Ever wondered what the average net worth by age in Canada is? Well, we are here to tell you what it is and much more.
Net worth is the value of all the non-financial and financial assets owned by an individual or institution minus the value of all its outstanding liabilities. Your net worth is a reliable indicator of your general economic wellbeing.
In many developed nations, it takes a very high level of wealth to make it into the top 1%, depending on your age.
For example, to get into the top 1% in Canada if you are between 25 to 29 takes slightly over $412,000. However, someone who is between 65 to 69 takes somewhat over $9,991,000 in 2022.
Stick around, and we will tell you all you need to know about the averages and break down the numbers.
What is the Average Net Worth by Age in Canada
The average net worth by age in Canada is the total net worth of everyone within a specific age bracket divided by the number of Canadians within that age group. For example, if ten Canadians within the age group 18 years – 24 years had a combined net worth of CAD 1.2 million. The average net worth by the age of those Canadians will be CAD 1.2 million/10 = CAD 120,000.
In 2022, we analyzed the age net worth data from Statistics Canada to determine the average net worth by age in Canada. Please note that the available net worth data from Statistics Canada is from 1999 – 2019. We shall update this table once new data touchpoints go up.
Age | 1999 - Median Net Worth in CAD | 2016 - Median Net Worth in CAD | 2019 - Median Net Worth in CAD |
Under 35 | 26,000 | 37,200 | 48,800 |
35 to 44 | 139,500 | 232,600 | 234,400 |
45 to 54 | 272,800 | 457,700 | 521,100 |
55 to 64 | 395,800 | 709,200 | 690,000 |
65 and older | 302,500 | 547,700 | 543,200 |
What does this data mean?
Canadians aged 35 increased their net worth by 43.08% between 1999 – 2016 and by 31.18% between 2016 and 2019.
However, the average net worth by age in Canada for people between the ages of 35 to 44 increased by 66.74% between 1999 and 2016 and 0.77% between 2016 and 2019.
Canadians aged 45 – 54 years’ average net worth in Canada grew by 67.78% between 1999 – 2016 and 13.85% between 2016 and 2019.
The average Canadian net worth of those aged 55 – 64 grew by 79.18% between 199 – 2016 but recorded negative growth of -2.71% between 2016 – 2019.
Canadian seniors aged 65 and older saw their net worth grow by 81.06% between 1999 – 2016 but recorded negative growth of -0.82% between 2016 – 2019.
From this data, we can say that the average net worth by age in Canada increased significantly across all age groups between 1999 – 2016 but was not as impressive between 2016 – 2019.
Average Net Worth in Canada by Household
The average net worth by household in Canada statistics in the table below was collected in 2019 and released in 2021, and it is Canada’s most recent and accurate statistics.
Economic Families | 1999 - Median Net Worth in CAD | 2016 - Median Net Worth in CAD | 2019 - Median Net Worth in CAD |
Senior Families | 436,000 | 808,000 | 840,900 |
Couples Only | 241,600 | 483,200 | 459,400 |
Couples with children under 18 | 184,200 | 382,800 | 435,700 |
Lone-parent families | 22,300 | 60,600 | 83,100 |
Other non-senior families | 293,800 | 582,200 | 579,800 |
What does this data mean?
The median income of senior families rose by 85.32% between 1999 to 2016 but only grew marginally by 4.07% between 2016 and 2019.
Couples net worth by age in Canada increased 100% between 1999 to 2016 but declined by -4.93% between 2016 and 2019.
Couples with children recorded a significant increase of 107.81% in their median income between 1999 to 2016. However, this group of Canadians recorded a 13.82% growth in their net worth between 2016 – 2019. This could be because of the many government programs like Canada child benefits introduced to help families with children.
The loan-parent families recorded the most substantial growth of 171.75% in median income between 1999 to 2016 and recorded an impressive growth of 37.13% between 2016 – 2019.
The other non-senior families’ median income grew by 98.16% between 1999 – 2016 but recorded negative growth of -0.41% between 2016 – 2019.
The summary of the average net worth by age in Canada shows that Canadians, regardless of their age group, significantly increased median income and net worth between 1999 – 2016. It is also safe to say that Canadians were generally wealthier during that period.
