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What is the Net Worth by Age in Canada in 2024?


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The last few years have seen a significant increase in the average net worth of people living in Canada.

A study by Statistics Canada found that the typical Canadian household now has a median net worth of $329,900, while the average net worth in Canada is $738,200.

For the median Canadian net worth, this is an all-time high and an improvement over 2016’s figure of $312,500 and far higher than the $153,100 recorded in 1999.

And the same goes for the average Canadian net worth, which was $708,900 in 2016 and $463,000 in 2005.

This article will look into the net worth by age in Canada based on different sources and parameters.

Key Takeaways

  • Your net worth is the value of all your assets (everything of value that you own) minus the total of all your liabilities (total amount you owe).
  • The median net worth of Canadians typically grows with age. Those under 35 have the lowest average net worth of $48,800, and those aged 55 to 64 have the highest median net worth of $690,000.
  • People in Ontario have the overall highest net worth in Canada, with their median net worth being $434,500.
What is the Net Worth by Age in Canada1

Net Worth by Age in Canada

Something else you might have noticed is that Statistics Canada provides data for both median net worth and average net worth. It’s essential to know the difference between the two.

The primary difference between average and median is that “average” net worth accounts for all data values and therefore includes extreme values such as millionaires and those with negative net worths.

On the other hand, ”median” net worth only looks at the median value and discards higher and lower values. It better reflects the reality for most people.

Average net worth can be skewed by values that lie on the extreme side. Suppose you were to average the net worth of every individual in Canada; in that case, you’d have to include that of Changpeng Zhao, a billionaire with a net worth of several billion dollars.

That’s probably going to skew the numbers for a college student who’s 29 and struggling to pay off his or her student debt.

Therefore, median net worth gives a more accurate representation of the average person – the net worth values for people in the middle who represent most Canadians.

Median Net Worth by Age in Canada

Now that you have a better understanding of net worth and its calculation, let’s take a closer look at the median net worth of Canadian households and individuals across age groups.

The most recent 2019 data pulled from Statistics Canada shows:

AgeMedian Net Worth (1999) – CADMedian Net Worth (2016) – CADMedian Net Worth (2019) – CAD
Under 3526,00037,20048,800
35 to 44139,500232,600234,400
45 to 54272,800457,700521,100
55 to 64395,800709,200690,000
65 and older302,500547,700543,200

On average, Canadians in the 35 to 44 age group had a net worth of $243,400, while those between 45 and 54 had an average net worth of $521,100. The net worth for those aged 55 to 64 was higher at $690,000, and seniors aged 65 and over had a $543,200 net worth.

The most dramatic increase can be seen from the age category of 35 to 44, increasing by $185,600 from the previous age group.

This trend can probably be explained by the massive amounts of student debt that many Canadian students tend to hold in their 20s, as well as this being their lower-earning years.

However, most people tend to raise their net worth with age as they advance in their careers, gain more experience, and receive higher pay rates.

As you might have seen from this data, age significantly impacts net worth.

Most people start with little or no money in their 20s, but the typical Canadian will have accumulated significant wealth by the time they hit retirement age.

For the average Canadian family, net worth climbs steadily with age until retirement (usually around 65) and gradually falls as individuals eat away at their savings.

Average Net Worth by Age in Canada

For the average net worth, we break down the average numbers into economic families (households) and individuals.

AgeAverage Net Worth (Households)Average Net Worth (Individuals)
Under 35$336,100$79,100
35 to 44 years old$589,300$212,500
45 to 54 years old$1,123,200$451,700
55 to 64 years old$1,401,900$544,800
65 years and over$1,298,800$589,700

Economic families account for a household including spouses/common-law partners, children, and relatives who are living at the same residence. Individuals refer to people who are not in an economic family.

As would be expected, the net worth of a household significantly exceeds that of individual persons.

Related: Best Stock Trading Apps in Canada.

Net Worth in Canada by Province

So how does median net worth stack up across the country? According to Stats Canada, here’s a breakdown of the numbers:

ProvinceMedian Net Worth (1999) – CADMedian Net Worth (2016) – CADMedian Net Worth (2019) – CAD
Newfoundland and Labrador94,400224,300247,300
Prince Edward Island120,500216,100211,400
Nova Scotia140,300238,600257,900
New Brunswick118,700167,800185,000
British Columbia168,400454,800423,700

So who is more affluent, the average person in Quebec or Manitoba? The average person in B.C. or Saskatchewan?

