What is the number of Canadian millionaires? How many millionaires are in Canada? According to several sources the number of millionaires in Canada, January 31, 2011 was 656,000 or about 1.1% of the population. The country with the most millionaires outside the United States is Japan with 2.6 million millionaire households.
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Some people might want to know this simply out of curiosity. For others, learning about the number of millionaires in Canada can be very important because they plan to open a luxury business in the second-largest country in the world.
In addition:
We’ll also see how millionaires are dispersed across Canada, whether they are concentrated in certain areas or if they’re all over the place and, of course, give a definitive Canadian millionaires list.
Without any further ado, let’s dive right in.
There are 1,681,969 Canadians with a net worth greater than $1 million. Being a millionaire in Canada is a bit complicated because sometimes it’s not clear what’s the golden standard for millionaires – having a million US dollars or a million Canadian dollars. Because the Canadian dollar is usually weaker than the US dollar, the latter is the better criterion. Besides, it’s used much more often across the world thanks to US influence.
In Canada, as elsewhere, a millionaire is someone who has more than $1 million.
And how many multi-millionaires in Canada?
A multi-millionaire is, of course, anyone who has $2 million or more at their disposal. It’s pretty challenging to find this stat online, as most surveys inquire about millionaires and serious millionaires ( the top 1%). The number of multi-millionaires in Canada is below one million, while the number of Canadian millionaires is set to grow to two million by 2023.
More specifically, Bank Suisse predicted a 54% growth in the number of billionaires between 2018 and 2023, ranking Canada alongside the likes of China and Russia, the two countries which are also rapidly increasing their millionaire clubs.
The bottom line is: Millionaires in Canada mostly owe their wealth to high property prices.CLICK TO TWEET
In 2020 alone, 246,000 Canadians joined the exclusive millionaire club. It might come as a surprise, but many people continued to profit during the pandemic – and we’re not talking about Elon Musk or Jeff Bezos here.
Not everything is as it appears, though. According to the Financial Post, banks in Canada lowered interest rates as a reaction to the COVID-19 pandemic, which triggered significant turbulence in the real estate market.
What’s more:
Property prices in Canada have increased, indirectly leading to the making of many more millionaires.
What City in Canada Has the Most Millionaires?
It might come as a surprise, but Calgary has the most millionaires per capita – 225 per 100,000 residents.
The per capita ratio is perhaps more relevant than the absolute number of millionaires in a city.
Why?
Because the per capita ratio of millionaires gives a more realistic picture. Beijing, for instance, has a lot more millionaires than Calgary could ever dream of. But take a walk across Beijing, and you’ll see a lot of rich people but also innumerable poor people working in factories.
On the other hand, Calgary is uniformly rich. So, you tend to come across millionaires quite often because they will literally be around every corner.
That being said:
Calgary is not necessarily a place for extremely rich people. They are more likely to be found in Ontario and British Columbia, as these are the provinces where the most serious business is done.
Here’s the deal:Toronto, with more than 100,000 millionaires, has by far the most millionaires on an absolute basis.CLICK TO TWEET
Keep in mind that these are older stats (from 2013), but they still help us approximate how many millionaires there are in Toronto – probably 150,000 by now. Toronto is followed by Montreal with more than 50,000 millionaires and Calgary with around 30,000.
Somewhat surprisingly, Vancouver only takes fourth place with around 20,000 millionaires. Ottawa is not even in the first five, but this is understandable considering that it has fewer than one million residents.
When we look at Canadian millionaires by province, we see they are concentrated in a few powerful provinces – Ontario and British Columbia, most importantly. In contrast, provinces like Saskatchewan or Newfoundland and Labrador are not places for seriously rich people. Perhaps they have luxurious log cabins there, but they prefer to live where the business is.
How Much Does the Top 1% Make in Canada?
According to official government statistics, in 2018, the top 1% in Canada made $244,800 per year. This represents a slight increase from 2014 when the top 1% earned around $227,000. From then on, incomes increased, with a small dip in 2016 ($226,000), but this was only temporary.
Women earn less. The top 1% of women bring home $160,000 per year, which is drastically lower than the average for men $276,000.
What’s more:The creme de la creme of the top 1%, around 3,000 Canadians, earn a whopping $2.6 million per year.CLICK TO TWEET
Speaking of less lucky but still wealthy Canadians, they earn $120,000 (top 5%) and $80,000 (top 10%) on a yearly basis. When it comes to the top 1 percent net worth in Canada, they have $9million worth of various assets – real estate, cars, valuables, etc.
Needless to say:
As is the case in most of the world, Canada’s net worth distribution is “positively asymmetric.” This means it deviates from the normal distribution in a way that there are few extremely rich people, a lot of people with relatively low incomes, and a considerable number of poor people. If the distribution were normal, the number of fabulously rich people would be equal to that of impoverished people, which is almost never the case.
How Many Billionaires in Canada?
