Paul Desmarais Sr. (January 4, 1927 – October 8, 2013) was a Canadian financier and philanthropist, based in Montreal. With an estimated family net worth of US$4.5 billion (as of March 2012), Desmarais was ranked by Forbes as the fourth wealthiest person in Canada and 235th in the world in 2013. He was chairman and chief executive officer of Power Corporation of Canada until 1996 when he passed the reins of management of Power Corporation to his sons, Paul Jr. and André. He then continued to serve as a director and as chairman of the executive committee of the board, and remained the controlling shareholder. Power Corporation of Canada is a diversified international management and holding company with interests in companies in the financial services, asset management, sustainable and renewable energy, and other business sectors. Desmarais was highly regarded for his standard of integrity and his commitment to a united and prosperous Canada. Personal life Desmarais was born in Sudbury, Ontario, to lawyer Jean-Noël Desmarais (3 May 1897 – 1983) and Lébéa Laforest (2 September 1899 – 1984). The Desmarais family is originally from Quebec and descended from Paul Desmarais who moved to Canada from Saint-Sauveur-sur-École, Île-de-France in late 1600s. Desmarais' grandfather Noël Desmarais 1873–1964 (wife: Roseanna 1874–1964) founded the town of Noëlville, Ontario, now part of the municipality of French River. Two of his brothers, Louis Desmarais and Jean Noël Desmarais, were involved in federal politics. Desmarais was married to Jacqueline Maranger, also from Sudbury. They had two sons: Paul Jr. and André (who is married to former Canadian Prime Minister Jean Chrétien's daughter France) and two daughters, Louise and Sophie. The Desmarais family has a large family estate in Sagard, Quebec, Canada, between the villages of Saint-Siméon and Petit-Saguenay: Domaine Laforest. The area of the estate is over 75 square kilometers. The Desmarais family also owned secondary homes in Palm Beach, Florida and New York at the time of his death. Philanthropy Desmarais was a philanthropist, making substantial contributions (many anonymously) to the arts, education, health and the homeless. At the time of M. Desmarais' death, Prime Minister Stephen Harper said in a statement that Desmarais was “one of Canada’s most successful businessmen” and will be remembered for his leadership, his philanthropy and community involvement as well as his “profound attachment to his country.” Many institutions, which benefited from Desmarais' contributions also paid tribute to the business man.