Ontario generates the highest total wealth in Canada, boasting the largest nominal Gross Domestic Product (GDP) at over $1 trillion CAD, accounting for roughly 38% of the national GDP. However, Alberta consistently ranks as the wealthiest province on a per capita basis, driven by its high-value oil and gas sector.
Ontario remains Canada's wealthiest province with over 125,000 millionaires as of 2025.
As Canada's largest city and financial hub, Toronto led the country with a total GDP of $430.9B in 2020. The finance sector, driven by the Toronto Stock Exchange, is a key contributor. Other significant industries include technology, real estate, media, and professional services.
The highest HDI score in 2022 among the provinces and territories belongs to Alberta followed very closely by Ontario, which would be ranked 12 and 13 in the international rankings. The lowest ranking region is Nunavut, which would be in 60th place.
Overall, from 2007 and 2022, Albertans' contributed $244.6 billion to the federal government in taxes and other payments in excess of the money Ottawa spent or transferred to Alberta — more than five times as much as was contributed (on net) by either British Columbians or Ontarians.
A new report from Statistics Canada says Nova Scotia had the highest rate of poverty among the provinces in 2022, and Manitoba had the highest rate of deep poverty. The report released today says 12.5 per cent of Nova Scotians lived below the poverty line in 2022, compared with a Canadian average of 9.9 per cent.
Lake Joseph is a sparkling jewel within Ontario's renowned Muskoka Lakes region, celebrated for its serene waters, forested shores, and prestigious real estate. Among its most famous areas is Billionaire's Row, a secluded yet distinguished stretch of shoreline known for its magnificent luxury cottages and estates.
Newfoundland and Labrador
Topping the list is Newfoundland and Labrador, the cheapest province in Canada for 2025. The average cost of living is $2,411.87 per month, with 1-bedroom apartments costing around $845 and homes priced at an average of $297,000.
Here's a look at the top 10 Canadian cities by gross domestic product (GDP) and the key sectors that fuel their economies.
Newfoundland and Labrador
Canada's easternmost province came up top due to a number of factors. The cost of living – which includes housing prices and rent – ranked as cheapest in the country.
Based on this data, approximately less than 10% of Canadians aged 55 to 64 have $1,000,000 or more saved up to carry them into retirement. However, there are ways to improve your odds of getting to $1-million-plus in retirement savings, but it will take work.
The visible minorities with the highest average total income that year were people of Chinese, Latin American and Arab origin. Conversely, those with the lowest incomes were other visible minorities and the Native population.
The value of provincial outstanding debt securities liabilities expressed as a percentage of GDP was lowest for British Columbia (26.1%) and highest for Manitoba (71.4%) in 2021.
B.C. tops list of least affordable provinces for renters
In 2018, Quebec received $11.7 billion of the total $19-billion federal program funds, which is the largest of all transfers to the provinces and territories.
Canadians choose their least favourite province -- it's Quebec. Quebec appears to be exceptionally unpopular among Canadians polled by Leger Canada who, when asked which province is their least favourite outside their own, put Quebec at the top of the list.
All provinces earn at least an “A” grade on life satisfaction, with 7 ranking in the top 10 among 24 comparator regions. Saskatchewan, Newfoundland and Labrador, P.E.I., and New Brunswick are top-ranked among all jurisdictions and earn “A+” grades.
Meet the billionaires
The Thompson family remain the richest family in Canada with a net worth of C$90.2 billion. They own a 70 per cent stake in Thomson Reuters through holding company Woodbridge Co. It's one of the 10 largest media and press companies in the world.
According to the report, Toronto's Bay Street has retained its position as Canada's most expensive street. With an 11.1% increase in average rent from $70.14 per square foot in 2017 to $77.96 in 2019, Bay Street located in the downtown financial district of Toronto, once again outranks other major city streets.
Exploring the human tendency to react emotionally to superlatives
Of the provinces, Manitoba and Saskatchewan have the highest violent crime rates. In Newfoundland and Labrador, the 2023 Crime Severity Index was 86.3, experiencing a 5.1% increase.