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How Many Millionaires Live in Canada in 2024?

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A millionaire is someone with over 1 million dollars in net worth. In Canada, there are currently more than 2 million of these high-net-worth individuals, and this number is expected to increase by at least 40% in 2026. 

This article goes into detail about how many and where millionaires reside in Canada, who the top earners are, and how you can become a millionaire.

Key Takeaways

  • For an individual to be considered a millionaire, they should have more than $1 million when their liabilities are deducted from their assets. 
  • There are currently 2,291,000 millionaires in Canada, making it the 8th country with the most millionaires in the world. 

How Many Millionaires Are in Canada? 

There are currently at least 2,291,000 millionaires in Canada, and this number is expected to rise to 3,354,000 by 2026. 

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. 

CityProvinceAverage Net Worth
West VancouverBC$4,536,269
WestmountQC$3,953,205
Rocky View CountyAB$3,324,565
KingON$2,655,435
Mont-RoyalQC$2,392,238
Oak BayBC$2,269,821
Foothills No. 31AB$2,200,516
Whitchurch StouffvilleON$2,150,564
North SaanichBC$1,919,655
North Vancouver BC$1,869,495

Percentage of Millionaires in Canada vs the General Population

About 5.7% of Canadians are millionaires. 

It’s reported that Canada has about 3.8% of all millionaires in the world, despite less than 0.50% of the world’s population calling Canada home. 

There are only less than 1% of millionaires worldwide, which is around 59.1 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:

  1. Changpeng Zhao – founder and CEO of Binance – $65 billion
  2. David Thompson and family – chairman of Thomson-Reuters – $49.2 billion 
  3. Jim Pattison – CEO and chairman of Jim Pattison Group – $12.2 billion 
  4. David Cheriton – computer science professor at Stanford University and venture capitalist – $10.9 billion
  5. Joseph Tsai – Vice-Chairman of Alibaba Group – $8.4 billion 
  6. Anthony von Mandl – Founder and CEO of Mark Anthony Group – $8.4 billion
  7. Mark Scheinberg – Co-Founder of PokerStars – $5.3 billion
  8. Chip Wilson – Founder and former CEO of Lululemon – $5.3 billion 
  9. Alain Bouchard – Co-Founder of Alimentation Couche-Tard – $5 billion
  10. Huang Chulong – Chairman of Galaxy Group – $5 billion 

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 Billionaires Are in Canada? 

According to a Forbes report, there are currently 63 billionaires in Canada. This puts Canada as the 8th country with the highest number of billionaires worldwide. The United States of America tops the list with 735 billionaire citizens

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):

NameNet Worth (USD)Source of Wealth
David Thomson & family$41.8 billionMedia
Joseph Tsai$11.6 billionE-commerce
Tobi Lutke$9.8 billionE-commerce
Jim Pattison$9.6 billionDiversified 
David Cheriton$8.8 billionGoogle
Anthony von Mandl$8.7 billionAlcoholic beverages
Pan Dong$8.3 billionConsumer goods
Huang Chulong$6.8 billionReal estate
Lino Saputo & family$5.7 billionCheese
Mark Scheinberg$4.9 billionOnline gambling
Chip Wilson$4.9 billionLululemon
Garrett Camp$4.4 billionUber
Alain Bouchard$4.2 billionRetail
James K. Irving$4.2 billionDiversified 
Peter Gilgan$3.7 billionHomebuilding
Daryl Katz$3.6 billionPharmacies 
Yuan Liping$3.6 billionPharmaceuticals
Apoorva Mehta$3.5 billionGrocery delivery service
Carlo Fidani$3.2 billionReal estate
Lawrence Stroll$3.2 billionFashion 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. 

You will need to save money, spend wisely, take some risks, and not acquire debt

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. 

Here’s a beginner’s guide on how to buy stocks and some of the best crypto exchanges in Canada

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. 

FAQs

What city in Canada has the most millionaires? 

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. 

How much does the top 1% make in Canada? 

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. 

How much money does the average Canadian retire with? 

As of 2021, Canadians hold an average of $141,923 in their RRSP accounts. 

What net worth is considered wealthy in Canada? 

People with $1 to $5 million are considered wealthy in Canada. This is about 2% of the population, or 764,033 people. 

Who is the richest person in Canada? 

The richest person in Canada is Changpeng Zhao, the founder and CEO of Binance. He has a net worth of $65 billion. 

What salary is considered wealthy in Canada? 

To make it to the top 1% of income earners, you must have a salary of $225,409 per year. 

What is the highest-paid job in Canada? 

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. 

How much debt does the average Canadian have? 

The average Canadian has about $20,739 in debt (excluding mortgage). 

What percentage of the world are millionaires? 

Just over 1% of the world are millionaires, which is about 56.1 million people. 

What country has the most millionaires? 

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. 

Who is Canada’s wealthiest person? 

Changpeng Zhao is Canada’s wealthiest person, with a net worth of over $65 billion. 

How much does Justin Trudeau make? 

Justin Trudeau’s net worth is $85 million. He makes a salary of $345,400 CAD yearly

Which province has the most millionaires in Canada?

Ontario and Quebec are the provinces with the most millionaires in Canada. Montreal has over 50,000 millionaires, and Toronto has 118,000 millionaires. 

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Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

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