Canada is one of the most highly developed economies in the world, and the neighbor to the United States has continued to grow in stature especially over the past years and decades. It has the 9th largest GDP in the entire world, and like most developed nations, its GDP is focused on the service sectors, where around three-fourth of Canadians work.
Canada is also blessed in the fact that it has huge terrain and abundant natural resources. In fact, it it said to have the third highest value of total natural resources in the world, with the value being estimated at around $33.2 trillion in 2019. You might be surprised to know this since Canada doesn’t really feature in conversations regarding petroleum resources ahead of other candidates such as Middle Eastern companies, Saudi Arabia and Norway, but Canada actually has the third highest petroleum reserves in the world, and is also the fourth biggest exporter of petroleum in the world too.
The thing about Canada is, it has always had a sparse population and a vast amount of land, most of which is uninhabitable due to the weather and terrain. Hence, Canada always focused on inviting skilled migrants from countries across the world to move to Canada, make it their home and contribute to the economy with their skills, which makes it one of the most globalized economies in the world as well. And the way things work in the country have ensured that there is a low level of income disparity, even when compared to other developed countries like the United States and its disposable income per capita is well above the average of the Organization of Economically Developed Countries, which shows how far the nation has come.
While Canada’s population of nearly 38 million is just a fraction of the population of its neighbor in the United States, Canada has still been able to produce a lot of major companies which are well known across the world. Since its own population is low, most of the largest companies in Canada also have operations in the United States, which is why these companies are also often listed on either of the two major US stock exchanges. These companies also tend to have operations across the world and not just within Canada or the US, which is how they’re able to earn their billions in revenue. In fact, Canada’s stock exchange is actually the 8th largest stock exchange in the entire world, bigger than many major European countries and has more than 1,500 companies with a combined market capitalization of at least $3 trillion. True, only the top two US companies are able to exceed the market capitalization of the entire Canadian stock exchange, but honestly $3 trillion is no laughing matter.
Just the 15 biggest Canadian companies have a market capitalization of more than $633 billion. Their combined revenue for 2019 exceeds $500 billion while their assets are worth more than $5.8 trillion. These companies are also highly profitable and their total profits exceeded $65 billion. As I mentioned earlier, natural resources are vastly abundant in Canada, which is why it should be no surprise that we will kick off our list with a company that is engaged in the exploration of natural sources. To calculate our rankings, we considered the market capitalization, revenue, assets and profits of each company, and determined their average rankings based on these metrics. After all, ranking a company by size can be subjective with some people preferring assets, other people preferring market cap, and yet others preferring revenue for their ranking. We hence took the average to ensure that all possible metrics were accounted for. Our source for these statistics were Forbes latest list on the 2000 biggest companies in the entire world, which had a lot of entries from Canada. So without further ado, let’s take a look at the cornerstones of the Canadian economy, starting with number 15:
15. Canadian Natural Resources
Total revenue of the company in 2019 (in billions of dollars): 17.2
Total profit of the company in 2019 (in billions of dollars): 4.1
Total assets of the company in 2019 (in billions of dollars): 62.3
Total market value of the company in March 2020 (in billions of dollars): 19.8
The company is engaged in exploring hydrocarbons and is the biggest natural gas producer in Western Canada in addition to being the biggest producer of heavy crude oil in the country.
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14. Sun Life Financial (NYSE:SLF)
Total revenue of the company in 2019 (in billions of dollars): 24.6
Total profit of the company in 2019 (in billions of dollars): 2
Total assets of the company in 2019 (in billions of dollars): 226.1
Total market value of the company in March 2020 (in billions of dollars): 20.1
While a financial services company, it is most popularly known as a life insurance company, which is also among the oldest in the world, having been founded in 1865.
13. BCE (NYSE:BCE)
Total revenue of the company in 2019 (in billions of dollars): 18.1
Total profit of the company in 2019 (in billions of dollars): 2.4
Total assets of the company in 2019 (in billions of dollars): 46.4
Total market value of the company in March 2020 (in billions of dollars): 36.6
BCE is the biggest telecom operator in Canada, and also has media assets under other subsidiaries. The company was founded 38 years ago and has over 52,000 employees.
12. Suncor Energy (NYSE:SU)
Total revenue of the company in 2019 (in billions of dollars): 28.9
Total profit of the company in 2019 (in billions of dollars): 2.2
Total assets of the company in 2019 (in billions of dollars): 69
Total market value of the company in March 2020 (in billions of dollars): 27.3
Suncor Energy is headquartered in Calgary, Alberta and specializes in producing synthetic crude from oil sands, and has more than 13,000 employees.
11. Barrick Gold (NYSE:GOLD)
Total revenue of the company in 2019 (in billions of dollars): 9.7
Total profit of the company in 2019 (in billions of dollars): 4
Total assets of the company in 2019 (in billions of dollars): 44.4
Total market value of the company in March 2020 (in billions of dollars): 45.9
Barrick Gold is among the largest mining companies in the world, where Canada has a strong presence, and the company has at least 16 operating sites within 13 countries.
Pixabay/Public Domain
10. Couche Tard
Total revenue of the company in 2019 (in billions of dollars): 57.5
Total profit of the company in 2019 (in billions of dollars): 2.1
Total assets of the company in 2019 (in billions of dollars): 24.8
Total market value of the company in March 2020 (in billions of dollars): 31.3
C0uche Tard is the biggest Canadian convenience store company, and has more than 100,000 employees to run its 15,000 stores.
