The Canadian city with the highest median household income in Vancouver. With a median household income of $86,700, it’s no surprise that the affluent coastal city ranks high on many lists of the richest cities in Canada. Toronto follows close behind at #2, with a median household income of $83,900. Montreal rounds out the top 5 with a median household income of $75,100. However, Vancouver and Toronto take the cake as Canada’s 2nd and 3rd wealthiest cities, respectively, in terms of sheer wealth.
Recently, the northern and western areas of the country have experienced improving local economies, which has led to increased wealth across households. This article looks at the top richest cities in Canada based on average annual income.
Here Are 5 Richest Cities in Canada 2018
1. Ottawa, Ontario
Ottawa is the capital of Canada and the wealthiest city in the country. It is located in the province of Ontario. As of 2010, it has 1.32 million people with an annual household income of $90,790. The federal government, notably the Public Service of Canada, is the largest employer in the capital.
Many government agencies have their headquarters here. There are around 110,000 people employed in this city. Furthermore, the high-tech industry is one of the most important employers. Ottawa’s gross domestic product increased by 2.7 percent in 2007, exceeding the national average of 2.4 percent.
2. Calgary, Alberta
In the province of Alberta, Calgary is Canada’s second most wealthy city. The average annual income for the 1.39 million residents here is $89,490. Alberta’s oil and natural gas industry has been critical to the city’s economic prosperity, increasing jobs and cutting unemployment rates. As a result, Calgary is one of the country’s fastest-growing areas, and it is part of the Calgary-Edmonton Corridor economic corridor. Furthermore, the presence of the oil and gas headquarters in this city has resulted in several financial service enterprises.
3. Edmonton, Alberta
Edmonton, located in Alberta, is Canada’s third most wealthy city. In 2010, the average yearly household income was $87,930. Edmonton, along with Calgary, is part of the Calgary-Edmonton Corridor metropolitan area. Many people in the region work in the oil and resource industries and retail. In addition, Edmonton is home to the West Edmonton Mall, North America’s largest shopping area.
4. Regina, Saskatchewan
Regina, the capital of the province of Saskatchewan, is Canada’s fourth-most wealthy city. It has a population of more than 1.32 million people and a yearly median household income of $84,890, including the government-owned enterprises Saskatchewan Government Insurance and Sasktel. Regina’s other vital industries are retail, financial services, telecommunications, and manufacturing and processing.
5. Guelph, Ontario
Guelph, Ontario, is the fifth-richest city in Canada and the poorest. This city has a total population of 141,097 people and a per capita income of roughly $82,560. Yet, this city had the lowest unemployment rate in multiple instances, most notably in 2016, when it was 3.9 percent. The manufacturing industry employs the most people, accounting for 24.3 percent of the workforce. This is followed by educational services (11.3 percent).
