Study finds Oakville, Burlington top places in Canada to get rich


Published January 16, 2023 at 12:15 pm

Oakville and Burlington top the list of best cities to get rich in Canada according to a recent study conducted by Yore Oyster. PEXELS PHOTO

If you want to be rich, Oakville and Burlington are the places to be.

The two Halton Region locations are the best cities to get rich in Canada according to a recent study conducted by Yore Oyster.

The top-20 list is centred around small cities that are attracting more people and businesses and use data from sources such as Statistics Canada, Government of Canada, CREA and each city’s official website.

The ranking is based on three qualifying factors:

  • Median Household Income After Taxes
  • Monthly Cost of Living
  • GDP Per Capita

“Canada is a great place to get rich,” reads the blog by Yore Oyster. “With its lower-cost of living, a high standard of living, and a stable economy, it’s the perfect destination for those looking for financial success.

“If you want to make it even easier on yourself, there are plenty of Canadian cities that will give you the best opportunities and perfect for people who want to get rich and live a luxurious lifestyle.”

The top 20 ranked cities are Oakville, Burlington, Saskatoon, Regina, Barrie, St. John’s, Saanich, Waterloo, Guelph, Sherbrooke, Kamloops, Greater Sudbury, Lethbridge, Kingston, Thunder Bay, Lévis, Kelowna, Trois-Rivières, Nanaimo, and St. Catharines.

Here’s Yore Oyster’s look at why Oakville and Burlington topped its list of best small cities for getting rich in Canada:

  1. Oakville

Population (City Proper): 193,832

Oakville is all about economic opportunity, growth and success, no matter what industry sector you represent. The city’s economic indicators show the big picture: from nearly full employment to higher-than-average household incomes.

Oakville’s industry strengths include Professional and Financial Services; Digital Media, ICT and Film; Life Sciences; and Advanced Manufacturing. In Oakville, businesses in these sectors have access to competitive costs of doing business, an exceptional talent pool, excellent educational resources, proximity to Canada’s corporate and cultural capital, and accessibility to domestic and international markets.

Median Household Income After Taxes: $95,035

Cost of Living (Monthly): $2,984

GDP Annual Growth Rate: 3%

  1. Burlington

Population (City Proper): 193,533

Burlington is a city of safe neighbourhoods, protected rural spaces and natural beauty with a thriving economic and technological infrastructure that provides every opportunity for your startup or business expansion.

Its pro-business culture has enabled companies from Canada and around the globe to leverage unique opportunities while drawing from one of the highest educated and skilled workforces in the region.

American Cities of the Future ranked Burlington in its top 25 for Foreign Direct Investment (FDI) Strategy, in part due to their ability to attract a number of high-profile companies in a range of industries.

Median Household Income After Taxes: $93,588

Cost of Living (Monthly): $2,923

GDP Per Capita: $58,275

For the full study, see here.

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