A new report by the non-profit group Canadians for Tax Fairness reveals that Ontario hosts the highest number of billionaire families in Canada, accounting for 44% of the country's billionaire families. The study, titled Show me the money: A provincial overview of extreme wealth in Canada, also found that the wealthiest 0.01% of families in the province have an average net worth of $546 million.
Wealth Concentration Across Provinces
The report analyzed wealth held by ultra-rich families in Canada's four largest provinces—Ontario, Quebec, Alberta, and British Columbia—as well as the Atlantic and Prairie regions. It found that between 1999 and 2023, the wealth of the richest families grew in all areas except British Columbia.
Ontario's top 0.01% of families lead with an average wealth of $546 million. British Columbia ranks second with $501 million, followed by Quebec at $408 million and Alberta at $393 million. Nationwide, there are 3,380 families with at least $100 million in liquid assets, with nearly 1,600 residing in Ontario.
“However, these figures can, to some extent, be explained by the fact that Ontario is the most populous and wealthiest region,” researchers noted in the report.
Billionaire Families and Poverty Coexist
Ontario is home to 38 billionaire families, the most among all Canadian jurisdictions. With an estimated 86 billionaire families in Canada, roughly 44% live in Ontario. Yet, the province also has the highest number of families living below the poverty line—1.9 million, according to the report.
The report warns that “extreme wealth concentration is a problem” due to the “extreme concentration of power and the corrosion of democracy that can accompany it.”
