How Many Millionaires Are There In Canada (2023)?

Did you ever wonder just how many millionaires are there in Canada? You might be surprised to learn that there are way more wealthy people than you would ever think.

According to the Global Wealth Databook of 2021 published by Credit Suisse, Canada has 1,681,969 millionaires.

Just who are these millionaires, and where do they live? In this article, I will give you insight into who the richest people in Canada are and the industries they pursued to make their fortunes.

Who Are the Millionaires?

It might be surprising to note that most of Canada’s millionaires didn’t just inherit money – the majority of them are self-made. A recent study reported by the Financial Post found that 67% of Canada’s millionaires are self-made.

In addition, the study found that many of these individuals are either immigrants or first-generation Canadians. One of the most important factors contributing to a wealthy lifestyle is education. 8 out of 10 Canadian millionaires have at least an undergraduate degree.

Entrepreneurs and investors make up a large portion of millionaires – specifically those involved in the tech world. In addition, physicians and corporate managers can easily make their way into the lineup.

New to the list are social media influencers – many coming from YouTube, Tiktok, and Instagram. These influences create engaging content and help to start new trends and share ideas or videos through their platforms.

Which City In Canada Has the Most Millionaires

It probably isn’t a surprise that Toronto is home to the majority of Canada’s millionaires. In fact, Toronto tops some other big-time worldwide cities like Chicago, Sydney, and Mexico City.

Number of Millionaires based on location

Source: Toronto Star

Over 118,000 millionaires live in Toronto, and it’s pretty easy to figure out why. There is a larger population in the city than in other parts of Canada, upping the odds for more millionaires. In addition, Toronto also has a bustling economy and is often seen as the hub of Canada.

While Toronto has the most millionaires, Calgary has the most per capita – around 225 per 100,000 residents. Calgary is one of the fastest-growing business centers. The Calgary to Edmonton corridor, always filled with oil and gas magnates, helped grow the city into a prosperous place.

In addition to the oil and gas industry, the city also is a bustling hub for financial services and boasts one of the highest median household incomes throughout the country.

While many of the most prosperous billionaires live in Toronto and Vancouver, you will not have any problem finding wealthy millionaires throughout Calgary. A lot of wealth is also driven by real estate asset values, which has been extremely strong in Canada.

Canada’s Millionaires Compared to the World

Canada is home to about 3% of the world’s population of millionaires. The US has about 39%, and China has 9%. And while the whole world was in the throes of a pandemic, that did not stop the country from the Great White North from acquiring more millionaires and billionaires.

Number of Millionaires

According to the Financial Post, Canada gained 246,000 millionaires in 2020. The reasons for this increase appear to be from a combination of factors. Low-interest rates, a red-hot housing market, and currency appreciation against the U.S. dollar account for rising wealth in Canada and throughout the world.

Which Country Has the Most Millionaires?

Our neighbours to the South, the United States, have the largest number of millionaires, with close to 4.5 million of them. Not only do they have the most millionaires, but some of the wealthiest people in the world live there, including Bill Gates, Jeff Bezos, and Warren Buffett.

Business Today reports that Japan comes in second. With more millionaires per capita than anywhere else in the world, Japan’s success comes from its regulations and tax incentives that encourage business development and investment within the country.

Germany, China, and the United Kingdom follow, with Canada in the eighth position.

Are There Any Billionaires in Canada?

Canada does have its fair share of billionaires. The most recent study from Wealth-X, a data company, found that Canada added seven new billionaires in 2020. That puts the country’s total at 53 and ties it for 12th-most in the world.

It wasn’t just Canada increasing in wealthy citizens. For the first time ever, there are over 3,000 billionaires throughout the world. The majority of billionaires earned their riches through the tech industry.

Here’s a list of the top five billionaires from the Wealth-X census (in the world, not just Canada).

top 5 billionaires

The report found that the new billionaires added to the list in 2020 are younger than their counterparts. The average age of the billionaires making the list is 65.9 years. The new additions have a median age of 63.2.

With advances in the tech industry, it looks like this trend of younger billionaires might continue into the next decade.

Who Are the Richest People In Canada?

So just who are these wealthy Canadians, and where did their fortunes come from? Here is a look at the top tier, how much they’re worth, and how they make their money.

1.   David Thomson and Family

With an estimated net worth of around $41.8 billion, the Tomson family takes the title of richest Canadians. Thomson is the main shareholder of the media conglomerate Thomson Reuters. The family owns both the Toronto Globe and Mail newspapers and has a stake in Bell Canada.

2.   Joseph Tsai

Tsai comes in with a net worth of $11.6 billion. He is vice chairman and co-founder of the e-commerce Alibaba Group Holdings, Ltd. He is a native of Taiwan and a citizen of Canada. Known for his great philanthropic efforts, he also owns the Brooklyn Nets, an NBA team.

3.   Tobi Lutke

Lutke has an estimated net worth of $9.8 billion. He is the founder of the e-commerce giant Shopify, which is based in Ottawa. Lutke grew up in Germany but moved to Canada in 2002, becoming a Canadian citizen.

4.   Jim Pattison

Pattison is the CEO and sole owner of the Jim Pattison Group. He has an estimated net worth of $9.6 billion. The Jim Pattison Group is the second-largest privately held firm in Canada with divisions in packaging, forestry, and food.

5.   David Cheriton

Vancouver-born Cheriton is a computer science professor at Stanford University. With an estimated net worth of $8.8 billion, Cheriton was one of the first investors in tech startups like Google, VMware, and Arista.

Check out the full list of the richest Canadians here

How Much Money Do You Need To Be In The Top 1% In Canada?

To be part of the wealthiest 1% in Canada, you will need around $9 million. Many of these ultra-rich individuals have invested wisely throughout the years and made risky decisions in order to increase their wealth.

The top 1% holds more than one-quarter of the country’s riches, which shows a disparity between the ultra-rich and low to middle classes.

Final Thoughts

Canada has a staggering number of millionaires – 1,681,969, to be exact. Even through a pandemic that saw many small businesses and individuals struggling, millionaires and billionaires throughout the world increased.

Working hard and having a solid education won’t mean you will become a millionaire, but you might have a better shot than those that don’t.

If you are looking to see how you stack up against the country’s most affluent, check out this article on the average net worth by age in Canada.

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Author Bio - Christopher Liew is a CFA Charterholder with 11 years of finance experience and the creator of Read about how he quit his 6-figure salary career to travel the world here.

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