There were 53 billionaires in Canada in 2020. Seven Canadians joined this exclusive club that year. In this respect, Canada is twelfth in the world, behind giants like China and the US but also Germany, Russia, Hong Kong, and Switzerland.
As we can see, the list of Canadian billionaires is quite long, so we’ll only mention the most powerful ones. Here are the top 10 billionaires in Canada, who are at the same time the 10 richest Canadians as of October 2021:
- David Thomson (and family), media magnate and hereditary peer – US$ 51 billion
- Tobi Lutke, founder of Spotify – US$ 11.6 billion
- David Cheriton, computer scientist and businessman – US$11.1 billion
- Jim Pattison, head of a group that deals with food, packaging, and entertainment – US$10 billion
- Joseph Tsai, Alibaba co-founder – US$9.8 billion
- Galen Weston Jr. and family, food industry – US$7 billion
- Huang Chulong, Galaxy Group (hotels, shopping malls, office spaces etc.) – US$6.2 billion
- Chip Wilson, retail apparel – US$5.9 billion
- Mark Scheinberg, investor (real estate, luxury hospitality) – US$4.9 billion
- James Irving (frozen food, retail, shipbuilding, etc.) – US$4.5 billion
Who Is the Richest Person in Canada?
We can see that David Thomson is by far the wealthiest man in Canada. The wealth distribution is so asymmetrical that serious gaps exist even in the top 10 club! Moreover, you have to take these millionaire statistics with a pinch of salt because the wealth fluctuates and changes literally every day.
So, if you really need to have an update on, say, Tobi Lutke’s wealth, you can always check his Forbes page, which is updated pretty regularly and is perhaps the most objective source of info.
Now:
The wealthiest people in Canada either deal with the tech industry, food, real estate, hotels, and heavy industry. Wow, they really are a diverse bunch! And we really mean it – some of these people have spread their tentacles everywhere – like James Irving, for instance.
The list is also indicative of Canada’s most affluent families. Wealth gets spilled over, of course, and it’s not like these people are greedy; they like to share their wealth… sort of.
In Canada, as elsewhere, a millionaire is someone who has more than $1 million.
And how many multi-millionaires in Canada?
A multi-millionaire is, of course, anyone who has $2 million or more at their disposal. It’s pretty challenging to find this stat online, as most surveys inquire about millionaires and serious millionaires ( the top 1%). The number of multi-millionaires in Canada is below one million, while the number of Canadian millionaires is set to grow to two million by 2023.
More specifically, Bank Suisse predicted a 54% growth in the number of billionaires between 2018 and 2023, ranking Canada alongside the likes of China and Russia, the two countries which are also rapidly increasing their millionaire clubs.
The bottom line is: Millionaires in Canada mostly owe their wealth to high property prices.CLICK TO TWEET
In 2020 alone, 246,000 Canadians joined the exclusive millionaire club. It might come as a surprise, but many people continued to profit during the pandemic – and we’re not talking about Elon Musk or Jeff Bezos here.
Not everything is as it appears, though. According to the Financial Post, banks in Canada lowered interest rates as a reaction to the COVID-19 pandemic, which triggered significant turbulence in the real estate market.
What’s more:
Property prices in Canada have increased, indirectly leading to the making of many more millionaires.
What City in Canada Has the Most Millionaires?
It might come as a surprise, but Calgary has the most millionaires per capita – 225 per 100,000 residents.
The per capita ratio is perhaps more relevant than the absolute number of millionaires in a city.
Why?
Because the per capita ratio of millionaires gives a more realistic picture. Beijing, for instance, has a lot more millionaires than Calgary could ever dream of. But take a walk across Beijing, and you’ll see a lot of rich people but also innumerable poor people working in factories.
On the other hand, Calgary is uniformly rich. So, you tend to come across millionaires quite often because they will literally be around every corner.
That being said:
Calgary is not necessarily a place for extremely rich people. They are more likely to be found in Ontario and British Columbia, as these are the provinces where the most serious business is done.
Keep in mind that these are older stats (from 2013), but they still help us approximate how many millionaires there are in Toronto – probably 150,000 by now. Toronto is followed by Montreal with more than 50,000 millionaires and Calgary with around 30,000.
Somewhat surprisingly, Vancouver only takes fourth place with around 20,000 millionaires. Ottawa is not even in the first five, but this is understandable considering that it has fewer than one million residents.
When we look at Canadian millionaires by province, we see they are concentrated in a few powerful provinces – Ontario and British Columbia, most importantly. In contrast, provinces like Saskatchewan or Newfoundland and Labrador are not places for seriously rich people. Perhaps they have luxurious log cabins there, but they prefer to live where the business is.
How Much Does the Top 1% Make in Canada?
According to official government statistics, in 2018, the top 1% in Canada made $244,800 per year. This represents a slight increase from 2014 when the top 1% earned around $227,000. From then on, incomes increased, with a small dip in 2016 ($226,000), but this was only temporary.
