Top 10 Richest Cities in Canada (2023)

Canada has become famous as the new land of opportunity. This country has a stable economy, one that has proven to be diversified and progressive, and very good for commerce. With such economic stability comes affluence, and a taste for the good things of life, as more and more citizens are able to afford to live in affluence.

So what are the exclusive cities that have become the preserve of the wealthy in Canada; the Richest Cities in Canada? What makes these cities particularly attractive to the wealthy class? What opportunities could these cities offer to a person seeking to move to a new city, or even to a person looking to immigrate into Canada for the first time?

The following are the 10 richest cities in Canada, and all you have to know about them. The list is arranged based on the average net worth of families in each city. 

Top 10 Richest Cities in Canada

1. Westmount, Quebec

Westmount is located just southwest of downtown Montreal and is a wealthy, predominantly English-speaking community on the Island of Montreal. This city has long attracted wealthy individuals who wish to live in solitude. Canadian screen legend Norma Shearer was born here, while several Canadian millionaires live here. Many other wealthy Canadians have real estate in this city that has so many prospects for profitable real estate investment.

 Westmount has one of the highest per capita incomes not only in Canada but in North America as a whole. The average household net-worth in Westmount is $3,953,205.

2. North Vancouver, British Columbia

North Vancouver is often viewed as part of Vancouver, and no doubt Vancouver would like that to be true, but this is fiscally and administratively an independent city. North Vancouver is a thriving economy for several factors; its stunning beauty makes it a prime location for the film industry, and then other sectors that contribute to employment and the economy are shipping and chemical production.

One very interesting fact is the demographic; about three-quarters of people in this city are between 25 and 64 years old, and yet the average household net-worth in North Vancouver is $1,869,495 making it the second richest city in Canada. Perhaps one that contributes to this high earning power is that most residents have a post-secondary degree.

3. Beaconsfield, Quebec

Beaconsfield is located on the Island of Montreal and on the shores of Lac Saint-Louis. When you mention Beaconsfield you should think of stately mansions, opulent houses overlooking the waterfront, and wealthy people sipping champagne on their front porches. This is one of Canada’s most beautiful cities to live in, a good spot for filmmaking, and a busy hub for water transportation. Many residents of this city are business owners running their empires from their homes.

 The average household here has a net worth of $1,686,729, making Beaconsfield one of the richest cities in Canada.

4. Vaughan, Ontario

Vaughan is an affluent city in Ontario, Canada. This city is administratively part of the Regional Municipality of York and is situated just north of Toronto. Much of the money in the city of Vaughan can be traced overseas; many of the residents come from other countries either to work or set up businesses. The City is made up of five smaller communities and is linguistically diverse. Less than half of the city’s population speaks English as their first language. You will find people who speak Italian, Russian, Spanish, Punjabi, Tagalog, Hebrew, Mandarin, and Vietnamese thriving in Vaughan, and they are mostly wealthy. The average household net worth in Vaughan is $1,667,910.

5. Markham, Ontario

Markham is just about 30 km northeast of Toronto and is administratively part of the York Region. The city is important because it is a hub for business services and technology. The biggest employer in this city is IBM, while many other tech companies and startups call this place home. Multinational companies constantly flock into Markham for their Canadian headquarters. The city is flowing with tech money. The average household here has a net worth of $1,558,876.

6. Caledon, Ontario

Caledon, Ontario is located just about 16 km northwest of Brampton, in the Greater Toronto Area. Caledon can best be described as a place where rich people go to live in big houses, in a rural township. There is plenty of potential for real estate investments here, and it seems that many of the residents actually consider the potential rise in property prices before buying homes in Caledon. Many of the residents are business professionals or retired, and the average household net worth here is $1,321,060 placing among Canada’s richest cities.

7. Guelph, Ontario

Guelph, Ontario is home to young educated business professionals. Located about 100 km west of Toronto, Guelph is known for career-driven families steadily climbing the economic ladder, while living in a prosperous environment with low unemployment and crime rates. One of the main industries here is auto-parts manufacturing, although a growing number of people are employed in agri-food and biotechnology companies. There are many academics living here as well because the University of Guelph is a big employer in the city. The average household net worth in the city is $1,238,885.

8. Leduc, Alberta

Leduc is about 35 km south of Edmonton. Remember that Alberta has so many thriving oil fields. Well, this is a choice location for oil workers, as well as workers in many important sectors of the Canadian economy such as rail and road transport workers, workers in the Edmonton International Airport, and business people who work in the services industry. In Leduc County, the average household net worth is $1,209,819.

9. Richmond, British Columbia

Richmond occupies most of the Fraser River Delta and forms part of Metro Vancouver. This city is boosted by the presence of a variety of industries, from agriculture and fishing to tourism and tech. Some of the industries in Richmond are among the highest paying jobs for new immigrants into Canada. The city has a high population of immigrants; about 60% of the population. Richmond has the largest immigrant population in Canada and continues to attract more immigrants every day. The average household net worth in Richmond is $1,204,103.

10. Red Deer, Alberta

Red Deer is located between Calgary and Edmonton, in the state of Alberta. This used to be primarily an Agriculture area, but now the city is more and more being taken over by the oil and gas industry whose workers are moving in at a rather high rate. Agribusiness, finance, and other sectors are still important in the city. Business owners in many different sectors thrive here, and this makes the city one of the most economically diverse.

The average household net worth in Red Deer County is $1,164,171, making it one of the richest cities in Canada.

Related;

• Top 10 Richest People In Canada
• 12 Richest Women in Canada

Conclusion:

Depending on your net-worth, business interests, and first language, there are so many options you can choose from in great, up-scale cities to live in. whether you are a young person looking for a good place to settle down and start your business, or a professional looking to invest some of your earning in real estate, there is no shortage of places to choose from in Canada.