Top 10 Richest Provinces In Canada (2022)

Posted on Author Olaide Waheed

When listing the richest provinces in Canada, we admit that Canada as a whole is a wealthy country. However, some provinces must enjoy a higher quality of life than others, due to the rate of development of their economies.

As is our tradition on this website, when making lists of the richest areas, we make the classifications based on the Gross Domestic Product; a calculation of the average spending spread across the population. This is the most acceptable way of finding out the quality of life of the people, as against other methods which tend to look at how much money the governments generate. The wealthiest provinces in Canada are listed below.

Top 10 Richest Provinces In Canada

  • 1. British Columbia

 British Columbia (BC) is in the west of the country of Canada. The southwestern part of the province meets the Pacific Ocean, while the opposite side is on the Rocky Mountains. There are an estimated 5.1 million people in British Columbia as of 2020, and that makes BC the third most populous province in Canada.  The largest city is Vancouver.

BC’s economy is diverse and balanced. The service industry spearheads the economy, accounting for the largest portion of the province’s GDP. The transportation industry is greatly helped by the terminus of two transcontinental railways. 

Agriculture is very important, so is recreation and tourism, logging, farming, and mining.

  • 2. Alberta

Alberta is the second richest province of Canada. It has an estimated population of 4,067,175 people. It is Canada’s fourth-most populous province.  Its area is about 660,000 sq. kilometres (250,000 sq mi). 

Alberta’s economy is largely dependent on petroleum. At one time it was one of the strongest in the world. 

Agriculture has a significant position in the province’s economy. Cattle ranching is a big industry in Alberta; the province has over three million head of cattle, and the beef produced in the area has a global appeal.

  • 3. Saskatchewan

 Saskatchewan is a province in the western part of Canada, the only province without a natural border. It has a total land area of about 651,900 square kilometers, and the land is well watered, with nearly 10 percent of the land area made up of rivers, reservoirs, and the province’s 100,000 lakes. 

Agriculture is very vital to Saskatchewan’s economy. Wheat is the symbol of the province’s flag. Other sectors relating to the industry are forestry, fishing, and hunting.

Beef cattle production is very important in the province; only exceeded by Alberta. There are also mining and oil extraction activities.

  • 4. Manitoba

 Manitoba is the fourth wealthiest province in Canada located right in the centre of the country. It is Canada’s 5th-most populous province with its estimated 1.370 million people. Manitoba is huge; with a landmass of about 649,950 square kilometers. The landscape varies; there is dry and cold, forest, and urban environment.

 Manitoba’s economy is diverse and quite moderately balanced; there is a lot of agriculture, tourism, electricity, oil, mining, and forestry. 

  • 5. Ontario

 Ontario is a province in Canada. Geographically, it is located in Central Canada. Ontario has the distinction of being Canada’s most populous province. 

The economy of Ontario is balanced and diversified; manufacturing is one of the core activities. In fact,  52% of the total national manufacturing shipments in 2004 came from Ontario. 

Another important sector is mining, and then the production of forest products, notably pulp and paper, are also very important sectors of the economy.

  • 6. Quebec

Québec is one of Canada’s richest provinces. It shares borders with Ontario to the west and the bodies of water James Bay and Hudson Bay; to the north. On the eastern border, there are the Gulf of Saint Lawrence and the province of Newfoundland and Labrador; while to the South, you find the province of New Brunswick, as well as states in The United States of America, such as Maine, New Hampshire, Vermont, and New York.

Quebec’s economy is well balanced and diversified. Retail commerce is a very essential part of the economy, however, the economy of Quebec is mainly centered around the services sector, including financial services, insurance, transportation, education, and so on.  

  • 7. New Brunswick

New Brunswick is a province in Canada. Geographically, it is located on the east coast of Canada, meeting the Atlantic Ocean.  According to the Constitution of Canada, New Brunswick is the only bilingual province in the country; English speaking and French-speaking citizens make up nearly equal numbers of the population

The economy of New Brunswick is diversified; there is plenty of manufacturing, and also services. The Irving Group of Companies controls a large part of the economy. They have significant holdings in agriculture, forestry, food processing, and freight transport. The company is also engaged in media, oil, and shipbuilding.

  • 8. Prince Edward Island

Prince Edward Island (PEI) is a province of Canada.  It is the smallest province of Canada in both land area and population. Its capital is Charlottetown. 

The economy of the province of Prince Edward Island is dominated by agriculture, tourism, and fishery. There is also some manufacturing in the form of food processing. Potatoes are the major crop; it is quite possible that the potatoes on your plate come from this island.

  • 9. Nova Scotia

Nova Scotia is a province in eastern Canada. It is called a maritime province because it is surrounded by water. It has a population of 923,598. 

The province is the world’s largest exporter of lobsters. If you have had any recently then it most likely came from Nova scotia. 

Other industries that boost the economy are logging; the province produces more Christmas trees than anywhere else. Other major exports are gypsum, and wild berries. The province makes over one billion dollars annually by exporting fish.

  • 10. Newfoundland and Labrador

 Newfoundland and Labrador is the easternmost province and tenth on the list of wealthiest province in Canada. Geographically located in the east, the region meets the Atlantic Ocean. The province has a combined area of 405,212 square kilometers. The province has a population estimated at 525,073.

The province was buoyed by the fishing industry, but that sector has since collapsed, throwing record numbers of the population into unemployment. 

Today, the service industries account for the largest share of GDP, especially sectors like financial services, health care, and public administration. There is gold, copper, and oil in the province, so there is a lot of mining, and oil production.

Related: 

Closing On The Wealthiest Provinces in Canada

Canada’s provinces seem to follow the following order. The richest provinces in Canada attract the most citizens, and the population makes the province even wealthier. The services sector is very active in the country, and a lot of attention is being paid to agriculture. Canada is already a major producer of beef, fish, wheat, and potatoes.