New data reveals which province has the most billionaire families
New data reveals which Canadian province has the most billionaire families: Ontario. A Canadians for Tax Fairness report finds 38 of the country's estimated 86 billionaire households live there, roughly 44 percent of the national total, with the wealthiest 0.01 percent averaging $546 million in net worth. Published this week, the analysis maps extreme wealth across Canada's largest provinces and has reignited debate over inequality and wealth taxation.
Key Takeaways
- Ontario leads Canada with 38 billionaire families out of an estimated 86 nationwide.
- The province's top 0.01% of families hold an average of $546 million in wealth, the highest among major regions.
- Nearly 1,600 of Canada's 3,380 centi-millionaire families live in Ontario.
- More than 1.9 million people in Ontario live in families below the poverty line.
- Canadians for Tax Fairness is urging provincial and federal wealth taxes to address inequality.
Which Province Has the Most Billionaire Families?
According to CTV News, the non-partisan group Canadians for Tax Fairness published its findings this week after studying wealth held by ultra-rich families in Ontario, Quebec, Alberta, British Columbia, and the Atlantic and Prairie regions.
The report estimates Canada has 86 billionaire families overall. Ontario accounts for 38 of them, or about 44 percent, the most among all jurisdictions in the country. Researchers noted these figures partly reflect Ontario's status as Canada's most populous and wealthiest region.
The province also leads in families worth at least $100 million. Canada has 3,380 such centi-millionaire households, and nearly 1,600 of them live in Ontario.
How Does Wealth Concentration Compare Across Provinces?
Beyond head counts, the report measures how wealthy the richest families actually are. Ontario's top 0.01 percent of families hold an average of $546 million, the highest among major regions.
British Columbia ranks second at $501 million, followed by Quebec at $408 million and Alberta at $393 million. The share of wealth held by the richest families grew from 1999 to 2023 in every region except British Columbia.
Researchers defined wealth as the market value of everything a family owns minus debts, drawing primarily on Survey of Financial Security data and Forbes billionaire lists. For broader context on how extreme fortunes shape policy debates, see our Net Worth & Wealth coverage.
Why Is a Wealth Tax Back on the Table?
Executive director Jared Walker told CTVNews.ca that extreme wealth concentration is a global problem and that Canada faces a "massive problem" with poverty. The group is calling for conversation-starting wealth taxes at both federal and provincial levels.
Unlike income taxes, a wealth tax targets assets such as property and shares. The report proposes graduated rates, including a one percent levy on net worth above $10 million and two percent above $50 million. It estimates a provincial wealth tax could raise $18 billion annually in Ontario alone.
The contrast is stark: while Ontario hosts the most billionaires, more than 1.9 million people in the province live in families below the poverty line. Researchers warned that extreme wealth concentration can corrode democracy by concentrating power among a tiny elite.
What Happens Next?
Canada does not currently impose a federal wealth tax, though the report points to growing momentum elsewhere. Massachusetts taxes incomes above $1 million at four percent, and California is weighing a one-time five percent billionaire tax on residents' assets.
Walker said provinces should consider taxes on the wealthy broadly, not only billionaires. Whether policymakers act on these recommendations remains an open question, but the new provincial breakdown gives advocates fresh ammunition in the inequality debate.