Do you ever wonder how many millionaires live in Canada? According to a recent study, there are around 1,681,969 millionaires living in Canada. The nation’s population is roughly 39 million which means approximately 4% of Canadians are millionaires. That’s a lot of wealth! This number is expected to grow in the next few years as well. If you’re looking to become a millionaire, now might be the time to move to Canada and mingle with local wealth.
Table of contents
- What is a millionaire?
- What net worth is considered rich in Canada?
- How many millionaires are there in Canada?
- How many multi-millionaires are there in Canada?
- Millionaires in Canada by Province
- Which province has the most millionaires in Canada?
- What percentage of Canadians have a net worth over 1 million?
- Who are the richest people in Canada?
- How many billionaires does Canada have?
- How to build net worth in Canada
Curious to learn more about the millionaires that walk among us? Keep reading for more interesting facts about the millionaire status in our country.
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What is a millionaire?
A millionaire is an individual with a net worth of at least one million dollars. Net worth is calculated as the total value of all owned assets less outstanding financial obligations, such as mortgages or loans. This can be achieved through a variety of means, such as investing in stocks and real estate, starting a successful business, or inheritances.
Millionaires typically have a high level of disposable income, which they often use to fund lavish lifestyles. Or is this just what pop culture wants you to believe? The truth is, not all millionaires are extravagant individuals who live in opulent homes and drive luxury cars. Some may live modestly, choosing to invest their money wisely in order to secure financial stability. Others may prefer not to work or run a business so they choose to live well below their means.
Regardless of how millionaires choose to spend their time and money, they all have one thing in common: a significant amount of wealth.
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What net worth is considered rich in Canada?
There is no precise answer to the question of what net worth is considered rich in Canada. This is because wealth is relative, and what may be considered a fortune by one person may not be seen as such by another.
That said, people with a net worth of more than $1 million are generally considered to be wealthy, while those with a net worth of between $5 and $30 million are considered to be extremely wealthy. Anyone with a net worth of more than $30 million is considered to be incredibly wealthy.
While there is no definitive answer to the question, these benchmarks can give you an idea of what is considered to be rich in Canada.
Related Reading: What is the Average Net Worth by Age in Canada?
How many millionaires are there in Canada?
According to a recent study, Canada is home to 3.7% of the world’s millionaires. This puts us in 7th place globally, behind the United States, China, and Japan. The total number of millionaires in Canada is 1,681,969, which represents about 4% of the population.
How many multi-millionaires are there in Canada?
There is no certain answer to the question of how many multi-millionaires there are in Canada. A multi-millionaire is anyone who has a net worth of over $2 million, but less than $1 billion, so it’s a pretty wide range!
However, estimates suggest there are at least 764,033 people in Canada with more than $1 million in net worth. With 91,823 having between $5 and $30 million, and possibly as many as 10,395 with more than $30 million. While this represents a small percentage of the population, it indicates real wealth exists within Canada.
Related Reading: What is Personal Finance and Why is it Important?
Millionaires in Canada by Province
Although there is no conclusive data about the number of Canadian millionaires in each province, we can use available data to infer which cities have the highest average household net worth. Here are the top 10 cities in Canada where the average household net worth surpasses $1 million.
| City | Average Household Worth |
| West Vancouver | $4,536,269 |
| Westmount | $3,953,205 |
| Rocky View County | $3,324,565 |
| King | $2,655,435 |
| Mont-Royal | $2,392,238 |
| Oak Bay | $2,269,821 |
| Foothills No. 31 | $2,200,516 |
| Whitchurch Stouffville | $2,150,564 |
| North Saanich | $1,919,655 |
| North Vancouver | $1,869,495 |
Leading the way is West Vancouver, with an average household net worth of $4.5 million. Other cities in the top 10 include Westmount, Rocky View County, King, Mont-Royal, Oak Bay, and Foothills No. 31. Whitchurch Stouffville and North Saanich round out the list, with an average household net worth of $2 million and $1.9 million respectively. While these figures give us a good idea of where the wealthiest Canadians live, it’s important to remember they represent averages and there is significant variation within each city.
Related Reading: Best Places to Retire in Canada and Why
Which province has the most millionaires in Canada?
Ontario and Quebec are the two provinces with the most millionaires in Canada. Montreal is home to over 50,000 millionaires, while Toronto has 118,000. These numbers are significantly higher than in any other province in the country.
The high concentration of wealth in these two provinces is due to a number of factors, including a strong economy and a large population. Additionally, both Ontario and Quebec have a long history of immigration, which has helped to create a diverse and prosperous society.
What percentage of Canadians have a net worth over 1 million?
A recent study estimates the total number of millionaires in Canada is 1,681,969, which represents about 4.3% of the population. This makes Canada the country with the seventh-highest millionaire density in the world.
Related Reading: Average Canadian Net Worth
Who are the richest people in Canada?
The following is a list of the top 10 richest people in Canada, as of February 2023. The majority of the wealth on this list comes from either media, retail or e-commerce ventures.
| Name | Net Worth | Source of Wealth |
| Changpeng Zhao | $65 billion | Blockchain/Cryptocurrency |
| David Thomson & family | $49.2 billion | Media |
| Jim Pattison | $12.2 billion | Diversified |
| David Cheriton | $10.9 billion | |
| Joseph Tsai | $8.4 billion | e-Commerce |
| Anthony von Mandl | $8.4 billion | Alcoholic Beverages |
| Mark Scheinberg | $5.3 billion | Online Gambling |
| Chip Wilson | $5.3 billion | Lululemon |
| Alain Bouchard | $5 billion | Convenience Stores |
| Huang Chulong | $5 billion | Real Estate |
How many billionaires does Canada have?
According to the Forbes, Canada has 65 billionaires in 2022. In 2021, it was 53 billionaires. This indicates that the wealth disparity is truly growing quickly!
How to build net worth in Canada
Interested in joining the millionaire club in Canada? There are a number of ways to build net worth. Although, building wealth is much easier said than done, otherwise we’d all be millionaires! Here’s some tips to get started on your journey to build generational wealth.
One of the most important is to ensure you have a strong educational foundation. This can be achieved by completing a higher education program at a respected institution. A major component of education is networking and developing social skills which will help you throughout life as you grow wealth.
Another key way to build net worth is to start your own business. This can be a very rewarding endeavor, both financially and personally. If you’re not interested in starting your own business, another option is to buy assets instead of liabilities. This means investing in things like real estate or stocks which can appreciate in value over time. Remember to live below your means!
It’s also important to be a self-starter and to aim for the C-suite if you want to build substantial wealth. This means having the drive and ambition to succeed in your chosen field. The good news is social media has made it easier than ever to connect with like-minded people and get ahead professionally.
Finally, good financial management can help you grow your investments and generate multiple income streams. If you’re willing to put in the hard work, there’s no reason why you can’t achieve financial success in Canada.
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