11-07-2025
Rich List Exclusive: How the Azrielis built Canada's largest family foundation
In 2004, real estate tycoon David Azrieli gathered his family to map out a new kind of legacy. After decades spent reshaping skylines across Israel, he turned his focus to philanthropy.
The result is now Canada's largest family-led philanthropic foundation. With more than $2.4 billion in assets, the Azrieli Foundation disbursed over $116 million in 2023 alone. It is second in scale only to the Mastercard Foundation.
David died in 2014. Now his daughters Naomi, Sharon, and Danna collectively oversee the foundation, which has given more than $600 million since becoming more active in 2004, though it was originally founded several decades earlier.
Naomi manages day-to-day operations. Sharon, a classically trained singer, leads funding in music, arts and culture. Danna, who lives in Israel and oversees the family's business there, focuses on supporting Jewish communities.
'I am chair of the board and also CEO of the day-to-day operations,' Naomi told The Gazette. 'But my sisters are very involved ... in a guiding way and as a result of their expertise.'
The foundation's first three priorities were set with their father in 2004: support for vulnerable youth, elite researchers and Holocaust memory.
'He had three ideas,' Naomi said. 'One was educational opportunities for vulnerable youth. ... That became our educational empowerment program. The second was support for elite early-career researchers. That became our Azrieli Fellows Program. And the third was Holocaust memory, publishing first-person accounts of survivors who came to Canada after the war. We continue those to this day.'
By the numbers
Assets in 2023: $2.4 billion
Total donations to date: $600 million+
2023 disbursements: $116 million
Family net worth: $7.7 billion
Founded: 1989 (first active decade began in 2004)
Naomi said the foundation has expanded into new areas over time.
'We've developed further in health care and science, especially neurodevelopment and research on the brain,' she said.
Montreal, she added, remains central to the foundation's work.
'It's where we grew up. It's where we started,' Naomi said. 'Even when we're piloting something new, we often start in Montreal.'
Recent initiatives include a $50-million child health partnership between the Ste-Justine Hospital and SickKids, a $3-million gift to Summit School for a new neurodiverse campus, and over $15 million as lead donor to the new Montreal Holocaust Museum.
The foundation also gave $2 million to the Montreal Symphony Orchestra to expand an immersive music education program for children in underserved communities.
Whether a grant is large or modest, Naomi emphasized, the key is how it's used.
'It's not always about how much money — it's about how it's deployed. Some organizations do a lot with $50,000. Others need $5 million.'
That philosophy shapes how the foundation measures impact.
'Sometimes an organization doesn't meet the mark. It happens. That's why we keep things high-touch,' she said. 'We look at scale, at sustainability, at whether they brought in other partners. We try to walk away in a way that doesn't hurt people — or help them find better-aligned funders.'
Naomi said her leadership style draws heavily on lessons from her father as well as her mother, Stephanie.
'The best leaders make a habit of listening more than talking,' she said. 'And sometimes, you need to listen for what isn't said.'
On women in leadership, she said: 'It's still far too rare. I'm very proud that my entire C-suite is women — not because we set out to do that, but because they were the best people. If I had to give advice, I'd say resilience is the key. Skills matter, yes. But it's bouncing back after setbacks — that's what makes the difference.'
'Be persistent,' she added. 'But persistence doesn't mean going it alone. Sometimes you need to know when to delegate. And leaning into those collaborations is actually also a way to empower others.'
She said the foundation aims to be more than generous — it aims to be generative.
'We try to be catalytic. Sometimes that means high-profile investments. Other times, it's smaller things that would otherwise be overlooked. Either way, the goal is to make things happen.'
Looking ahead, she said the foundation won't shift focus but will look to expand its impact.
'We're not trying to reinvent the mission,' she said. 'We're doubling down — in science and health care, in music and arts, and in strengthening Jewish communities, especially in this challenging time.
'If you look back in 20 years, you'll recognize the journey,' she added. 'The mission will still be there. Even if the projects evolve, the values will stay the same.'
This story was originally published July 11, 2025 at 6:00 AM.
