person on the planet and the richest black person.

Lee-Chin has been focusing on investing in the Caribbean for the past several years and will now be able to give his full attention to AIC's Caribbean assets.

Mr. Lee-Chin purchased AIC in 1987 and built its asset base from less than $1 million to nearly $9 billion. Under Mr. Lee-Chin, AIC purchased a 75% stake in NCB in 2002, which today is Jamaica’s largest bank. He recent purchased 75% of Jamaica's largest auto insurer and a 51% interest in one of the islands leading media groups.