2022 is going to end, and we are going to welcome 2023; many questions must arise in your mind: Which is the richest city in Canada? Which city has experienced the finest economic growth, job growth, real estate values, and overall net worth?
If you go by the data, Canada is the home to 41 billionaires and far too many millionaires to count. But every coin has two sides; when there are billionaires, many people live below the poverty line. According to the data, there are 3.7 million Canadians considered to be living below the poverty line.
Data always rocks when you want to dive deep into the information. However, let’s get back to your main intent to find the richest cities in Canada.
Top 7 Richest Cities in Canada
|• Mayor||Christina Smith|
|• Federal riding||Notre-Dame-de-Grâce—Westmount|
|• Prov. riding||Westmount–Saint-Louis|
|• Total||4.02 km2 (1.55 sq mi)|
|• Land||4.04 km2 (1.56 sq mi)|
|There is an apparent contradiction between 2 authoritative sources.|
|• Density||4,860.9/km2 (12,590/sq mi)|
|Time zone||UTC−5 (EST)|
|• Summer (DST)||UTC−4 (EDT)|
|Postal code(s)||H3Y and H3Z|
|Area code(s)||514 and 438|
Westmount, Quebec, Canada, a beautiful city with appealing townships, one of the richest cities in Canada. This city has some of the most pricey real estates in Canada. It is the city of western Quebec. This city is the home to notable billionaires Ben Mulroney, Leonard Cohen and actress Norma Shearer. If you want to buy a home for single family, you have to spend $2,732,500
This city comprises several parks, green areas, eateries, malls and the famous Mount Royal College.
Beaconsfield is one of Canada’s most beautiful places to live in, besides being one of the richest cities in Canada. It is situated on Montreal’s lovely island and Lac Saint-Louis’s shores. The attraction of this city is amplified by the stunning residences that are equally attractive. The community is home to many wealthy businesses and professionals and boasts several upscale shops and eateries, besides the best and renowned schools, and hospitals. And when it comes to the average household income it is around $210,000, which is higher than the national average.
Markham is a part of the York Region, near Toronto (around 30 km). IBM is the city’s biggest employer, making it a business service and technology center. Besides IBM, you will be introduced to the many headquarters of prominent brands, including SunLife Financial, Honda Canada, Samsung Electronics Canada, and Huawei Canada.
Along with this, several significant retail establishments, including Ikea Canada, and Home Depot Canada, are also located in the city. Markham’s household has a net worth of around $2,000,000
North Vancouver is frequently mistaken for being a part of Vancouver, but it exists independently. Along with being the richest city in Canada, North Vancouver is famous for its breathtaking setting. The charming areas of North Vancouver attracts the film industry the most. As for jobs, it is famous for chemical manufacturing and shipping. North Vancouver’s real estate prices are increased by the area’s proximity to some of the most costly properties worldwide. North Vancouver is wealthy, but it is still a place that is reasonably priced. The average household net worth in North Vancouver is $1,944 597.
It is located just to the north of Toronto and is a part of the Regional Municipality of York. The one thing that attracts the most about Vaughan is its diversity. Along with the crown of one of the richest cities in Canada, Vaughan has a wide range of linguistic and ethnic diversity and is home to five smaller communities. The city’s GDP per capita is above $60,000, while the average household income is over $100,000. The prosperous business community in Vaughan and its wealthy residents are the sources of its income.
Although the expense of living in the city is high, the citizens still have access to high-quality amenities residing with a household net worth of $1,878,895.
Located 100 Kms of the west of Toronto, Guelph is a renowned city in Canada for its high level of lifestyle, very low unemployment and the crime rate is almost nonexistent. This rich city in Canada is known for its car manufacturing components. Along with this, there is an increasing trend of agri-food and biotechnology businesses.
Because of its high standard of living and robust economy, Guelph is a well-liked vacation destination for both families and businesses. In Guelph city, $1,245,382 is the average net worth of a household.
Richmond, one of the richest cities in Canada, makes up most of the Fraser River Delta and is a part of metro Vancouver. Along with the rich city, it is well known for various businesses, including Agriculture, Fishing, Tourism, and Technology. The people in this city depend on these businesses for a huge portion of their income.
And for this reason, this city’s economy is thriving. Many outsiders come here to run a business.
Along with this, this city also ranks highly in providing jobs. It has hired a large number of immigrants, who are now helping to boost the local economy.
Hence several of these businesses offer some of the top-paying positions for newcomers to the country. The typical household here has a net worth of $1,421,125.