Canada's natural resource wealth, 2024
Released: 2025-11-20
$1,362 billion
2024
-10.4% 
(annual change)
Canada's natural resource wealth—the dollar value of selected natural resource reserves—decreased by 10% from $1,520 billion in 2023 to $1,362 billion in 2024. These resources represented 8% of Canada's national wealth, as recorded in the National Balance Sheet Accounts in the fourth quarter of 2024. Energy resources (61%) accounted for the highest proportion of the total value of all natural resource assets in 2024, followed by mineral resources (28%) and timber (11%).
The value of natural resource assets was influenced mainly by fluctuations in global commodity prices, rather than changes in the physical stock of resource reserves. Data are also available for physical stock accounts, which track volume changes resulting from reserve discoveries, additions and depletion.
The data visualization product "Canada's Natural Resource Wealth: Interactive Tool" has been updated with the most recent data for 2022, 2023 and 2024.
Energy resources are Canada's top natural wealth contributor in 2024
The value of energy resources totalled $833 billion in 2024. This was down $162 billion compared with 2023, reflecting record-low prices for natural gas.
The value of crude bitumen was estimated at $622 billion in 2024. It was the highest contributor to overall natural resource wealth, representing more than one-third of the overall value.
Physical reserves of crude bitumen represented the bulk of Canada's recoverable hydrocarbon reserves, with 3.4 billion cubic metres under active development in 2024, down 1% from 2023. Depletion of crude bitumen reserves continued at a faster pace in 2024, rising 4% year over year to 195.4 million cubic metres, representing the highest production on record. The increase reflects changes in extraction rates and market conditions.
Crude oil and natural gas contributed 8% of total resource wealth in 2024, compared with 16% in 2023.
Potash and gold account for 18% of the total natural resource value
In 2024, the value of mineral resources rose to $383 billion from $371 billion in 2023. The increase was largely attributable to higher global prices of gold and uranium. Although the value of potash assets declined 23% to $144 billion in 2024, it remained a large contributor to total resource wealth (11%).
Gold assets were valued at $97 billion in 2024, up from $40 billion the previous year, reflecting large increases in the price of gold because of its continued demand as a store of value and investment. Canada is one of the top gold producers worldwide, and production has increased by 32% over the past decade. Proven and probable gold reserves grew by just over half (51%) during this period, from 2 070 tonnes in 2014 to 3 133 tonnes in 2024.
Uranium reserves are a strategically important resource. Canada is among the world's leading uranium producers, and its reserves underpin the country's role in global nuclear energy supply chains. Uranium resource depletion increased 15% to 15 952 tonnes in 2024, driven by rising demand on global markets.
Reserves of selected critical minerals, including copper, iron, zinc, uranium, potash, nickel and molybdenum, were valued at $285 billion in 2024. These minerals represented roughly 21% of total resource wealth and 75% of the value of mineral resources included in the Natural Resource Asset Accounts.
Timber assets were valued at $146 billion in 2024, down 5% from $154 billion in 2023.
Chart 1
Natural resource assets, 2013 to 2024
Note to readers
Statistics Canada's Natural Resource Asset Accounts (NRAA) reflects the value of proven and probable reserves of selected minerals, established active reserves of energy, and timber stocks that are physically accessible and available for harvesting. Energy resources include natural gas, crude oil, crude bitumen and coal. Mineral resources include gold, nickel, copper, zinc, iron, molybdenum, uranium, potash and diamonds.
Monetary asset accounts record the value of stocks of natural resources in the environment. They are a reconciliation account and are recorded in a balance sheet format that depicts the opening stock value, changes in stock value and closing stock value for each asset. The monetary values are based on the North American Industry Classification System (NAICS).
Physical asset accounts record the quantity of stocks of natural resources in the environment. They are recorded in a balance sheet format that depicts the opening stock, changes in stocks because of additions or depletion, and closing stock for each asset. The physical reserve data are not based on NAICS; rather, the reserve data include reserves of a commodity, regardless of the type of mine in which they are found.
Estimates for 2024 are preliminary and will be revised. All the data and growth rates reported in this release are rounded to the nearest whole number. They are calculated with natural resource asset estimates rounded to one decimal place, which are now available in data tables.
NRAA estimates are based on the United Nations System of Environmental-Economic Accounting Central Framework and are closely linked to the 2008 System of National Accounts. For more information, refer to the Methodological Guide: Canadian System of Environmental-Economic Accounting and the Canadian System of Environmental-Economic Accounts - Natural Resource Asset Accounts survey page.
Estimates of natural resource wealth have been included in the quarterly National Balance Sheet Accounts (NBSA) at an aggregate level since December 2015. Additional information on the treatment of natural resource wealth in the NBSA is available in the article "Natural resource wealth statistics in the National Balance Sheet Accounts."
Products
The data visualization product "Canada's Natural Resource Wealth: Interactive Tool" has been updated with the most recent data for 2022, 2023 and 2024.
The Environment statistics portal, accessible from the Subjects module of the Statistics Canada website, features an overview of environmental data in Canada.
Contact information
For more information, or to enquire about the concepts, methods or data quality of this release, contact us (toll-free 1-800-263-1136; 514-283-8300; infostats@statcan.gc.ca) or Media Relations (statcan.mediahotline-ligneinfomedias.statcan@statcan.gc.ca).
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