Canada has a healthy and developed economy, which is considered the 10th largest in the world. The country has successful petroleum and manufacturing industries, which makes Canada one of the richest countries in the world. Recently, the northern and western areas of the country have experienced improving local economies, which has led to increased wealth across households. This article takes a closer look at the top richest cities in Canada, based on average annual income.
The Richest Cities in Canada
1. Ottawa, Ontario
Ottawa, located in the province of Ontario, is the capital of Canada and tops the list of richest cities in the country. The city has a population size of 1.32 million and an average annual household income of $90,790, as of 2010. As the capital, the biggest employer is the public sector, specifically, the Public Service of Canada. A number of federal offices are headquartered in this city and employ approximately 110,000 individuals. Additionally, the high tech industry is one of the largest employers. In 2007, Ottawa experienced a 2.7% increase in gross domestic product, which surpassed the national average of 2.4%.
2. Calgary, Alberta
The second richest city in Canada is Calgary, which is located in the province of Alberta. Here, the approximately 1.39 million residents enjoy an average annual household income of $89,490. The oil and gas industry in Alberta has helped the economy grow in size, reducing the unemployment rate and increasing wages. Calgary is considered one of the fastest growing areas in this country, and makes up part of the Calgary-Edmonton Corridor economic region. The presence of the oil and gas headquarters located in this city has resulted in the establishment of a number of financial service businesses as well.
3. Edmonton, Alberta
Edmonton, located in the province of Alberta, is the third richest city in Canada. The average annual household income as of 2010 is $87,930. Together with Calgary, Edmonton makes up part of the Calgary-Edmonton Corridor economic region. Many residents are employed in the oil and gas industry as well as the retail industry. In fact, Edmonton is home to the largest shopping center in North America, the West Edmonton Mall.
4. Regina, Saskatchewan
The fourth richest city in Canada is Regina, which is the capital of the province of Saskatchewan. This city has an average annual household income of $84,890. As the provincial capital, the largest employer is the provincial public service, which includes the government-owned organizations of Saskatchewan Government Insurance and Sasktel. Other important industries in Regina include retail, financial services, telecommunications, and manufacturing and processing.
5. Guelph, Ontario
Guelph, located in the province of Ontario, is the fifth richest city in Canada and the least populated on this list. It has a population size of 141,097 and a median family income of around $82,560. This city has had the lowest unemployment rate in the country on several occasions, particularly in 2016, when it was reported at 3.9%. The manufacturing industry provides the greatest number of jobs and employs 24.3% of the population. This is followed by educational services at 11.3%.
The chart presented below offers a look at the remaining 5 cities of the top 10 richest cities in Canada.