Richest Provinces in Canada

Top Richest Provinces in Canada: The Dominion of Canada has ten provinces and three territories that reflect the high per capita GDP. Ontario is the richest country in Canada. It holds a GDP of $800.4 billion. Ontario is larger than the total GDP of Quebec and Alberta

In this article, we are going to discuss the top richest countries in Canada in detail by accounting for their population, tax collection %, and GDP.

Richest Provinces in Canada

The Dominion of Canada holds a total population of 39,107,046 with 23% immigrants. Canada is the highest among the G7 countries and eighth-largest in the world based on immigrant population. GDP per Capita in Canada is expected to hit 45513.00 USD by the end of 2024. Canada Tax Revenue reported that a total of 21.277 Billion USD was collected as tax in November 2023. Here is a detailed table of the top richest countries in Canada with their population, tax rate, and GDP.

Top Richest Counties in Canada
County Name	GDP (2023)	Total Population	Immigrant Population	Tax Rate (Combined Federal and Provincial Tax)
Alberta	USD 331.5 B	4,756,408	180,000	25% to 48%
British Columbia	USD 281 B	5,581,127	66,190	20.06% to 53.5%
Manitoba	USD 65.9 B	1,465,440	25,591	25.8% to 50.4%
Newfoundland and Labrador	USD 34 B	540,418	2,635	23.7% to 54.8%
New Brunswick	USD 33.2 B	775,610	8,410	15% to 33%
Northwest Territories	USD 4.253.7 M	44,972	282	20.9% to 47.05%
Nova Scotia	USD 41.1 B	1,047,232	10,982	23.79% to 54%
Nunavut	USD 3.741.4 M	40,692	45	19% to 44.5%
Ontario	USD 800.4 B	15,608,369	199,297	20.05% to 53.53%
Prince Edward Island	USD 7.8 B	173,787	3,116	24.8% to 51.37%
Quebec	USD 400.9 B	8,501,833	64,470	14% to 25.75%
Saskatchewan	USD 83.6 B	1,218,976	9,600	25.5% to 47.5%
Yukon	USD 3.2 B	45,597	5,380	21.4% to 48%

Read More: List of Provinces and Territories of Canada

13. Nunavut – USD 3.741.4 M

Nunavut is a territory in Canada. It is the largest and northernmost territory of Canada. The economy is primarily based on mining, hunting, fishing, and government services. Nunavut is also home to many Indigenous communities. Its economy and demographics are distinct in nature.

Economic Indicator	Related Data
GDP	Driven by mining, government spending, and traditional activities such as hunting and fishing.
Mining	Gold, diamonds, and other metals.
Tourism	Arctic landscape and Indigenous culture attracting visitors.
Challenges	High costs of living Limited infrastructure Isolation Socio-economic disparities
Youth Employment	High youth unemployment rates.

Read More: What is the national sport of Canada?

12. Yukon – USD 3.2 B

Yukon is a territory in northwest Canada. It is located in the continental mainland. It is the smallest and westernmost of Canada. The Yukon’s northern border touches the Arctic Ocean. The border extends northward above the Arctic Circle to the Beaufort Sea.

Major Industries	Mining, tourism, government services
Top Natural Resources	Gold, silver, zinc, lead, copper
Key Economic Drivers	Mining and production, tourism, government spending
Major Employers	Mining companies, government agencies, tourism-related businesses

Read More: List of Countries Bordering Canada

11. Northwest Territories – USD 4.253.7 M

The Northwest Territories is a Canadian territory. It includes the regions of Dehcho, North Slave, Sahtu, South Slave, and Inuvik. The territory is rich with remote landscapes like mountains, forest, Arctic tundra, and islands in the Canadian Arctic Archipelago.

Major Industries	Mining, oil and gas, government services
Top Natural Resources	Diamonds, petroleum, natural gas, gold
Key Economic Drivers	Resource extraction, government spending, tourism
Major Employers	Mining companies, government agencies, energy companies

10. Prince Edward Island – USD 7.8 B

Prince Edward Island is a province in eastern Canada, located in the Gulf of St. Lawrence. It is part of the Maritimes, a group of provinces that also includes New Brunswick and Nova Scotia. Prince Edward Island is about 140 miles long and has a surface area of 5,660 square kilometers.

Major Industries	Agriculture, fishing, tourism, aerospace, bioscience
Key Economic Drivers	Agriculture and agri-food production, tourism, manufacturing, education
Major Employers	Food processing companies, tourism-related businesses, government agencies

9. New Brunswick – USD 33.2 B

New Brunswick is a Canadian province that’s part of the Maritime and Atlantic provinces. It is located under Quebec’s Gaspé Peninsula and next to Maine. New Brunswick is Canada’s only officially bilingual province, with English and French as its official languages since 1969. It is also home to 20 colleges and universities, including New Brunswick Community College, Mount Allison University, and Crandall University.

