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Top 10 Richest Cities In Canada (2023)

Top 10 Richest Cities In Canada (2023)

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The wealthiest cities in Canada have traditionally been those blessed with natural resources such as gold and oil. However, Canada is moving away from natural resources and embracing technology as a major sector of its economy. Therefore, the cities that are most adaptive seem to be those that are growing in wealth, population, real estate prices, and the proliferation of new corporate establishments.

Canada is a wealthy country; the economy is good and well-diversified, the people are accustomed to a high standard of living, and the country is home to some ultra high net-worth individuals. The richest cities in Canada, therefore are some of the richest cities in the world, with the soundest local economies, and some of the most productive people in the world.

Canada is such a superb country in various regards, and she keeps excelling in the world scene. Here is a country with an impressive and strong economy – one of the largest in the world. It is not too surprising that many people from different places in the world are trying to migrate to the country. Canada can boast of great sectors (particularly petroleum and manufacturing), and all these keep pushing her wealth to a much-enhanced dimension.

Richest Cities In Canada

1. Ottawa, Ontario

Ottawa is the capital of and the richest city in Canada with a median household income of $82,052.  The city has a population of about 1 million and is located in the Southeastern part of the country. Ottawa is on the south side of the Ottawa river. Ottawa is attractive to educated people; the several educational institutions make it practically a university city.

The economy of Ottawa is boosted by the presence of several government organizations; The Federal government is the city’s largest employer; there are over 110,000 people on its payroll. The National Defense Headquarters is located in Ottawa and is the main command centre for the Canadian Armed Forces. Tourism is also very important in Ottawa; there are several historical sites in the city, and they bring in their fair share to the economy.

Ottawa is also home to a huge technology industry; the city is regarded as Silicon Valley North, because there are over 1800 technology companies, and they employ over 60,000 people. Ottawa is also an incubation center for new tech startups. Many of the brightest tech minds flock into the city for the opportunities it presents.

2. North Vancouver, British Columbia

North Vancouver is an independent city; not a subpart of Vancouver. This is a beautiful waterfront city in the region of British Columbia. North Vancouver is a hub for media, shipping, chemical production, and other services. North Vancouver has a population of about 52,898 people which doesn’t really make it a big city.

North Vancouver has several important sites for which it is notable; Centennial Theatre, 2300 Lonsdale Avenue, North Vancouver Museum & Archives, 209 West 4th Street, The Polygon Gallery, and so many others.

The economy of North Vancouver is supported by the shipping industry, several media establishments, the public school system, and the universities in the area. The services industry is also important in the city, as is the hospitality industry.

3. Calgary, Alberta

Calgary is in the province of Alberta, which is in the western part of Canada. The city has a population of 1,239,220, making it the third-most populous city in Canada. The Economist Intelligence Unit ranked Calgary the most livable city in North America in both 2018 and 2019.

Calgary is one of the richest cities in Canada; its economy is supported by the presence of energy companies, financial services, transportation and logistics, technology, and manufacturing companies. Other important sectors include aerospace, health, retail commerce, and tourism. Calgary does not just have a high density of high net worth persons; there is also a great deal of ‘corporate wealth.’ Calgary has the second-highest number of corporate head offices of Canada’s biggest corporations.

Calgary is a leading city in the Canadian oil and gas industry, and its economy has expanded at the same pace as the oil industry. Because the oil companies usually pay high wages, the city records very high personal and family incomes.

Some of the largest employers in Calgary include BP Canada, Canadian Natural Resources Limited, Encana, Imperial Oil, Shell Canada, Husky Energy, and Suncor Energy. Others are Shaw Communications, Mark’s Work Wearhouse, and Nova Chemicals.

4. Edmonton, Alberta

Edmonton, in the Province of Alberta, is one of the richest cities in Canada. The city has a population of about 1,491,000 people, making it one of the most populated cities in the whole of Canada. Edmonton’s city architecture comprises imposing buildings tastefully designed and very impressive. Some of the buildings are skyscrapers, while there are many Victorian buildings as well.

Edmonton is one of the major hubs of the Canadian oil and gas industry. The city is not just a production ground for crude oil; there are several petrochemical companies in the city as well. There are also some research and development companies that work to develop new ways of exploring and developing the cities oil resources.

The service sector is also important as it keeps the oil companies working. Edmonton is also a major educational hub in Canada; there are several educational institutions in the city, and they all contribute to the city’s economy.

