Peter Munk facts for kids

Peter Munk CC (November 8, 1927 – March 28, 2018) was a famous Hungarian-Canadian businessman. He was also an investor and a generous giver to charities. He started many well-known companies. These included Clairtone, which made electronics, Trizec Properties, a real estate company, and Barrick Gold. Barrick Gold became the world's largest gold-mining company.

Peter Munk was also known for his kindness. He gave a lot of money to the Munk School of Global Affairs at the University of Toronto. He also supported the Peter Munk Cardiac Centre at the Toronto General Hospital. He helped create the Munk Debates, which are important discussions about global issues.

Early Life and Escape

Peter Munk was born in Budapest, Hungary, in 1927. His family was a wealthy Hungarian-Jewish family. When he was 16, in March 1944, Nazi Germany took over Hungary. Peter and 14 members of his family escaped to Switzerland. They traveled on a special train that helped many Jewish people find safety.

In 1948, Peter Munk arrived in Canada from Switzerland. He came on a student visa. He then studied electrical engineering at the University of Toronto. He graduated in 1952. Years later, he spoke about how grateful he was to Canada. He said, "I arrived in this place not speaking the language, not knowing a dog... This is a country that does not ask about your origins; it only concerns itself with your destiny." He called Canada "paradise."

Building Businesses

Peter Munk started many successful businesses. He was known for his energy and charm.

Clairtone Electronics

In 1958, Peter Munk started Clairtone with David Gilmour. He used $2,800 from his father-in-law to begin. Clairtone made fancy stereos and televisions. Their "Project G" series, launched in 1964, was very famous. These stereos had cool designs with sleek wood cabinets and round speakers. They even appeared in movies like The Graduate. Famous people like Frank Sinatra and Oscar Peterson liked them.

Clairtone faced problems when they built a factory in Nova Scotia. The factory opened in 1966. But the company started losing money. In 1967, the government of Nova Scotia took over Clairtone. Peter Munk and David Gilmour were no longer in charge.

Hotels and Real Estate

After Clairtone, Munk and Gilmour bought land in Fiji. They built a hotel and resort there. This grew into the Southern Pacific Hotel Corporation. It had 54 resorts in Australia and the South Pacific.

In 1978, they planned to build a resort near the Great Pyramids in Egypt. The project was canceled, but Munk won a lawsuit against the Egyptian government.

In 1979, Peter Munk returned to Canada. He started a new company called Barrick. He would later make it the biggest gold company in the world. He also founded Trizec Properties, a large real estate company in America. In 2006, Trizec Properties was sold for about $9 billion.

In 2007, Munk invested in Porto Montenegro. This was a former naval base on the Adriatic Sea. He turned it into a luxury spot for superyachts. It became a rival to famous places like Cannes. This project helped put Montenegro on the map for high-end tourism. He sold his share in 2016.

Barrick Gold

In 1980, Munk started Barrick Petroleum to invest in oil. But he soon changed direction. After buying a small company called Camflo Mines, Barrick became a mining company. It grew into the world's largest gold mining company. It is also the largest Canadian company by value.

Peter Munk later retired from daily management. But he remained the founder and President Emeritus. He often said, "Barrick is my legacy."

Giving Back: Philanthropy

Peter Munk was very generous. In 1992, he and his wife Melanie started the Peter and Melanie Munk Charitable Foundation. This foundation has given over $300 million to help improve health, education, and Canada's reputation. He often spoke about how grateful he was to Canada for saving his life.

Supporting Education

Munk gave a lot of money to the University of Toronto, where he studied. He gave $35 million in 2010 to help create the Munk School of Global Affairs and Public Policy. In total, he gave $51 million to his old university. A special professorship, the Peter Munk Professor of Entrepreneurship, is named after him.

He also gave $43 million to the Technion – Israel Institute of Technology. This helped create the Peter Munk Research Institute there.

Public Discussions

In 2016, Munk gave $5 million to the Fraser Institute. This group studies public policy. His donation helped start the Peter Munk Centre for Free Enterprise Education.

Peter and Melanie Munk also started the Aurea Foundation in 2006. This foundation helped create the semi-annual Munk Debates in 2008. These debates bring together important thinkers to discuss big global issues.

Health Care

In 1997, Munk helped create the Peter Munk Cardiac Centre at the Toronto General Hospital. He gave an initial $6 million. In 2006, he gave another $37 million. This was the largest gift ever made to a Canadian medical institution at the time. In 2017, he donated another $100 million. Peter and Melanie Munk also set up a special fund for heart surgery at the hospital.

Personal Life

Peter Munk married Linda Joy Gutterson in 1956. She was the daughter of a pharmaceutical businessman who helped Munk start his first company. They had three children and divorced in 1970. They remained good friends.

In 1973, Munk married his second wife, Melanie Jane Bosanquet. They had two more children. Peter Munk loved skiing for 71 years. He and Melanie built a ski chalet in Klosters, Switzerland, which they considered home.

His children are Anthony, Nina, Marc-David, Natalie, and Cheyne. In his late 70s, Munk had a pacemaker put in because of heart problems.

His Views on Canada

Peter Munk often praised Canada. He said it was a place where he, as an immigrant, could start with nothing. He had no wealth, no connections, and didn't even speak the language. Yet, he was able to build a successful business empire.

Death

Peter Munk passed away in Toronto on March 28, 2018. He was 90 years old. He had been dealing with heart problems for several years.

Honours and Awards

Peter Munk received many special awards and degrees:

• He received several honorary doctorates from universities like University of Toronto, Concordia University, and Technion – Israel Institute of Technology.
• He became an Officer of The Order of Canada in 1993, which is Canada's highest civilian honour. He was promoted to Companion in 2008.
• He received The Woodrow Wilson Award for Corporate Citizenship in 2002.
• He was added to the Canadian Business Hall of Fame and the Canadian Mining Hall of Fame.
• In 2012, he received the Queen Elizabeth II Diamond Jubilee Medal.
• His home country, Hungary, also honored him with the Commander's Cross with Star of the Order of Merit of the Republic of Hungary in 2016.