The Average Net Worth By Age in Canada in January 2023

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If you’re wondering if you have an above-average net worth, you’re in luck: Statistics Canada has done the hard work for you.

But as with any complex financial calculation, there’s more to consider.

How can you increase your net worth? How does it affect where you live in Canada? How to calculate it in the first place?

What is net worth?

Your net worth is your total assets minus your total debts.


A Property Anything of value that you own.

As of 2019, the most common types of properties are their average value Statistics CanadaThey are:

  • Single family homes: $400,000
  • Retirement assets: $158,700
  • Vehicles: $17,000
  • Bank deposits and other financial assets: $14,000

A Responsible It is a loan even if it is not a loan.

The most common types of liabilities in Canada are:

  • Mortgages: $180,000
  • Auto loan: $18,000
  • Student loan: $12,000
  • Loans, credit cards and other installment loans: $7,000

While it’s easy to see how much you have in your savings and investment accounts, your net worth is more complicated.

Net worth calculator

You can find your net worth using an online calculator. Sun Life’s is one of the best for Canadians and you will find it Here.

Canadian Net Worth by Age

The latest information on this comes from the 2019 report Statistics Canada. Here’s the average net worth for Canadians broken down by age.

  • Under 35: $48,800
  • 35 to 44: $234,400
  • 45 to 54: $521,100
  • 55 to 64: $690,000
  • 65 and over: $543,000

It makes sense that one’s net worth rises as you age. You can build wealth through savings and investments. Once you buy a home, it’s always worth it.

Average net worth declines after age 64, however, as people begin to tap into their retirement savings.

Good news for younger folks, though: StatsCan detected Throughout the pandemic, people under the age of 35 saw the biggest gains in net worth.

Their net worth increased by 3.8% in the third quarter of 2021, compared to an average increase of 2.5% for all households.

But the bad news for renters: It’s mostly just for homeowners. More than 80% of their growth in net worth came from gains in the market value of their real estate.

Canadian net worth by province

Of course, your age is not the only determining factor for your net worth.

A person living in British Columbia is more likely to have a higher net worth than someone in Prince Edward Island, according to StatsCan.

Here’s their data for the province’s median net worth from 2019. We have sorted them from highest to lowest.

  1. Ontario: $434,500
  2. British Columbia: $423,000
  3. Saskatchewan: $330,500
  4. Alberta: $317,000
  5. Manitoba: $295,700
  6. Nova Scotia: $257,900
  7. Newfoundland & Labrador: $247,300
  8. Quebec: $237,800
  9. Prince Edward Island: $211,400
  10. New Brunswick: $185,000

As you can see, Ontario and B.C. are far ahead of other provinces. StatsCan hasn’t examined why this is, but there could be a few reasons.

Both provinces have cities with some of the highest real estate prices in the country — Toronto and Vancouver — meaning a large portion of the population would have to have a high net worth to live there.

If they bought their home a long time ago, their net worth has gone up.

Most of Canada’s celebrities and super-rich Canadians live in Ontario or BC, including Shopify CEO Tobias Lütke, CEO Jim Pattison, media mogul David Thompson and Lululemon founder Chip Wilson. Top 1% income in Canada.

On average, Ontario and B.C. Wages are high.

According to StatsCanAverage annual salary as of December 2021 (calculated by multiplying average weekly earnings by 52):

  1. Alberta: $64,376
  2. Ontario: $60,320
  3. British Columbia: $58,916
  4. Saskatchewan: $58,344
  5. Newfoundland and Labrador: $57,460
  6. Quebec: $56,004
  7. New Brunswick: $53,872
  8. Manitoba: $53,612
  9. Nova Scotia: $51,792
  10. Prince Edward Island: $49,244

Canadian Net Worth by Family Type

Two-parent families have a huge financial advantage over single-parent families, StatsCan has found.

And like single people, senior households — where at least one partner is 55 — are wealthier than younger ones.

This data does not include single, unlinked individuals.

  • Senior households: $840,900
  • Non-senior households: $443,400
  • Couples without children: $459,400
  • Couples with children under 18: $435,700
  • Lone-parent families: $83,100

Two-parent families can have two income streams, making it easier to build a high net worth.

They are able to share parenting duties, which facilitates higher paying jobs.

