How many billionaires are there in Canada, where do they live, and what is their individual net worth?
Here are 10+ interesting facts and stats on Canada’s richest residents.
What Percentage of the World’s Billionaires Live in Canada?
1. Canada is home to 60 of the world’s billionaires.
This places Canada in pretty good company, as the country ranks 12th globally in terms of the number of billionaires, right up there with the United States, Germany, and China. The number of billionaires in Canada has been on the rise as well, going up from a total of 53 in 2020.
2. Canada’s billionaires have a combined wealth of $131 billion.
This translates to about 1.5% of the total $11.8 trillion of combined wealth across the world’s billionaires. Not only that, but data shows Canadian billionaires have accumulated wealth that is larger than the combined GDP of Newfoundland and Labrador, New Brunswick, Prince Edward Island, Yukon, and Nova Scotia (which amounts to $110.4 billion).
3. Billionaires in Canada increased their wealth by a collective 51% since 2020.
(Wealth Professional Canada, BNN Bloomberg)
It is estimated that for every $100 of wealth created in the last decade, $34 has gone to the top one percent, while $5 went to the bottom 50%.
On top of that, reports show that Canada’s top 20 billionaires made a combined total of $37 billion in wealth during the first six months of the Covid-19 pandemic. More specifically, the CEO of the biggest commerce platform Shopify Tobi Lutke saw his wealth increase by a whopping $6.6 billion, while Lululemon founder Chip Wilson’s net worth went up by $2.8 billion.
4. Almost a quarter of Canada’s billionaires live in Toronto.
Toronto may not be the cheapest city to live in Canada, but it is home to some of the wealthiest Canadians, including Sherry Brydson, David Thomson, and the Rogers family. Toronto’s billionaires made their fortune mostly in forestry, mining, and oil and gas industries, but some have a background in retail as well.
The fact that most of Canada’s billionaires are situated in Toronto, makes Ontario the province with the largest number of residents worth 10 digits.
5. Eight Canadian billionaires currently live in the USA.
Eight of the richest Canadians call the US their home. These include:
- David Cheriton: $8.9bn
- Jeffrey S. Skoll: $4.3bn
- Garrett Camp: $2.6bn
- Mortimer Zuckerman: $2.5bn
- Ryan Cohen: $1.8bn
- Peter Szulczewski: $1.7bn
- Apoorva Mehta: $1.3bn
- Stewart Butterfield: $1.2bn
6. There were 1.6 million millionaires in the country.
Based on research from Credit Suisse, there were 1,681,969 people in the country with a net worth higher than one million. This accounts for around 5.6% of Canada’s adult population.
Most of the millionaires are located in Ontario and Quebec (more than 50,000 are living in Montreal and 118,000 in Toronto).
How much do Canadian Billionaires Contribute to Canada’s GDP
7. Canadian billionaire’s net worth made up 8.15% of the country’s GDP.
In 2018, Canada’s GDP, more than half of which is made up of consumer spending, amounted to USD$ 42,183 per capita, while the combined net worth of the country’s richest people stood at $148.5 billion. In 2021, Canada’s GDP was USD$1.99 trillion, while the combined net worth of billionaires was $131 billion.
8. The richest households in Canada hold more than two-thirds of all net worth.
2022 stats reveal that the top 20% in the country held 67.1% of all net worth in the country, whereas the bottom 40% (the least wealthy families) held a meager 2.8%.
Wealth inequality has been an issue in Canada in the past—between 2012 and 2016, Canada’s 87 wealthiest households had 4,448 times more wealth than the average family.
9. The top 20% pay 61.4% of tax.
(Wealth Professional Canada)
While wealth inequality exists, the richest families pay a disproportionately big share of total tax. Actually, the top 20% of households in Canada make up 44.6% of all income and pay more than half of tax.
At the same time, the lowest 20% account for 5.2% of all income in Canada, but only pay 0.8% of all tax.
Who are the richest Canadians?
According to Forbes’ real-time billionaire list, these are the richest people in Canada.
|David Thomson & family||$53.8bn||Media|
|Anthony von Mandl||$8.5bn||Alcoholic beverages|
|Alain Bouchard||$6bn||Convenience stores|
|Mark Scheinberg||$5.3bn||Online gambling|
|Emanuele Saputo & family||$4.9bn||Cheese|
10. Sherry Brydson is the richest woman in Canada.
(Bloomberg Billionaires Index)
Although there are several women entrepreneurs in Canada, Sherry Brydson (net worth $141.1 billion) takes the top.
Ranking 122th on Bloomberg’s Billionaires Index, she is the biggest shareholder in Woodbridge, the parent company of Thomson Reuters, the biggest media conglomerate in the world.
She is part of the Thomson family, whose other members are also ranked among the country’s billionaires, including David Thomson ($8.71 billion), Peter Thomson (%8.71 billion), and Taylor Thomson ($8.71bn).