David Thomson and his family are the wealthiest in Canada, with a net worth of US$72.7 billion in 2024, followed by Changpeng Zhao. Highest-paying professions are dominated by medical specialists (surgeons, anesthesiologists, cardiologists) earning over $240,000–$370,000 annually, along with top executives, dentists, and specialized tech roles.
Radiologist. The health sector offers the best paid professions. Many radiologists in Canada typically earn about $360,000 per year.
David Thomson and family had a total net worth of 72.7 billion U.S. dollars, representing the richest in Canada in 2024. Changpeng Zhao, co-founder and executive chairman of Binance, is the second-richest person in Canada, with a net worth of 63.7 U.S. dollars.
The cutoff to be included in the top 1% of the total income distribution was $293,800 in 2023. Canadian tax filers in the top 0.1% of the distribution earned $930,100 or above, while those in the top 0.01% earned $3,487,600 or above. Canadians in most income groups saw their average income decrease in 2023.
$100,000 is still a higher-than-average salary in Canada, so it is good. But where you live in Canada makes a significant difference when it comes to how far your $100,000 salary goes. This is largely because of the potentially high cost of accommodation and living across some parts of the country.
Piotr Szulczewski. Piotr Szulczewski (pronounced [ˈpjɔtr ʂulˈt͡ʂɛfskʲi]; born 1981) is a Canadian-Polish businessman and computer engineer who is the founder and former CEO of the mobile-first ecommerce platform focused on low-cost goods, Wish.com. He is the youngest billionaire from Canada according to Forbes.
Toronto and Vancouver Lead Canada's Millionaire Boom
Toronto has taken the top Canadian spot, with 184 centi-millionaires, landing the city in 18th place globally. That places it right between Monaco and Milan, two long-established centers of luxury and finance.
The world's 10 richest families
The average Physician / Doctor, General Practice base salary in Canada according to Payscale.com is $187,500 (CAD) per year. With 1,000 salaries reported, updated at March 4, 2024, the average salary for a physician in Canada is $284,515 (CAD) per year according to Indeed.
The upper class in Canada (top 20%) has a median net worth of $2,488,700 and an average of $3,227,390 as of Q2 2024 (Statistics Canada). This group holds highly diversified assets, significantly reducing reliance on employment income.
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.
Best places to live in Canada: the verdict
As a recap, the best cities are: Montreal, Quebec: best for food and drink. Boucherville, Quebec: best for rural escapes. Edmonton, Alberta: best for families.
Michael Lee-Chin. Michael Lee-Chin OJ OOnt (born 3 January 1951) is a Jamaican-Canadian billionaire businessman, philanthropist and the chairman and CEO of Portland Holdings Inc, a privately held investment company in Ontario, Canada. CEO of Portland Holdings Inc. Lee-Chin was appointed to the Order of Ontario in 2017.
The report lists Canada's 100 highest paid CEOs and where their earnings came from, including base salary, awards, bonuses, stock options and more. Some of those, like stock options, are taxed at a lower rate than salaries. Shopify CEO Tobias Lütke topped the list by bringing in more than $205 million in 2024.
The "first richest kid" isn't a single historical figure, but Princess Charlotte of Wales is often cited as the current richest child due to massive inherited wealth from the British Crown, while early child actor Jackie Coogan holds the Guinness World Record for the youngest non-inherited millionaire, becoming a millionaire by age 13 in the 1920s from movie earnings. Different lists focus on inherited fortunes (royalty, heirs) or self-made wealth (entrepreneurs, social media stars).
In January 2023, Sherry Brydson temporarily surpassed Binance CEO Changpeng Zhao as the richest Canadian on the Index, though she now sits 57 spots behind the controversial crypto tycoon on the global ranking, with a commanding hold on the title of Canada's wealthiest woman and second-richest person.
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.
10 common money habits this CFP says his wealthiest self-made millionaire clients have that normal people could copy