Despite the global economic recession of 2008, the Canadian government put programs and policies in place that helped Canadians significantly protect and grow their wealth.
However, the same cannot be said of 2016 – 2019. Available data from StatsCan shows that Canadians have only managed to grow their median income and overall net worth marginally between 2016 – 2019.
Average Net Worth in Canada by Province
In Canada, net worth is highest in Ontario and British Columbia, respectively. In 2019, Ontario families reported a median net worth of $434,500 and British Columbians of $423,700.
Areas like Vancouver and Toronto are some of the big names in this context (even places like Quebec City). Ordinarily, these metropolitan areas would be the best guess even without crunching the numbers, and the numbers confirm that they are.
On the other hand, the average median net worth of Canadians living in Manitoba dropped by -12.78% between 2016 – 2019.
For the median net worth in Canadian provinces and cities, find them below (note: they are arranged in descending order):
Age | 1999 - Median Net Worth in CAD | 2016 - Median Net Worth in CAD | 2019 - Median Net Worth in CAD |
Newfoundland and Labrador | 94,400 | 224,300 | 247,300 |
Prince Edward Island | 120,500 | 216,100 | 211,400 |
Nova Scotia | 140,300 | 238,600 | 257,900 |
New Brunswick | 118,700 | 167,800 | 185,000 |
Quebec | 112,000 | 221,300 | 237,800 |
Ontario | 187,500 | 387,300 | 434,500 |
Manitoba | 151,800 | 339,800 | 295,700 |
Saskatchewan | 188,100 | 310,900 | 330,500 |
Alberta | 174,400 | 307,700 | 317,300 |
British Columbia | 168,400 | 454,800 | 423,700 |
What does this data mean?
The pattern here is very similar to the ones with average net worth by age in Canada.
Canadians living in Newfoundland and Labrador recorded the second largest increase (137.61%) in their medin net worth between 1990 to 2016. The province’s residents also had the second highest average net worth by age in Canada os 10.25%, between 2016 – 2019 (10.25%).
The average net worth of Canadians living in Prince Edwards Island grew significantly by 79.34% between 1999 and 2016 but shrunk by -2.18% between 2016 and 2019.
Further, although the province of British Columbia had the highest jump in terms of the net worth of 170.07% between 1999 – 2016, the province also had the second poorest performance since 2016, with an average net worth by age in Canada declining by -6.84%.
Ontario residents have the highest average net worth increase of 12.19% in all Canadian provinces since 2016, while Manitoba recorded the poorest growth of -12.98% since 2016.
How to Calculate your Net Worth in Canada
Your net worth is the value of all your assets minus the total of all your liabilities at a given time. Simply put, Net Worth = Total Assets – Total Liability.
Net worth is a snapshot of your financial health at a specific time. It’s calculated by subtracting your liabilities (debts you owe) from your assets (things you own).
You have a negative net worth if you owe more than you own. You will have a positive net worth if you own more than you owe.
Conclusion
The more net worth you have, the better off you are. The wealthiest families in Canada make hundreds of thousands of dollars per year.
While that doesn’t mean it is impossible to reach a high level of net worth with less money, it seems like the odds are stacked against you.
Learning how to manage your finances early on will help you reach your financial goals sooner rather than later.
I hope the financial picture we’ve painted for you today has been helpful.
Of course, everyone’s situation is different, and you will need to consider many factors when building your net worth in Canada.
Regardless of where you are, there’s no better time to start than today—so get started!
FAQs
What Is Considered High Net Worth In Canada?
A high net worth individual in Canada is one whose liquid assets are higher than the median net worth of their age group. Generally speaking, these individuals have liquid assets valued between CAD 1 million and CAD 5 million.
Hi, I'm Adeola Adegoke. I am a licensed Insurance Broker in Manitoba, and I hold a master’s degree in Mathematical Sciences (with a major in Financial Modeling) from the African Institute for Mathematical Sciences (AIMS), Tanzania.
Also, I have a second master's degree in Statistics from the University of Regina, and I am currently pursuing my Ph.D. in Statistics at the University of Manitoba.
The primary purpose of Money Reverie is to help everyday Canadians make better financial decisions by providing up-to-date financial news and information, reports, product reviews, and government programs.
