The report from the economic think-tank places Canada fifth amongst 16 of the world's wealthiest countries.
The board says that's due in part to the economic performance of the oil- rich provinces of Alberta, Saskatchewan and Newfoundland and Labrador.
Hancock suggests there's more to it than just harvesting resources.
He says Alberta's low tax regime and investment climate have also played a part in the industrial boom.
He warns the province still has a labour shortage along with long-term challenges to stay competitive in a global marketplace.