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Today, we released a new report that shines a light on a part of Canada's economy that often goes overlooked: the concentration of extreme wealth at the provincial level.
Show me the money: A provincial overview of extreme wealth in Canada reveals just how stark the gap between the ultra-rich and everyone else has become — and how it plays out across Canada’s provinces. This fills an important research gap as Statistics Canada does not estimate the distribution of wealth at the provincial level.
We estimate that at the same time as 4.4 million Canadians live in poverty, just 3,380 families have amassed more than $100 million in wealth, with 86 of them being billionaire families. Of these ultra-high net worth families, approximately 1,570 live in Ontario, 590 in Quebec, 550 in British Columbia, and 410 in Alberta.
With a federal government that does not view wealth inequality as a problem, provincial governments have an opportunity to take action. Using our novel estimates of wealth concentration across provinces, we examine the revenue that could be raised from a range of wealth tax proposals that would reduce inequality while generating significant new revenue for key public services that Canadians rely on.
For example, a progressive annual provincial wealth tax paired with an exit tax could generate up to $20.9 billion annually in Ontario alone, while a one-time provincial wealth tax could generate billions in every region of the country.
Whether you're concerned about housing, health care, education, or economic fairness, this report offers a new and timely perspective on the role provinces can play in building a more equitable future.
Together, we can address soaring inequality and directly fund key public services while building a fair, equitable, and sustainable future where no Canadian is left behind. | 
