Ontario has the most billionaire families in Canada, report suggests
· Toronto Sun
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If you’re a billionaire, you’ll likely be living in Ontario.
A new report by non-profit group Canadians for Tax Fairness suggests that the province has the most wealthiest families in Canada, with 44% of the country’s billionaire families living in the province.
The study also found that the 0.01% of the wealthiest families in the province have an average worth of $546 million.
The report studied the wealth held by uber-rich families in the four biggest provinces, Ontario, Quebec, Alberta and British Columbia, along with the Atlantic and Prairie areas.
Where are the wealthy situated?
According to the report, Show me the money: A provincial overview of extreme wealth in Canada , the wealth held by the richest families grew between 1999 and 2023 in all areas across the country except for British Columbia.
On average, the wealthiest of families live in Ontario, as the province’s top 0.01% of clans have an average wealth of $546 million among the regions.
In terms of the top 0.01% of families, British Columbia is first runner-up with an average wealth of $501 million, followed by Quebec at $408 million and Alberta at $393 million.
The country has 3,380 families that have at least $100 million in cash, with nearly 1,600 of them living in Ontario.
“However, these figures can, to some extent, be explained by the fact that Ontario is the most populous and wealthiest region,” researchers wrote in the report .
Ontario high in wealth, poverty
Ontario has 38 billionaire families, which is considered the most among all jurisdictions in Canada, according to the report.
Researchers stated that with an estimated 86 billionaire families in Canada, about 44% of them are from Ontario.
However, Ontario also has the most families living below the poverty line at 1.9 million, the report noted.
The report noted that “extreme wealth concentration is a problem” due to the “extreme concentration of power and the corrosion of democracy that can accompany it.”