Women earn less. The top 1% of women bring home $160,000 per year, which is drastically lower than the average for men $276,000.
Speaking of less lucky but still wealthy Canadians, they earn $120,000 (top 5%) and $80,000 (top 10%) on a yearly basis. When it comes to the top 1 percent net worth in Canada, they have $9million worth of various assets – real estate, cars, valuables, etc.
Needless to say:
As is the case in most of the world, Canada’s net worth distribution is “positively asymmetric.” This means it deviates from the normal distribution in a way that there are few extremely rich people, a lot of people with relatively low incomes, and a considerable number of poor people. If the distribution were normal, the number of fabulously rich people would be equal to that of impoverished people, which is almost never the case.
How Many Billionaires in Canada?
There were 53 billionaires in Canada in 2020. Seven Canadians joined this exclusive club that year. In this respect, Canada is twelfth in the world, behind giants like China and the US but also Germany, Russia, Hong Kong, and Switzerland.
As we can see, the list of Canadian billionaires is quite long, so we’ll only mention the most powerful ones. Here are the top 10 billionaires in Canada, who are at the same time the 10 richest Canadians as of October 2021:
- David Thomson (and family), media magnate and hereditary peer – US$ 51 billion
- Tobi Lutke, founder of Spotify – US$ 11.6 billion
- David Cheriton, computer scientist and businessman – US$11.1 billion
- Jim Pattison, head of a group that deals with food, packaging, and entertainment – US$10 billion
- Joseph Tsai, Alibaba co-founder – US$9.8 billion
- Galen Weston Jr. and family, food industry – US$7 billion
- Huang Chulong, Galaxy Group (hotels, shopping malls, office spaces etc.) – US$6.2 billion
- Chip Wilson, retail apparel – US$5.9 billion
- Mark Scheinberg, investor (real estate, luxury hospitality) – US$4.9 billion
- James Irving (frozen food, retail, shipbuilding, etc.) – US$4.5 billion
Who Is the Richest Person in Canada?
We can see that David Thomson is by far the wealthiest man in Canada. The wealth distribution is so asymmetrical that serious gaps exist even in the top 10 club! Moreover, you have to take these millionaire statistics with a pinch of salt because the wealth fluctuates and changes literally every day.
So, if you really need to have an update on, say, Tobi Lutke’s wealth, you can always check his Forbes page, which is updated pretty regularly and is perhaps the most objective source of info.
Now:
The wealthiest people in Canada either deal with the tech industry, food, real estate, hotels, and heavy industry. Wow, they really are a diverse bunch! And we really mean it – some of these people have spread their tentacles everywhere – like James Irving, for instance.
The list is also indicative of Canada’s most affluent families. Wealth gets spilled over, of course, and it’s not like these people are greedy; they like to share their wealth… sort of.
What percentage of Canadians are millionaires?
Currently, Canada sits at the tenth position among countries with the highest percentage of millionaires (3). Roughly 5.6% (7) of the adult population enjoy this coveted title. By considering the total population of Canada that includes both adults and minors, this percentage comes out to be 2.32%.
In addition, Canada ranks seventh (16) globally for UHNW individuals (individuals with a net worth of at least 30 million dollars). This number makes Canada one of the world’s wealthiest countries and the second wealthiest in North America, only behind the United States.
Most Canadian millionaires are concentrated in rich cities, with Calgary reportedly having the highest number of millionaires. According to a statistics report published in 2018, 12.3 % of the adult population (9) in Calgary consists of millionaires. The same report also revealed that millionaires in Calgary have the third-highest median income (1.4 million dollars) among Canada’s major metropolitan areas.
Economists predict this percentage to grow significantly in the upcoming years since many individuals have wealth below the one-million-dollar line (10). Moreover, as soon as the economy recovers from the covid-19 recession, these individuals are expected to surpass the threshold.
What is the top 1 percent net worth in Canada?
Breaking into the top 1 percent of the wealthiest people in Canada is no easy feat. You’ll need approximately 7 million USD (12) and an annual income of 180K before you can count yourself in this exclusive cadre.
Canada’s richest 1 percent holds more than 25% of the country’s riches (12). This figure is a sharp indicator of the growing disparity in wealth distribution between the rich and the poor in this country. Nevertheless, this figure is still much lower than the global average, according to which the richest 1 percent own about 43% of the global wealth.
A sizeable portion of this 1 percent is dominated by individuals having generational wealth. In Canada, the top 1 percent collectively hold more than 3 trillion dollars in wealth, making them one of the most important stakeholders of the Canadian economy.
More than 10,000 adults in Canada fall in the category of UHNW individuals, and they dominate this top 1 percent category. The majority of these ultra-rich individuals have also invested in stock markets, real estate and related ventures.
Conclusion
In response to the high volume of inquiries from investors, wealthy individuals, news media and regulatory authorities on the number of Canadian residents holding a net-worth of one-million dollars or more, Enrich Research conducted an on-line poll on this subject.