Canada is a very rich country with over 41 Billionaire residents on record. This figure made the state one of the countries with the most billionaires in the world. Even with the high rate of rich persons in Canada, there are also residents in Canada who are living in abject poverty. It is also on record that 3.7 million residents in Canada live in poverty.
Despite the negatives, the country has a very progressive economy that can be accounted for by its high Gross Domestic Product (GDP). This high GDP is large because of the productivity of the richest cities in Canada. Some of the smallest towns in the world still have high productivity similar to the richest cities in Canada. Canada’s richest cities are home to most of the richest persons in the world. We have detailed the top ten wealthiest cities in Canada currently
List Of The Top Ten Richest Cities In Canada
Ottawa is the richest city in Canada. When Canada is being referred to, the capital city of the nation comes to mind due to its high progressive rate. Ottawa is one of the most populous cities in Canada and is currently the sixth on that list. The median household income rates this city as one of the richest places in Canada. The public service and technology sectors are the biggest industries in this city.
British Columbia: North Vancouver
North Vancouver ranks second on the list of the wealthiest cities in Canada that you can live in. It is the second richest city in Canada because of its highly progressive chemical and industrial sectors. These industries are also some of the largest employers in Canada.
The film industry just began making waves and raking millions into the economy of Canada. The city is also rated to have a large mass of educated persons with two-thirds of its adults having at least a degree. This caused the city to become populated with well-educated rich persons. The tourist attractions in this city of Canada rate this city as not just one of the richest cities in Canada but also the finest cities in Canada.
Alberta is one of the richest provinces in Canada with a high turnover based on the median household income. The city is also one of the most populous cities in Alberta, Canada with a population size estimated at 1,239,220 persons.
The cost of living in this city is relatively high though the unemployment rate is low. Calgary’s economy is largely prosperous due to its oil and gas Industries. There are also other opportunities in the central industries of this city. Calgary is regarded as one of the most lucrative cities you can work or live in, in Canada. The financial services sector continues to bring in more millionaires to live in Canada.
Edmonton is a rich city in Canada that bases its economy on the oil and gas industries. Edmonton’s service sector is also part of the city’s largest employers. The retail sector creates wealth in this city through the creation of employment opportunities.
Edmonton has lots of malls and shopping centers that continue to bring prospects and residents to tour and reside in the city. The West Edmonton Mall is currently the largest shopping center in not just Canada but also America as a whole.
The Canadian Pacific Railway construction led to an increase in the residents of this city most especially, the richest persons in Canada.
The state capital of Saskatchewan is Regina which is one of the wealthiest places to live in Canada. The public service sector is a large well of the city’s productivity.
This does not mean that other industries in the city are not major contributors to the economy of the province. The manufacturing, telecommunication, retail, and financial services sectors are other sectors in the city that are well developed and advanced.
Guelph is a very small city that is yet one of the richest cities in Canada. Its population is estimated to be less than 200,000 (approx. 141,097) according to the World Atlas. The manufacturing industry, fashion sector, and education hub is the major propeller of this city’s successful economy.
The city is also noted to be one of the richest cities in Canada with the highest median income and a very low unemployment rate.
If you are looking for where millionaires live in Canada, then Ottawa is that city. There are lots of rich residents in not just Ontario as a Canadian province but specifically in the city of Oshawa. This small city in Ontario gained massive popularity and affluence after Robert McLaughlin; the founder of General Motors in Canada and one of the richest brands in the world decided to reside in the city.
This caused the city to gain exposure and welcome more rich residents into the city. It was even tagged the automotive city of Canada. The city is currently more popular because of the education hub and health sectors than it is for producing automobiles.
This is the largest city in Saskatchewan and one of the cities in Canada with the most millionaires as its residents. The population density of this city is also small compared to other cities we have on this list. The population of Saskatoon is about 300,000 persons.
The University of Saskatchewan constantly produces skillful and equipped youths to join the city’s workforce. There are also lots of job opportunities for intending residents of this affluent city in Canada.
Newfoundland: St. John’s
St John’s is a city in Newfoundland, Canada that is rated among Canada’s richest cities. The economy of the province in Canada is mainly due to the financial turnover of St. John’s. The cost of living in this city is commensurate with the earnings of most of its residents.
British Columbia: Victoria
Victoria which is the capital of British Columbia is an affluent city in Canada that was named after Queen Victoria. The educational sector of this city largely accounts for its rank as one of the richest cities in Canada. The technological sector and tourism also make contributions to the city’s booming economy. The cost of living in this city is relatively high.
Most of the richest cities in Canada are the provinces in Canada that gained their affluence and popularity largely because of the successes of the industrial and service sectors. The contributions of these wealthy cities largely make positive impacts on the overall economy and GDP of Canada.