Top 10 Richest Provinces In Canada 2023

Canada is a preferred choice for immigration above all else because of its economy, as evidenced by a strong GDP per capita. Canada’s economy is balanced and well-diversified; Oil Production, Gold and other mineral extraction, Manufacturing, Maritime, Forestry, Tourism, Agriculture, and Services all play a part in keeping the Canadian economy robust and growing.

However, there can be a huge gap in the GDP per capita from the richest provinces in Canada to other provinces in the country, and this is often because it is common for a particular industry to dominate an entire province. Revenue generated from industry to industry can vary widely, and this will impact the earnings of all those who depend on the industries; their GDP per capita, and ultimately their quality of life.

On a general note, Canadians enjoy a comparable GDP per capita with countries like Spain, Bahrain, Finland, Norway, and the Netherlands. A breakdown of the wealthiest provinces in Canada by their GDP per capita can be a useful resource in immigration, as well as in investing.

Richest Provinces In Canada 2023

1. Alberta  

GDP per Capita: C$78,154

Alberta is a province in the western part of Canada. It is mostly made up of flat landscape; the most populous of the three Prairie Provinces. With 4,067,175 people, this is the 4th largest province in Canada by population. The capital of Alberta is Edmonton, while the largest city by population is Calgary.

Additionally, Alberta, the richest province in Canada is regarded as a large transportation hub. The transportation industry flourishes here, providing numerous jobs and generating hefty revenue, spreading the wealth.

Alberta’s economy is heavily supported by the Oil and Gas production sector. Alberta accounts for about 70 percent of the natural gas produced on Canadian soil. However, there is also livestock production, agriculture, technology development, and the services sector.

Alberta, which also has a strong tourism industry, can boast of having a GDP per capita that is around C$78,154 and a good number of the residents work in the oil exploration sector, and in services that work directly with the oil companies.

2. Saskatchewan

GDP per Capita – C$70,654

Saskatchewan is a province in Western Canada. Mostly made up of flat land, this is another one of the prairie provinces. Saskatchewan shares borders with Alberta, Manitoba, Nunavut. Saskatchewan has a lot of water bodies including rivers, reservoirs, lakes, and ponds. The climate varies greatly between hot summers and freezing cold winters. Saskatchewan has a population of about population was estimated at 1,181,987. The capital of Saskatchewan is Regina. 

For a long time the economy of Saskatchewan has been associated with agriculture; particularly the production of wheat. Saskatchewan still accounts for much of the grain produced in Canada; large quantities of wheat, rye, oats, and barley are produced here. However, all the agriculture, fishing, forestry, and hunting only make up about 8.9% of the province’s economy.

Beef cattle production is also big in Saskatchewan; only exceeded by Alberta. Other sectors that contribute to the economy of Saskatchewan include mining and energy, wholesale and retail trade, transportation, finance, real estate, and services. 

This province is not only making great strides in the production and supply of food alone, but it is also doing pretty well as far as the oil industry in Canada is concerned. Resources such as potash and uranium are also being exported from here, and it is not surprising that the province has a GDP per capita that is in the region of C$70,654.

3. Newfoundland and Labrador 

GDP Per Capita– C$65,556

Newfoundland and Labrador is the easternmost province of Canada. This province faces the Atlantic and is made up of the Island of Newfoundland and the mainland region of Labrador. The province has a population that is estimated at 525,073. About 94% of that number lives on the island of Newfoundland and speaks English. 

The economy of Newfoundland and Labrador is supported by the oil industry, but mainly through the offshore oil facilities in the Atlantic. Other sectors that contribute to the economy are the mining, manufacturing, health care, and public administration sectors. The GDP per capita of Newfoundland and Labrador is C$65,556. 

The economy here flourishes as a result of various factors. One prominent industry here is the service industry. There are banks, health care firms, manufacturing firms, and so on.

• 4. Ontario

GDP Per Capita – C$48,971

Ontario is a province in the east-central portion of Canada. Ontario is a very important province in Canada because it is the most populous, and also because it has the nation’s capital Ottawa within its borders, and also the most populous city in Toronto.

Ontario’s economy is supported by the manufacturing sector. Ontario accounts for about 52% of the total manufacturing shipments from Canada. Its main trading partner is the US state of Michigan; another manufacturing heavyweight. 

The capital of Ontario, Ottawa, hosts a lot of important federal structures and organizations. A lot of important activities are always going on here. 

The province is also filled with natural resources and it is also regarded as Canada’s backbone as far as financial services are concerned. The GDP per capita of Ontario is still C$48,97 as at last time checked, and the province is the fourth richest province in Canada. 

