Canada’s richest hold more wealth than several countries, Oxfam finds
Oxfam reports Canada’s 40 wealthiest people grew their fortunes by C$95 billion in a year, leaving the top one per cent with nearly a quarter of national wealth.
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By Torontoer Staff
Canada’s 40 wealthiest people increased their combined fortunes by more than C$95 billion between 2024 and 2025, giving them a collective value larger than the gross domestic product of countries such as New Zealand, Colombia, Finland, Chile, and South Africa, according to a new report from Oxfam Canada.
The report uses data from Statistics Canada, Maclean’s, and Forbes to document rising wealth concentration and the widening gap between the richest and the rest of the population.
Key findings from the Oxfam report
Oxfam says the 40 richest Canadians saw their wealth climb by over 20 per cent in a single year. The organisation highlights several headline figures that illustrate the scale of inequality.
- Top 40 billionaires added roughly C$95 billion between 2024 and 2025.
- The top one per cent, defined as those with at least C$7 million in net worth, hold nearly 25 per cent of Canada’s wealth, about C$1.25 trillion.
- The bottom 40 per cent of wealth holders collectively own three per cent of national wealth, with an average net worth under C$87,000.
- In 2023, 10.9 per cent of Canadians, about four million people, were living in poverty.
- Grocery prices rose almost five per cent between 2024 and 2025, and in 2024 one in four households experienced food insecurity.
That isn’t a narrow wealth gap but a wide, expansive, echoing wealth chasm.
Oxfam Canada
Who holds the wealth
Oxfam’s national breakdown names familiar Canadian fortunes at the top. The concentration is spread across families and sectors that affect everyday costs for Canadians.
- Thomson family: C$90.2 billion, majority stake in Thomson Reuters via Woodbridge Co.
- Galen Weston family: C$20.6 billion, Loblaw and associated grocery, real estate, and pharmacy holdings.
- Irving family: C$15.8 billion, oil, forestry and agriculture interests.
- Rogers family: C$11.9 billion, majority interests in telecom and media.
- Jim Pattison: C$11.9 billion, diversified holdings including retail and transportation.
Drivers of concentrated wealth
Oxfam points to concentrated ownership and limited competition in key sectors as central drivers of growing wealth for a small group of owners. These sectors include telecom, groceries, media and other areas with high barriers to entry.
The report highlights Canada’s telecom market, dominated by Rogers, Bell and TELUS, as an example of limited competition contributing to high consumer prices. It also notes consolidation in grocery chains and ownership of major media outlets.
Policy options Oxfam recommends
Oxfam offers a set of policy proposals aimed at rebalancing wealth. Some are specific and quantified, others focus on systemic changes to taxation and transparency.
- A wealth tax on individuals with over C$10 million in net worth. The Parliamentary Budget Officer estimates a modest tax of this kind could raise about C$25 billion per year over five years.
- Tighter controls on offshore tax havens and measures to stop profit shifting.
- Support for an International Panel on Inequality to inform policy and improve data on wealth distribution.
What this means for Canadians
Rising wealth at the top coincides with higher living costs for many households. Oxfam links the widening gap to essential costs such as food and housing, and warns that growing inequality can erode democratic processes as wealthy owners and corporations increase their influence.
For households affected by food insecurity, homelessness, or stagnant incomes, concentrated wealth translates into harder choices at the grocery store and in the housing market. The report frames these trends as part of a global pattern of increasing inequality.
What to watch next
Policymakers and advocacy groups will use the report’s figures in debates over taxation, competition law and social supports. The Parliamentary Budget Officer’s revenue estimate for a targeted wealth tax will likely be central to those discussions.
Oxfam’s full report is available on its website for readers who want the detailed data and methodology behind these findings.
The gap between the very wealthy and the rest of Canada is growing, and the report lays out both the scale of that gap and the policy options available to address it.
inequalityOxfamwealthbillionairesCanada
