A millionaire is someone with over 1 million dollars in net worth. While Canada ranks number 8 on the list of countries with the most millionaires, many of them call this country home.
Are you wondering how many millionaires, multimillionaires, and billionaires there are in Canada? This article covers how many millionaires reside in Canada, who the top earners are, and how you can become a millionaire.
What Is a Millionaire in Canada?
In Canada, a millionaire is someone who has more than $1 million in net worth.
When determining whether an individual has reached millionaire status, you can look at the value of their assets less their liabilities, or consider their net investable assets.
I prefer to define a millionaire as someone (or a household) with at least $1 million in investable assets. This excludes the value of some assets, such as a principal residence.
That said, you could be a millionaire largely based on the value of your home alone, even if you have little to no cash in the bank or investment assets.
How Many Millionaires Are in Canada?
In 2021, there were 1,681,969 millionaires in Canada, according to Credit Suisse’s yearly Global Wealth Report.
By 2023, this number is expected to rise to nearly 2 million people, which is at a faster rate than in the US.
Canada’s housing market is a huge driver in creating millionaires, as people who bought houses years ago are now selling them and making a huge profit.
Toronto has the most millionaires in Canada at over 118,000, according to the Toronto Star. Keep in mind that this article is almost ten years old, so this number has likely gone up.
Following that, Montreal has over 50,000 millionaires, and Calgary has about 30,000 millionaires.
There is no data about Canadian millionaires by province, but here’s a table of the top 10 richest cities in Canada, according to MoneySense. These cities have an average household net worth of over $1 million.
|City||Province||Average Net Worth|
|Rocky View County||AB||$3,324,565|
|Foothills No. 31||AB||$2,200,516|
Percentage of Millionaires in Canada vs the General Population
About 4.5% of Canadians are millionaires.
The Credit Suisse report mentioned above says that Canada has about 3% of all millionaires in the world, despite less than 0.50% of the world’s population calling Canada home.
So, how many millionaires are in the world? There are about 51,822,000 people worldwide with over $1 million to their name.
Just over 1% of all people worldwide are millionaires, which is around 56.1 million people.
Who Are the Top Millionaires in Canada?
According to Forbes, these are the top 10 Canadian millionaires and billionaires, in order of net worth:
- Changpeng Zhao – founder and CEO of Binance – $65 billion
- David Thompson and family – chairman of Thomson-Reuters – $49.2 billion
- Jim Pattison – CEO and chairman of Jim Pattison Group – $12.2 billion
- David Cheriton – computer science professor at Stanford University and venture capitalist – $10.9 billion
- Joseph Tsai – Vice-Chairman of Alibaba Group – $8.4 billion
- Anthony von Mandl – Founder and CEO of Mark Anthony Group – $8.4 billion
- Mark Scheinberg – Co-Founder of PokerStars – $5.3 billion
- Chip Wilson – Founder and former CEO of Lululemon – $5.3 billion
- Alain Bouchard – Co-Founder of Alimentation Couche-Tard – $5 billion
- Huang Chulong – Chairman of Galaxy Group – $5 billion
How Many Billionaires Are in Canada?
In 2020, there were 53 billionaires in Canada, according to the Wealth-X Billionaire Census.
Canada had a 4.5% jump in the number of billionaires since the previous year.
Canada is in 12th place as the country with the most billionaires in the world.
Top Billionaires in Canada
The table below shows the top 20 richest Canadians and their source of wealth as per Forbes (based on 2021 data):
|Name||Net Worth (USD)||Source of Wealth|
|David Thomson & family||$41.8 billion||Media|
|Joseph Tsai||$11.6 billion||E-commerce|
|Tobi Lutke||$9.8 billion||E-commerce|
|Jim Pattison||$9.6 billion||Diversified|
|David Cheriton||$8.8 billion|
|Anthony von Mandl||$8.7 billion||Alcoholic beverages|
|Pan Dong||$8.3 billion||Consumer goods|
|Huang Chulong||$6.8 billion||Real estate|
|Lino Saputo & family||$5.7 billion||Cheese|
|Mark Scheinberg||$4.9 billion||Online gambling|
|Chip Wilson||$4.9 billion||Lululemon|
|Garrett Camp||$4.4 billion||Uber|
|Alain Bouchard||$4.2 billion||Retail|
|James K. Irving||$4.2 billion||Diversified|
|Peter Gilgan||$3.7 billion||Homebuilding|
|Daryl Katz||$3.6 billion||Pharmacies|
|Yuan Liping||$3.6 billion||Pharmaceuticals|
|Apoorva Mehta||$3.5 billion||Grocery delivery service|
|Carlo Fidani||$3.2 billion||Real estate|
|Lawrence Stroll||$3.2 billion||Fashion and retail|
Can You Become a Millionaire in Canada?
You can become a millionaire in Canada if you apply the right strategies. However, there isn’t just one formula for success. You’ll acquire wealth throughout your life if you make good financial decisions.
Here are a few ways you can get rich and be on your way to becoming a millionaire in Canada.
Invest in assets – by investing in several high-income producing assets across various categories like stocks, ETFs, and bonds, your chances of becoming a millionaire increase exponentially.
You can invest in real estate, NFTs, fine art, cryptocurrency, and more.
Have income from multiple streams – you likely won’t get rich relying on your day job, so you need to build multiple income streams.
You could do any one or a few of these side hustles:
- Become a freelancer
- Start your own business
- Get a second job
- Rent out your space, etc.
Reduce your spending – although it isn’t fun, this is an effective way of increasing your net worth. Keep track of your spending and know where your money is going. You could use an app like YNAB or Mint.
Contribute to a TFSA and RRSP account – if you fully fund your RRSP, you could be on the path to becoming a millionaire. You could also contribute to a TFSA or open a high-interest savings account as applicable.
Toronto is the city in Canada with the most millionaires, with over 118,000 people. Those statistics are from 2013, so Toronto likely has many more millionaires now.
The top 1% earns $234,129 per year or more – that’s the entry point or the lowest of the 1%. The top 10% of the 1% earn about $685,000.
As of 2021, Canadians hold an average of $141,923 in their RRSP accounts.
People with $1 to $5 million are considered wealthy in Canada. This is about 2% of the population, or 764,033 people.
The richest person in Canada is Changpeng Zhao, the founder and CEO of Binance. He has a net worth of $65 billion.
To make it to the top 1% of income earners, you must have a salary of $225,409 per year.
According to Indeed, the highest-paying job in Canada is an anesthesiologist. They make an average of $358,908 per year. Cardiologists, psychiatrists, physicians, and surgeons also make above $250,000 per year.
The average Canadian has about $20,739 in debt (excluding mortgage).
Just over 1% of the world are millionaires, which is about 56.1 million people.
According to Credit Suisse, the country with the most millionaires in the world is the United States, with 21,951,202 people who have over $1 million.
Changpeng Zhao is Canada’s wealthiest person, with a net worth of over $65 billion.
Justin Trudeau’s net worth is $85 million. He makes a salary of $345,400 CAD yearly.
Ontario and Quebec are the provinces with the most millionaires in Canada. Montreal has over 50,000 millionaires, and Toronto has 118,000 millionaires.