LADO/Shutterstock.com
9. TC Energy
Total revenue of the company in 2019 (in billions of dollars): 9.8
Total profit of the company in 2019 (in billions of dollars): 3.1
Total assets of the company in 2019 (in billions of dollars): 76.6
Total market value of the company in March 2020 (in billions of dollars): 43.3
Our list is dominated by energy companies and banks, with TC Energy falling into the former category. It has operations in Canada, the United States and Mexico.
Suwin/Shutterstock.com
8. Canadian Imperial Bank (NYSE:CM)
Total revenue of the company in 2019 (in billions of dollars): 21.6
Total profit of the company in 2019 (in billions of dollars): 3.9
Total assets of the company in 2019 (in billions of dollars): 508.2
Total market value of the company in March 2020 (in billions of dollars): 26.4
Even though it was founded 59 years ago in 1961, Canadian Imperial Bank is still one of the most recent banks in our list.
7. Manulife (NYSE:MFC)
Total revenue of the company in 2019 (in billions of dollars): 58.3
Total profit of the company in 2019 (in billions of dollars): 4.2
Total assets of the company in 2019 (in billions of dollars): 592
Total market value of the company in March 2020 (in billions of dollars): 24.5
Manulife has operations in Canada, the US and Asia and has more than 26 million customers globally.
Pixabay/Public Domain
6. Bank of Montreal
Total revenue of the company in 2019 (in billions of dollars): 29.1
Total profit of the company in 2019 (in billions of dollars): 4.4
Total assets of the company in 2019 (in billions of dollars): 665.2
Total market value of the company in March 2020 (in billions of dollars): 32.6
We have plenty more banks in addition to the Bank of Montreal in the largest Canadian companies. The Bank of Montreal was founded over 200 years ago and continues to be ranked among the biggest Canadian banks.
5. Enbridge (NYSE:ENB)
Total revenue of the company in 2019 (in billions of dollars): 37.5
Total profit of the company in 2019 (in billions of dollars): 4.3
Total assets of the company in 2019 (in billions of dollars): 125.9
Total market value of the company in March 2020 (in billions of dollars): 62.2
Enbridge is a major Canadian multinational energy company which is headquartered in Calgary, Alberta. It is a major player in the distribution of energy as well as its transportation and generation throughout North America. The company has operations in not just Canada but the United States as well, and is the owner of Canada’s largest natural gas distribution network.
4. Brookfield Asset Management (NYSE:BAM)
Total revenue of the company in 2019 (in billions of dollars): 69.1
Total profit of the company in 2019 (in billions of dollars): 2.8
Total assets of the company in 2019 (in billions of dollars): 324
Total market value of the company in March 2020 (in billions of dollars): 51.3
It is the biggest asset management company in Canada, and is actually an alternative asset management company, where it focuses on private equity, infrastructure, real estate and renewable power.
Copyright: olivier26 / 123RF Stock Photo
3. Bank of Nova Scotia
Total revenue of the company in 2019 (in billions of dollars): 34.8
Total profit of the company in 2019 (in billions of dollars): 6.4
Total assets of the company in 2019 (in billions of dollars): 872.6
Total market value of the company in March 2020 (in billions of dollars): 48.7
The Bank of Nova Scotia is considered to be one of the Big Five banks in Canada, and is 188 years old, having been founded initially in Halifax in 1932. It claims to be Canada’s most international bank due to its presence in several countries across the world, including the Caribbean, Latin America, the US, Europe and Asia. The bank has more than 88,000 employees and is currently headquartered in Toronto, where it has been for more than the last century.
Copyright: samranwara31 / 123RF Stock Photo
2. TD Bank Group (NYSE:TD)
Total revenue of the company in 2019 (in billions of dollars): 280,522
Total profit of the company in 2019 (in billions of dollars): 11,588
Total assets of the company in 2019 (in billions of dollars): 225,248
Total market value of the company in March 2020 (in billions of dollars):
The top three largest Canadian companies are all banks, with the second spot going to TD Bank Group, also known as the Toronoto-Dominion Bank. The banks was established 65 years ago in 1955 and came into being through the merger of the Bank of Toronto and The Dominion Bank, both companies tracing their roots to the mid-1800s. The banks has more than 26 million customers as well as 89,000 employees and has more than 2,000 branches across the US and Canada alone.
1. Royal Bank of Canada (NYSE:RY)
Total revenue of the company in 2019 (in billions of dollars): 50.9
Total profit of the company in 2019 (in billions of dollars): 10
Total assets of the company in 2019 (in billions of dollars): 1,116.3
Total market value of the company in March 2020 (in billions of dollars): 87.7
Financial institutions have dominated our list and it is no surprise that the Royal Bank of Canada tops the list of the 15 largest Canadian companies. The Royal Bank of Canada is also one of the oldest banks in the country, having been founded 157 years ago in 1864, and currently has more than 16 million clients. The bank also has more than 86,000 employees across the globe and is headquartered in Toronto. The bank has more than 1,209 branches in Canada while it also has around 127 branches in several countries in the Caribbean, allowing it to serve millions of clients more. It also has operations in at least 36 other countries.
See also: 16 largest financial services companies in the world and 15 largest energy companies in the world
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This article is originally published at Insider Monkey.