5. Regina, Saskatchewan

Regina in Saskatchewan is one of the richest cities in Canada by local economy, and by the concentration of wealth. Regina has a population of 215,106, and is a well-planned, beautiful city, almost completely surrounded by a rural landscape. Regina’s city horizon is lined with skyscrapers, and Downtown gives the impression of New York. The Saskatchewan Legislative Building and the Prince Edward Building are both are both impressive Victorian structures that bring Westminster Abbey in London to mind.

The economy of Regina is boosted by the presence of the oil and gas industry, as well as other extractive industries such as sulfur, potash and bentonite. Other industries that are important in this city include agriculture; the city has been a hub for the production of wheat since 1885. There is also a huge steel manufacturing industry in the city, and that also adds to the depth of the economy. The financial sector is also booming in city of Regina; the insurance and banking sectors are important contributors to the city’s economy.

6. Guelph, Ontario

Guelph, in the province of Ontario, is a small city, but still qualifies as one of the richest cities in Canada. Guelph has a population of 131,794 and is a beautiful city, full of stately homes. Interestingly, this city was founded as a base for the Canada Company which was the Crown’s party of settlers, sent to establish a trading post in this new world. Guelph is a peaceful city; ranking at the bottom of the crime list.

Guelph’s economy is boosted by a diverse collection of industries. The city has had the lowest unemployment rate and the lowest crime rate in the country. Manufacturing is an important sector in the city; the vehicle manufacturing sector being the biggest contributor to this feat. Another important sector is the metal fabricating sector, which closely follows the steps of the auto parts manufacturing industry in terms of growth. There is also a marked rise in the activities of agri-food, and biotechnology firms.

7. Oshawa, Ontario

Oshawa is a city in Ontario, Canada. The city is located on the Lake Ontario shoreline, just 60 km east of Downtown Toronto. Oshawa has a population of 159,458. Oshawa is a beautiful city with waterfront scenery, a natural green environment, and rich culture.

Oshawa is one of the richest cities in Canada; the economy is boosted by the manufacturing industry: General Motors Canada has played a big part in turning the once rural place into a bustling hub of manufacturing. The company employs thousands of people both directly, and indirectly.

The education sector is also a big contributor to the local economy of Oshawa; more than 1900 students and school staff attend classes or go to work every day in the city.

Now, the film and media industry is growing at a faster rate than expected, and employing more people. Many popular films that were made in the last few years have been filmed and edited in Oshawa, including X-men, Billy Madison, and Hannibal.

8. Saskatoon, Saskatchewan

Saskatoon is a city in the province of Saskatchewan. With a population of 246,376, Saskatoon is the largest city in the province. Saskatoon is a truly beautiful sight to behold: the greenery of the park in front of Central Saskatoon is an artistic parallel to the tall buildings that make up the city center. Both the Delta Bessborough Hotel and the University of Saskatchewan are imposing structures- Victorian in style, and give the impression of being in Europe.

Saskatoon is one of the richest cities in Canada; the economy is built around oil, potash and agriculture. Saskatoon has the world’s largest publicly traded uranium company.  The city also has gold, diamonds, and coal; the extraction of which drives the economy.

There are several technology companies in the city as well, and they are into biotech, communication, computing, energy development, and so on. There are also several media startups in the area, all of them contributing jobs to the local economy. Saskatoon has the largest potash reserves in the world.

9. St. John’s, Newfoundland

The city of St. John’s in Newfoundland is a beautiful and wealthy city. Most people know this city because it was the birthplace of the Labrador Retriever. However, the city of St. John’s is a booming town because it attracts so many high net worth people who take up residence in the city, sometimes for the scenery, and other times for the climate.

The economy of St. John’s is boosted by the presence of oil production companies, which have several platforms both onshore and offshore, making this one of the richest cities in Canada. Many of the top oil companies known around the world have operations in the waters off the coast of St. Johns. You will find Exxon Mobil, Chevron, and others.

10. Victoria, British Columbia

The City of Victoria, in British Columbia, is a beautiful, opulent city at the southern tip of Vancouver Island. The city has a population of 85,792. Victoria is also one of the most densely populated places in Canada- it has some great economic prospects which continue to attract more people.

The economy of Victoria is diversified and balanced. Retail commerce, technology, food processing, education, and government institutions all contribute to making this one of the richest cities in Canada. Tourism is also a very important industry in Victoria, which is why the hospitality sector is one of the biggest contributors to jobs.

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Conclusion:

The richest cities in Canada do not just have a high concentration of wealthy residents; they also have viable industries contributing to the economy. While many of these cities have been founded around extractive industries, they are now centered around technology, education, retail, and agriculture. As Canada continues to play a more central role in the world’s economy, we can expect that these cities will get even richer.

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