A new report has disclosed that Ontario has the most high-net-worth Canadian families. 44% of Canada’s billionaire families live in this province.
Researchers also found that the wealthiest 0.01% of families in Ontario have an average of USD 387.66 (CAD 546) million in wealth.
Canadians for Tax Fairness, a non-profit, non-partisan group, published the report nearly a fortnight ago, which looked at the wealth held by ultra-rich families in the country’s 4 largest provinces – Ontario, Quebec, Alberta & British Columbia (BC). This excluded both the Atlantic & prairie regions.
The report proposed that different annual, besides one-time, wealth taxes may address the inequality.
The executive director of Canadians for Tax Fairness, Jared Walker, told CTVNews.ca on Wednesday, 24 June ’26, that extreme wealth concentration is a major issue worldwide. It includes Canada, which he says is facing a “massive problem” with poverty.
In a Zoom interview on Wednesday, 24 June, Walker said the report is both federal and provincial; Canadians could do something about it. The conversation can be started with a wealth tax.
Walker clarified that a wealth tax isn’t an income tax but rather a tax on assets, such as property and shares.
Researchers in the study defined ‘wealth’ or ‘net worth’ as a market value of everything a family owns minus their debts. This study only focused on wealth held by families.
Researchers wrote that the majority of family wealth is the value of land & residential buildings. It also includes equity & investment fund shares, life insurance, pensions, and cash besides deposits.
Where’s wealth most concentrated?
Researchers stated that the share of wealth held by the richest families grew during the 24 years that spanned from ’99 to ’23. This was in all Canadian regions except BC.
The report added that the “most ultra-wealthy” Canadians live in Ontario. It found that the province’s richest top 0.01% of families had the highest average wealth of USD 387.66 (CAD 546) million amongst regions.