Major Industries	Manufacturing, services, natural resources
Top Natural Resources	Forestry, fishing, agriculture
Key Economic Drivers	Manufacturing, services sector, resource extraction
Major Employers	Irving Oil, McCain Foods, service industries

8. Newfoundland and Labrador – USD 34 B

Newfoundland and Labrador is a Canadian province in the northeastern region of North America. It is the newest province that joining Canada’s confederation in 1949. The province is made up of the island of Newfoundland and the mainland sector of Labrador. The Strait of Belle Isle separates the two parts of the province.

Major Industries	Oil and gas, mining, fishing, services
Top Natural Resources	Oil, gas, iron ore, nickel, zinc
Key Economic Drivers	Resource extraction, energy production, services sector
Major Employers	ExxonMobil, Vale, government agencies, service industries

Read More: Royal Bank of Canada

7. Nova Scotia – USD 41.1 B

Nova Scotia is a Canadian province on the east coast of North America. It is one of the four Atlantic provinces, three Maritime provinces, and one of the original provinces of the Dominion of Canada. Nova Scotia’s name is Latin for “New Scotland”. In 1621, King James VI of Scotland granted Sir William Alexander all the land between Newfoundland and New England, which is why Nova Scotia is named “New Scotland”. Nova Scotia is home to nearly one million people and over 3,800 coastal islands.

Major Industries	Fishing, agriculture, manufacturing, services
Top Natural Resources	Fish, timber, agricultural products
Key Economic Drivers	Services sector, manufacturing, tourism, agriculture
Major Employers	Michelin, Irving Shipbuilding, government agencies, service industries

6. Manitoba – USD 65.9 B

Manitoba is a Canadian province in the center of the country. It is bordered by Ontario to the east, Saskatchewan to the west, Hudson Bay to the east, Nunavut to the north, and North Dakota and Minnesota to the south. Manitoba’s landscape includes lakes, rivers, mountains, forests, and prairies, stretching from the northern Arctic tundra to Hudson Bay in the east and southern farmland. It also has over 80 provincial parks, where hiking, biking, canoeing, camping, and fishing are popular.

Major Industries	Manufacturing, agriculture, services
Top Natural Resources	Hydroelectric power, forests, minerals
Key Economic Drivers	Manufacturing, agriculture, services sector
Major Employers	Manitoba Hydro, government agencies, manufacturing companies

5. Saskatchewan – USD 83.6 B

Saskatchewan is a Canadian province in the prairie region. It is bordered by Alberta to the west, Manitoba to the east, Northwest Territories to the north, and the US states of Montana and North Dakota to the south. Saskatchewan is Canada’s “sunniest” province, with an average of 2,000 to 2,500 hours of sunshine each year. It is one of only two Canadian provinces without a saltwater coast, and it is the only province whose boundaries are all wholly artificial.

Major Industries	Agriculture, mining, energy, manufacturing
Top Natural Resources	Potash, uranium, oil, natural gas, coal
Key Economic Drivers	Agriculture, resource extraction, manufacturing
Major Employers	Nutrien, Cameco, government agencies, manufacturing companies

4. British Columbia – USD 281 B

British Columbia (BC) is Canada’s westernmost province. It is bordered by the Pacific Ocean to the west, the Rocky Mountains to the east, and the Alberta border. BC is known for its natural beauty, including six national parks, rocky coastlines, sandy beaches, forests, lakes, mountains, inland deserts, and grassy plains. It’s also home to Whistler Blackcomb, a major ski resort that hosted the 2010 Winter Olympics.

Major Industries	Technology, forestry, tourism, mining, agriculture
Top Natural Resources	Timber, hydroelectric power, minerals
Key Economic Drivers	Technology, forestry, tourism, international trade
Major Employers	Microsoft, Amazon, forestry companies, tourism-related businesses

3. Quebec – USD 400.9 B

Quebec is Canada’s largest province, with a surface area of 16,68,000 km². It is known for its distinct history, geography, and culture, and French is the official language. Quebec City is the capital of Quebec and is located on the Saint Lawrence River. It was founded in 1608 and has a fortified colonial core, Vieux-Québec and Place Royale, with stone buildings and narrow streets. The city also has a historic harbor, Vieux Port, which is now known for nightlife.

Major Industries	Aerospace, manufacturing, technology, forestry
Top Natural Resources	Forests, minerals, hydroelectric power
Key Economic Drivers	Manufacturing, services, aerospace, technology
Major Employers	Bombardier, Desjardins Group, government agencies, manufacturing companies

2. Alberta – USD 331.5 B

Alberta is a province in western Canada. It is bordered by British Columbia to the west, Saskatchewan to the east, the Northwest Territories to the north, and Montana to the south. Alberta’s landscape includes mountains, prairies, desert badlands, coniferous forests, and more than 600 lakes. The Canadian Rocky Mountain Parks in the west contain glaciers in the Columbia Icefields. The Waterton Glacier International Peace Park is a biosphere reserve that straddles the southern border with the USA.