Two-parent households may split household bills such as energy costs and groceries.

All this makes them less likely to experience poverty.

Canadian income through education

StatsCan doesn’t collect data on net worth by education level – but it does Income by Education Level.

It is clear that the more educated you are, the more likely you are to get a higher paying job.

While higher education is more expensive than ever, it appears to be your best bet to earn more and thus have a higher net worth.

This data on average salary is from 2016:

  • Not completing high school: $26,824
  • High school diploma or equivalent qualification: $35,017
  • Apprenticeship or trade certificate or diploma: $47,651
  • College, CEGEP and other non-university certificate or diploma: $47,259
  • University certificate or diploma below bachelor’s level: $50,157
  • University certificate or bachelor’s degree or higher: $69,418

It’s a bit strange that StatsCan doesn’t break out the data between bachelor’s degree holders compared to master’s and PhD’s. But that’s what we’re working on.

Canadian income by occupation

As with education, StatsCan doesn’t collect data on net worth by occupation – but it does collect income by occupation.

This data on average hourly wages is from 2018. The average hourly wage for all Canadians with jobs is $26.92.

  • Management: $43.68
  • Natural and Applied Sciences: $36.62
  • Education, legal and social, community and government services: $32.87
  • Health: $29.94
  • Business, Finance and Administration: $26.72
  • Trade, transportation and equipment operators: $26.53
  • Natural Resources and Agriculture: $24.95
  • Arts, culture, entertainment and sports: $23.31
  • Manufacturing and utilities: $22.78
  • Sales and service: $17.64

How to Increase Your Net Worth

Increasing your net worth means paying off your debts and increasing your wealth. Of course, that’s easier said than done. But here are some ideas to get you started:

1. Pay off debt

If your net worth is low or negative, there’s a good chance your debts are dragging you down.

Getting debt-free by paying off credit card debt, student loans, and other debt is a great first step to building your net worth.

2. Investment

Putting money away in a savings account won’t do much for your net worth in the long run.

Thanks to compound interest, putting that money into a low-risk exchange-traded fund (ETF), mutual funds or other well-diversified portfolio is a popular way for Canadians to increase their net worth.

3. Start a side hustle

Do you like frugality? Why not try selling some of your killer finds on eBay? Are IKEA tables really good at putting them together? You can try becoming a TaskRabbit.

The rise of the gig economy has changed our economy — for better or worse, depending on who you ask — but it’s also provided some easily accessible ways to make money on the side.

4. Get a promotion or a higher paying job

If you’ve been at your job for a while, ask for a raise. Take some time to look at other places that might hire you.

If you feel comfortable, apply to some, even if you don’t want to jump ship. You may get an opportunity that will surprise you.

Even if you don’t want to leave just yet, you can use the outsourcing offer in negotiations with your current company.

5. Get more education or training

The number one proven way to advance in the professional world: development.

Canada is currently facing a skilled labor shortage. That means high-paying trades are in high demand. The Central government And some provinces etc OntarioHelp pay for your education.

Even if you’re not interested in blue-collar work, see if your company will pay for any relevant training. You can always use it to move up and down the ladder.

6. Somewhere cheaper

Canadian real estate is out of control in many major cities. But Canada is a big country, and many areas still have affordable housing.

If you’ve moved to work from home, especially during the pandemic, why not try another part of Canada?

Frequently Asked Questions

What net worth is considered rich in Canada?

Kickass entrepreneur crumbled Numbers and the top 1% of Canadians have a net worth of $9.2 million each, based on bank data and Canada’s demographics.

He found that about 764,033 Canadians had between $1-5 million USD, or about 2% of the population.

How many billionaires are there in Canada?

According to Swiss debtAt the end of 2020, there were 1,681,969 millionaires in Canada. This is 5.6% of the adult population.

Final thoughts

Figuring out your net worth can be complicated. Fortunately, there are calculators that can help you.

Statistics Canada is always collecting data to help you find comparables based on your age, location, education and other factors.

If you have less than the average net worth for your age group, don’t worry.

There are many ways to increase your net worth, including paying off debts and taking on side hustles, training, and job opportunities to increase your income.

Investing in a well-diversified portfolio is an easy way to set aside some money that will surely grow over time.


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