Discover the 5 Richest Provinces in Canada

Canada is made up of 10 provinces and three territories. However, the vast majority of the country’s population is concentrated in just a few of those areas. As a result, some provinces and territories are far wealthier than others. Discover the 5 richest provinces in Canada and find out which parts of the country have the greatest economic impact on the nation.

Our measure for the richest provinces in Canada is one-dimensional. The list is going to follow the 5 provinces that have the greatest Gross Domestic Product (GDP). Overall, Canada’s estimated GDP for 2023 is equal to $2.09 trillion. Now, let us take a look at which parts of the country are contributing the most to Canada’s production.  

The figures used for this information are from the International Monetary Fund, and the GDP is measured using the international dollar for the year 2021.

5. Saskatchewan

Saskatchewan is a province in the western part of Canada. This landlocked province shares borders with Alberta to the west, the Northern Territories to the east, Nunavut to the northeast, and Manitoba to the east. Also, this region shares a border with a few states in the United States, Montana, and North Dakota.

The population in Saskatchewan in 2021 was about 1,132,000 people, but the population in this area is rising. The total GDP contribution from this province is about $72 billion. The per-capita GDP is $61,679, and that is higher than the top two richest provinces in Canada because of the population disparity.

Saskatoon is the largest city in the entire province, and it has a population of about 266,100 people. This city is also the largest economic hub in this part of the country.  

4. British Columbia

British Columbia is in the far western part of Canada. The western portion of this province is along the Pacific Ocean. The same part of the province is very mountainous and contains several high peaks.

Alberta is to the east of this province, and Yukon and Northwest Territories are to the north and northeast, respectively. The region is massive, and it has a total of 364,764 square miles of area. Moreover, the population in 2023 was about 5.5 million people.

The region has a large GDP that is equal to $285 billion. Moreover, the per capita GDP was $54,704, lower than the one seen in Saskatchewan.

British Columbia is known for having several large industries such as mining, forestry, and construction. Each of these elements and others contribute to the province’s large GDP. Vancouver is the largest city in the province, and its population is about 662,000 people.

3. Alberta

Alberta is located between British Columbia and Saskatchewan, so it is in western Canada. The province also shares a border with Montana, a U.S. state. The overall population in this region is 4,262,635. Alberta’s largest city is Calgary, a city in the southern part of the province. The city’s population was 1,306,000 people in 2021, making it the third-largest city in the country.

The GDP for this region is roughly $305 billion. However, the per capita GDP is roughly $68,916, the greatest per capita rating on this list of the richest provinces in Canada. The economy in Alberta is very strong, mostly because it has a massive petroleum industry along with tech and agriculture.

2. Quebec

Quebec is an eastern province in Canada. This landmass stretches from a border with several states in the U.S. far to the north. Ontario borders this province to the west, New Brunswick to the southeast, and Newfoundland and Labrador to the east.

This province has borders with several U.S. states including Maine, Vermont, New Hampshire, and New York. The total population in Quebec is 8,501,833. Montreal is the most populous city in the province, and the city is home to 1,762,949 people.

This is the second-richest province in Canada, and it has a GDP of $411 billion. The per capita GDP in this area is $47,933. The financial, power, and services sectors are parts of the economy that contribute the most to the overall GDP in this part of the country.  

1. Ontario

Ontario is the leader of the richest provinces in Canada. This area has a GDP of $780 billion, even greater than Quebec and Alberta combined. The per capita GDP is roughly $52,567, a number that is not all that high on this list.

Ontario has a total area of 415,598 square miles, making it a very large region. The total population in the area is estimated to be about 15 million people.

Ontario is in the eastern and central parts of Canada. The region borders Manitoba and Quebec to the west and east, respectively.

The vast Hudson Bay stretches far to the north of the province. The province also borders several places in the United States, including Minnesota, Wisconsin, Michigan, and New York. Toronto is the largest city in the province and the country as a whole. The city is home to about 2.8 million people. Ontario is the most populous province in the country, so it makes sense for it to have the greatest GDP.

Summary of the Richest Provinces in Canada

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