Major Industries	Oil and gas, agriculture, manufacturing
Top Natural Resources	Oil, natural gas, coal, agriculture
Key Economic Drivers	Energy production, agriculture, manufacturing
Major Employers	Suncor Energy, CNRL, agriculture companies, manufacturing companies

1. Ontario – USD 800.4 B

Ontario is a province in east-central Canada, bordering the Great Lakes and the United States. It is the most populated province in Canada and the second largest, after Quebec. Ontario is home to 250,000 lakes and 100,000 kilometers of rivers, and is estimated to contain 20% of the world’s freshwater. Ontario’s capital is Toronto, which is also Canada’s largest city with a population of 6 million. Toronto is home to the CN Tower, the Royal Ontario Museum, and the Art Gallery of Ontario.

Read More: What is the Capital of Canada?

Gross Domestic Product (GDP)	USD 800.4 B
GDP per Capita	$52,567
Unemployment Rate	5.7%
Youth Unemployment Rate	13.8%
Labor Force Participation Rate	65.5%
Employment Rate	61.6%
Major Industries	Automotive, manufacturing, technology, finance, healthcare, education, tourism
Top Natural Resources	Minerals (gold, nickel, copper), forests, renewable energy (hydroelectric power)
Key Economic Drivers	Manufacturing, technology, finance, services, education, healthcare
Major Employers	General Motors, Ford, TD Bank, RBC, Scotiabank, University of Toronto, service industries
Economic Growth Rate	1.1 %
Median Household Income	$80,322
Average Annual Wage	$64,626.64
Poverty Rate	7.7% and Grade D
Education Attainment Rate	2.55 Million
Healthcare Expenditure per Capita	$8,245
Tourism Contribution to GDP	$25 Billion

Top 10 Richest Provinces in Canada

Here are the top 10 richest provinces in Canada based on GDP per capita:

1. Alberta
2. Saskatchewan
3. Newfoundland and Labrador
4. British Columbia
5. Ontario
6. Manitoba
7. Quebec
8. Nova Scotia
9. New Brunswick
10. Prince Edward Island

Richest Province in the World

Determining the richest province in the world can depend on various factors such as GDP per capita, natural resources, economic development, and other indicators. Without a specific context or criteria, it’s challenging to pinpoint the absolute richest province in the world. However, some regions known for their wealth include:

1. Luxembourg: Known for its high GDP per capita and strong financial services sector.
2. Qatar: Although not a province in the traditional sense, it’s one of the wealthiest regions globally due to its abundant oil and gas reserves.
3. Singapore: A city-state known for its highly developed economy, financial services, and trade.
4. Norway: Rich in natural resources such as oil and gas, Norway has a high GDP per capita.
5. Switzerland: Renowned for its banking and financial services sector, Switzerland is among the wealthiest nations per capita.

Again, the term “province” might not directly apply to some of these regions, but they are among the wealthiest territories globally.

Poorest Province in Canada

Determining the poorest province in Canada can be complex and depends on various socioeconomic factors. However, based on indicators such as GDP per capita, employment rates, poverty levels, and median household income, some provinces may face greater economic challenges than others.

As of my last update in January 2022, Newfoundland and Labrador was often cited as one of the provinces facing economic difficulties due to factors like a decline in the oil and gas industry, high unemployment rates, and relatively lower median household incomes compared to other provinces.

Richest to Poorest Provinces in Canada

As of my last update in January 2022, the provinces in Canada are often ranked by their Gross Domestic Product (GDP) per capita as an indicator of economic wealth. While this can provide a general idea of relative wealth, it’s important to consider other factors like employment rates, poverty levels, and median household income to get a comprehensive understanding of economic prosperity. Here’s a general ranking from richest to poorest based on GDP per capita:

1. Alberta
2. Newfoundland and Labrador
3. Saskatchewan
4. British Columbia
5. Ontario
6. Quebec
7. Manitoba
8. Prince Edward Island
9. Nova Scotia
10. New Brunswick

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FAQs on Top Richest Provinces in Canada

What is the richest country in Canada?

Ontario is the leader of the richest provinces in Canada. This area has a GDP of $780 billion, even greater than Quebec and Alberta combined.

Where is the richest part of Canada?

The richest people in Canada live in Toronto, Vancouver, and Montreal. The neighbourhoods with the highest household income and house prices are in Toronto’s Bridle Path–Sunnybrook–York Mills area.

Which province is most expensive in Canada?

The province with the highest cost of living in Canada is British Columbia, according to a recent study by Westland Insurance.

Which province is best to live in Canada?

Ontario is best to live in Canada.

Is it cheaper to live in BC or Ontario?

B.C. tops Canada for the highest cost of living.

Should I live in Toronto or Vancouver?

Vancouver is probably considered ‘better’ by the rest of Canada, but in reality, it depends what kind of environment you are looking for.

Is it cheaper to live in Alberta or Ontario?

It is more expensive to live in Ontario than in Alberta. Toronto, Ontario, has a cost of living index of 114, which is 14% higher than the national average. With an index of 93, the cost of living in Calgary.