Average and Median Net Worth by Age in Canada
Net worth by age in Canada
The amount of net worth that an individual has in Canada is heavily influenced by their age. While Canada does not provide a specific net worth breakdown for each age, they do provide this information based on a few different age ranges. Further these net worth figures are broken down based on the age of the major income recipient.
| Age Group | Median Net Worth |
|---|---|
| Under 35 | $159,100 |
| 35 to 44 | $409,300 |
| 45 to 54 | $675,800 |
| 55 to 65 | $873,400 |
| 65+ | $738,900 |
Average and Median net worth by percentile in Canada
If you want to see how your net worth stacks up when compared to all Canadians, the average net worth of families in Canada is $995,900 based on the most recent data from Stats Canada. It is important to note that the average is heavily skewed by individuals in the top percentile who hold the majority of the wealth in Canada. A more realistic comparison would be to the median net worth which is $519,700.
To understand how the net worth changes at various percentile, we can look at both the average and median net worth by quintile as broken out in the table below. As you can see the jump is substantial to enter the top quintiles as a net worth of over $1 million is needed to be in the top 40% and further $2.5 million to be in the top 20% or the highest net worth quintile.
The average net worth of families in Canada for 2023 is $995,900 which is higher than the median net worth of $519,700. The average net worth is skewed by those in the top percentile that hold the majority of the wealth in Canada. Those in the top quintile have an average net worth of $3,160,700. Here is a breakdown of net worth based on the net worth quintiles:
| Quintile | Median Net Worth | Average Net Worth |
|---|---|---|
| Lowest net worth quintiles | $12,800 | $11,200 |
| Second net worth quintiles | $174,300 | $181,500 |
| Middle net worth quintile | $519,700 | $525,800 |
| Fourth net worth quintile | $1,078,600 | $1,100,100 |
| Highest net worth quintile | $2,488,700 | $3,160,700 |
Canada Net Worth Distribution
The wealth distribution in Canada is broken down by quintile which shows how the total wealth is distributed among Canadians. The highest quintile which represents the top 20% in Canada hold the majority of the wealth with a 64.70% share. As shown above those who are in the top net worth quintile have a median net worth of $2,488,700 or average net worth of $3,160,700.
There is a stark contrast between the top 20% and the bottom 20% as those in the lowest quintile have a negative percentage of wealth. Those in the lowest quintile hold -0.04% of the wealth distribution in Canada. This means that as a group, those in the bottom 20% hold more liabilities than they do assets. Comparing the net worth distribution for those in the bottom 20% shows a vastly different picture than that of the average and median net worth figures.
Top 1% net worth in Canada
A popular question is always what net worth does it take to be in the top 1% of all Canadians? As of the latest report from the Parliamentary Budget Officer (PBO) the threshold to make it into the top 1% is $6.3 million. When this report was released it was estimated that there are 160,600 households that are in the top 1 percent.
Average and median net worth across provinces in Canada
We can also see a breakdown by province to understand how net worth chances around Canada. Both British Columbia and Ontario top the list when it comes to net worth. For British Columbia the median net worth is $773,500 and the average net worth is $1,265,400. When looking at ontario we can see that their median net worth is $665,600 and their average net worth is $1,165,400.
This is how the average and median net worth varies across Canada based on the province:
| Province | Median Net Worth | Average net Worth |
|---|---|---|
| British Columbia | $773,500 | $1,265,400 |
| Ontario | $665,600 | $1,165,400 |
| Alberta | $457,100 | $942,800 |
| PEI | $399,800 | $681,100 |
| Saskatchewan | $394,600 | $824,800 |
| Manitoba | $386,300 | $746,400 |
| Quebec | $371,000 | $752,400 |
| Nova Scotia | $354,600 | $681,700 |
| Newfoundland | $333,500 | $664,800 |
| New Brunswick | $286,200 | $506,400 |
This data is based on the most recent asset and debt by net worth quintile data released by statcan on 2024-10-29.