Richest in Canada hold combined wealth rivaling some countries

An Oxfam Canada report says the 40 richest people in Canada saw their combined wealth rise by about C$95 billion between 2024 and 2025 and now exceeds the GDPs of several countries. The report also states the top one per cent hold nearly a quarter of Canada’s wealth while the bottom 40 per cent hold about three per cent.

A new report from Oxfam Canada details how the country’s wealthiest people have increased their fortunes and how that concentration compares to national economies. The report uses data from Statistics Canada, Maclean’s and Forbes and frames the findings in the context of rising costs for essentials like food and housing. It notes both recent wealth gains among the richest and persistent measures of poverty and food insecurity in Canada. The report also outlines policy options discussed by analysts and the Parliamentary Budget Office. Key findings: - The combined value of Canada’s 40 billionaires exceeded the GDPs of several countries, including New Zealand, Colombia, Finland, Chile and South Africa, according to the report. - The 40 richest in Canada saw their wealth rise by over 20 per cent, adding about C$95 billion between 2024 and 2025, per the report’s data sources. - The top one per cent of wealth holders (net worth C$7 million or more) hold nearly a quarter of Canada’s wealth (almost C$1.25 trillion), while the bottom 40 per cent hold about three per cent, with an average net worth under C$87,000. - The report cites concentrated ownership in sectors such as telecom and groceries and lists possible policy responses, including a proposed wealth tax on fortunes over C$10 million (estimated by the Parliamentary Budget Office to raise roughly C$25 billion annually), curbing offshore tax avoidance, and support for an International Panel on Inequality. Summary: The report presents data on growing wealth concentration among Canada’s richest and connects those figures to broader measures of poverty and food insecurity. Undetermined at this time.