Canada is one of the most wealthy countries in the world. As a wealthy nation, most of its residents are some of the richest people in the world. The population of persons that make up the richest provinces in Canada has a high percentage of high-earning people.
The richest provinces in Canada have very active economic sectors grounded especially on agriculture. Canada is a major producer of farm-fresh products like fish, beef, wheat, and potatoes.
That there are rich provinces in Canada does not mean that there are no average provinces in Canada. However, we have detailed the top ten richest provinces in Canada under this post. The Economic Development of Canada in its top richest cities is marked by the significance of its Gross Domestic Product (GDP).
The GDP of a nation is calculated by estimating the average earnings of the nation over the total population. This is the most acceptable way of finding out the quality of life of the people. Through this means, the wealthiest provinces in Canada can be extrapolated.
Top 10 Richest Provinces In Canada
British Columbia (BC) is located in the Western part of Canada. It also borders the Pacific Ocean in its Southwestern part and the Rocky mountains on the opposite side. British Columbia is rated as the third most populous province in Canada with its population estimated to be about 5.1 million people as of 2020. Vancouver is the largest city in British Columbia.
The economy of British Columbia is not centralized in one sector but in diverse industries. The service industry generates most of the economic turnover of this Canadian province. It accounts for most of the province’s GDP.
The transportation industry supplemented by the two transcontinental railways terminus makes added contributions to the booming economy of the provinces in Canada. Some of the richest companies in the world are situated in British Columbia. Agriculture, tourism, recreation, and mining are other top industries that rank British Columbia as one of the richest provinces in Canada.
The economy of Alberta is driven by the very successful petroleum industry which used to be the strongest petroleum producer in the world. Agriculture also has a large significance in the economy of this province. The cattle-ranching industry in Alberta is very large with over three million cattle heads and substantial beef production for global consumption.
Alberta is rated as the second richest province in Canada. The population of Alberta is estimated to be over 4,067,175 people and is one of the most populous provinces in Canada. The land area of Alberta is approximately 660,000 sq. kilometers or 250,000 sq. miles.
Saskatchewan is another of the richest provinces in Canada located in the western part of the country. Saskatchewan is the only province in Canada without a natural border though the total land area is estimated to be about 651,900 square kilometers.
This is a region in Canada that is covered by coastal areas to such an extent that 10% of the land area is covered by river reservoirs and lakes.
Agriculture is one of the sectors that makes the largest contributions to the economy of Saskatchewan. The flag of the province is pictured with a Wheat symbol to clearly show the vitality of agriculture in the province. Hunting, Fishery, and Forestry are parts of the agricultural sectors that are very successful in the province.
Asides from the beef production of Alberta, Saskatchewan is the highest beef producer in Canada. The economic contributions of the mining and petroleum extraction industries also add to rating this province as one of the wealthiest provinces in Canada.
Manitoba is the fifth most populous Canadian province and the fourth richest province in Canada. It is located in the central part of Canada and has a population estimated to be over 1.37 million residents. Manitoba is a large province in Canada with a total land area measured to be about 649,950 square kilometers.
The economy of Manitoba just like most of the provinces in Camada is not centralized in one sector. The economic activities recorded from the agriculture, mining, petroleum, tourism, electricity, and forestry Industries largely account for the large GDP of the province.
Ontario’s economy is rated as one of the largest contributors to the GDP of Canada. This is widely based on the diversified and balanced economy of the province with the manufacturing sector accounting for 52% of the country’s total national manufacturing shipments.
Some of the other important sectors of Ontario include the mining and forestry industries. Ontario is one of the richest provinces in Canada located in Central Canada along with Manitoba. Ontario is Canada’s most populous province primarily because of the education industry in the province.
Québec borders Ontario at its west, the Hudson Bay and bodies of water James Bay by the north, the province of Newfoundland and Labrador and the Gulf of Saint Lawrence on the eastern border, and the province of New Brunswick on the South.
Also on the Southside, you will find states in the United States of America, like Maine, Vermont, New Hampshire, and New York.
The economy of Quebéc like most other successful Canadian provinces is very balanced and diversified with the retail and commerce industry as its major sectors. Quebéc’s economy is also centered on the services sector, such as financial services, transportation, insurance, and education, among other sectors.
New Brunswick is one of the richest provinces in Canada located geographically on the east coast of the country, bordering the Atlantic Ocean. New Brunswick is the only bilingual province in Canada approved by the nation’s Constitution. The citizens of this province are both English-speaking and French-speaking persons.
New Brunswick is rated among Canada’s wealthiest provinces because of its service sectors including the manufacturing, transport, communication, construction, agriculture, forestry, and mining sectors. Among the manufacturing companies in Canada, The Irving Group of Companies is the major contributor to the economy of this province in Canada.
Prince Edward Island
Prince Edward Island (PEI) is the smallest province of Canada both based on its total population and estimated landmass.
The capital of the province is Charlottetown with an economy dominated by the tourism, agriculture, fishery, and manufacturing (food processing and production) Industries. Even with the low dense population of the province, it ranks as one of the richest provinces in Canada.
Nova Scotia is an eastern Canadian province popularly known as a maritime province because of its coastal areas. The population of Nova Scotia is estimated to be about 923,598 people.
Nova Scotia is the largest exporter of lobsters in the world, illustrating the dominance of the fishing industry in this province of Canada. Another that makes added contributions to the very lucrative economy of Canada is the forestry, wood, and logging industry.
Christmas trees, gypsum, and wild berries are major export products of this province. The estimated turnover of the province in fish exportation annually is a billion dollars.
Newfoundland and Labrador
Newfoundland and Labrador are one of the wealthiest Provinces in Canada located in the easternmost part of the country, meeting the Atlantic ocean. The total landmass of the population is 405,212 square kilometers while the population is estimated at 525,073.
The province is rated on the list of the wealthiest provinces in Canada largely because of its buoyant fishing industry, which later collapsed due to the increased unemployment rate.
However, the economy of Newfoundland and Labrador is sustained by the service industries like financial services, public administration, health care, and freight services. Also accounting for the large GDP of the province are the mining and oil production sectors.
We have listed the top ten richest provinces in Canada above and on analyzing the economies of these provinces, you would observe that the industries are diversified but also balanced in different sectors.
In the public sector, Canada offers one of the highest minimum wages in the world, which allows employees in the industry to make fortunate earnings at their workplaces.