Canada is projected to see a significant increase in its billionaire population over the next five years, according to a recent report by global real estate agency Knight Frank LLP. The company forecasts a 33 percent growth in the number of Canadian billionaires by 2031, adding 16 new individuals to the list and bringing the total to 65.
Billionaire Growth Projections
Knight Frank's report, released last week, highlights that Canada's billionaire population grew to 49 in 2026, up from 47 the previous year. This places Canada 13th globally in billionaire count. The United States leads the world with 914 billionaires as of 2026, though its growth rate is expected to be just 12 percent over the next five years.
Other top countries include China with 485 billionaires, India with 207, Germany with 165, Russia with 114, and Britain with 100. Saudi Arabia is predicted to experience the highest growth rate at 183 percent, jumping from 23 billionaires in 2026 to 65 by 2031.
Discrepancies in Billionaire Counts
Knight Frank's estimate differs from Forbes' latest annual list, which reported 82 billionaires in Canada. The agency noted that its figures are based on where billionaires are nominally resident, rather than citizenship or country of birth, which may account for the discrepancy.
Ultra-High Net Worth Individuals
Beyond billionaires, Canada's ultra-high net worth individual (UHNWI) population—those worth US$30 million or more—is also growing. Knight Frank reported a 21 percent increase between 2021 and 2026, reaching 12,920 individuals this year. By 2031, the number is expected to rise by 30 percent, adding nearly 4,000 UHNWIs to reach 16,796. This makes Canada the 13th fastest-growing UHNWI country globally.
Globally, the UHNWI population climbed from 551,435 to 713,626 over the past five years. The United States holds a 36 percent share of ultra-wealthy individuals, a concentration Knight Frank anticipates will intensify to 41 percent by 2031.
The report also notes that the total number of billionaires worldwide could approach 4,000 by 2031, up from 3,110 in 2026.