Other sectors that contribute to the economy of Ontario include electricity generation, mining, and forest products. The banking and financial services sector is also huge in this province. 

5. British Columbia

GDP Per Capita– C$47,579

British Columbia is a province located in the westernmost part of Canada. The largest and most popular city in the province is Vancouver, while the capital is Victoria. It has a population estimated at 

5,214,805 estimated population, making it the third-largest province in Canada. British Columbia meets the Pacific Ocean on the west.

British Columbia has a resource-based economy and has a very large chunk of wealth that keeps circulating around society. The economy is supported by the service industry; this is a major hub of transportation by rail and by sea; there are major terminals here. Furthermore, the agriculture sector is also booming, despite the fact that less than 5% of the land is arable.

BC is also substantial logging, mining, and farming in the province, while tourism also plays an important role in the economy, and is touted to have even more potential for the future. The GDP per capita of British Columbia is C$47,579.

6. Manitoba 

GDP Per Capita– C$44,654

Manitoba is the sixth richest province in Canada located roughly at the center of the country, a region associated with a flat topography as well as a continental climate. The province has a population of 1,383,765, making it the 5th most populous province in Canada. Manitoba has flat grounds; it is one of the prairie provinces. The capital of Manitoba is Winnipeg. 

The economy of Manitoba is supported by agriculture, tourism, electricity, oil, mining, and forestry. Agriculture is one of the most important sectors; cattle husbandry is the biggest type of agriculture in this province, followed by assorted grains and oilseed.  You will also find that there is a growing food processing sector; Richardson International has an oat processing plant here, and there is a major potato processing plant here as well. The GDP per capita of the province is C$44,654. 

7. Quebec 

GDP Per Capita– C$43,349

Quebec is located in eastern Canada. With a population of about 8,585,523, this is the second-largest province in Canada. Quebec is a French-speaking province in Canada, and the capital is called Quebec City. People from this province are called Quebecois.

The economy of Quebec is supported by the services industry. Other sectors that contribute to the economy of Quebec include education, aerospace, information technologies, and software.

Additionally, there are various companies that operate in the province, providing lots of jobs in biotechnology, the pharmaceutical industry, and so on, and it has a GDP per capita that runs into C$43,349.

8. New Brunswick – C$42,606

The eighth province on our list is New Brunswick. One thing we should first note about the province is its “language uniqueness” (a place that is constitutionally bilingual). Although a large chunk of people there speaks English, other numerous lots speak French. 

Fredericton is the capital of New Brunswick, and unlike a place like Nova Scotia whose economy is referred to as a ‘resource-based one, for this, it is more about a service-based one. Various coys run their stuff there, from different industries, like education, insurance, retail and so on. The economy also benefits from activities that have to do with agriculture (farming and fishing) and can boast a median income in the region of C$42,606.

9. Nova Scotia – C$39,025

The popular Nova Scotia is ninth on our list and can boast of being the most populous province in Atlantic Canada. This province is also impressive as, despite being the second smallest province in the whole of Canada, it can still grow superbly in wealth. 

The capital of Nova Scotia is in Halifax and owns what is referred to as a resource-based economy. However, the leadership has been doing all that can be done to ensure diversity, and via strategic steps and actions, Nova Scotia has presented itself as a very important province in Canada. 

10. Prince Edward Island – C$36,740

This province is simply superb due to various factors. Despite being a pretty small area (in fact, it is one of the smallest in the country as a whole), Prince Edward Island has found its way into the tenth spot of the list of richest provinces in Canada. 

The province might not be endowed in terms of land area and population, still, yet, wealth is flowing therein. It is actually made up of the main island of Prince Edward as well as over two hundred other minor islands. In fact, Prince Edward Island has also been tagged “Birthplace of Confederation” and there is the presence of various companies which are operating in different industries, generating more wealth for the government and residents. 

The province is rich in resources and it translated into wealth for the citizens. It can also boast of natural gas, and with a GDP per capita of C$36,740, Prince Edward Island sits on the tenth spot of the list. 

Related: 

• Top 10 Richest Families In Canada
• Top 10 Richest Cities In Canada
• Top 10 Richest Companies In Canada
• TOP TEN RICHEST CITIES IN CALIFORNIA
• TOP 10 RICHEST STATES IN USA

Conclusion:

This article dwells on the provinces in Canada and excludes the Northwest Territories which have a GDP per capita of 100,871 Canadian dollars; Nunavut which has a GDP per Capita of 95,535 Canadian dollars; Yukon, which has a GDP per capita of 76,114. These are not provinces but territories of Canada, and they add to the total GDP per capita of the country.