The same report from StatsCan has the answers, and the results are not too surprising.

It turns out that people in Ontario have the overall highest net worth in Canada, followed by those in British Columbia.

For a long time, these two provinces have had strong economies and surging house prices, significantly raising their market value.

Saskatchewan comes in third place, followed closely by Alberta.

People in Alberta and Saskatchewan tend to have more debt than other Canadians, although Saskatchewan also has one of the lowest property values in the country.

Manitoba residents round out the top five wealthiest provinces per median net worth.

To sum it up, the statistics reveal the net worth of Canadians in each province has continued to increase steadily since 1999 and is projected to continue on the same trajectory for the coming years.

Here’s a quick breakdown of the statistics:

  • The average Ontario household has the highest median net worth in Canada, with $434,500.
  • The median New Brunswick household comes in last, with $185,000.
  • British Columbia had the highest increase in median net worth since 1999, up by $255,300
  • Households in Ontario have two times the net worth of those in New Brunswick.

Related: Best Investment Accounts in Canada.

What Are the Average and Median Net Worth for Seniors?

Many seniors look forward to retirement, but how much money will they have to enjoy their golden years?

According to the most recent data available from Stats Canada, the average net worth of a senior (aged 65+) in Canada was around $976,099.

Meanwhile, the median net worth of seniors came in at approximately $543,200 in 2019.

The median is the mid-point between high and low numbers – so half of the Canadian seniors had a higher net worth than $543,200, while half had a lower net worth.

It’s also important to note that these numbers include people with zero or negative net worths – so it’s not necessarily representative of average or middle-class Canadians.

To put that in perspective, the average net worth of a senior is about two times larger than the median net worth.

This suggests that a relatively small number of seniors have very high net worths, while many have much lower ones – hence the wide gap between average and median.

Canada has a vast senior population, and many of these individuals are still working well into their mid-60s as they transition from their careers to retirement.

This transition period can be pretty stressful for many Canadians. A plan to grow your wealth and become debt free is essential to avoid financial hardship during this time.

If you’re a Canadian retiree or soon-to-be retiree, it’s essential to take stock of your financial situation. It can be helpful to compare your net worth against that of other Canadians.

You can review the average and median net worth figures we mentioned earlier for Canadian seniors, then consider how these numbers may compare to yours.

Related: Best Seniors Bank Accounts in Canada.

Average Net Worth per Household in Canada

Statistics Canada released a more recent report in 2021, which provided data on the distribution (by household) of the net worth of Canadians in 2020.

The data offered essential insights into the distribution of wealth across individuals living in Canada.

Statistics Canada reported that the average household wealth among Canadians reached $817,378 in the fourth quarter of 2020 and up by $69,741 from the end of 2019.

The wealthiest households in Canada were in the age group of 55-64, with an average net worth of $1,335,146.

Households under the age of 35 had the least wealth, with an average household net worth of $231,036 at the end of quarter four in 2020.

Although the total net worth owned by the lower-income households was relatively small, their average wealth grew faster than other households in Canada at a rate of 23 percent.

Meanwhile, wealthier households increased their mortgage debt in 2020 to buy more real estate.

Furthermore, the household net for the highest earners was two times higher than the average earners for the fourth quarter of 2020.

It’s also good to know that the distribution of household net worth varies by region. Households with the highest earners across most provinces decreased their share of wealth over time.

For example, homes in Ontario increased their household net worth from 20.4% in 2010 to 21.5% in 2020.

What Is the Average Savings by Age in Canada?

Canadians’ average net savings has been trending upward since the mid-2000s. In general, the older we get, the higher the savings we should have.

So what is the average savings by age in Canada more recently?

One way to look at this is to consider the average savings per household using the age group of the primary income earner.

By focusing on savings or investments held in RRSP, TFSA, private pensions, and deposit accounts from this 2019 report, we have:

RRSPTFSADepositsPrivate PensionsTotal
Under 35$41,000$17,300$11,300$73,800$143,400
35-44 years$82,100$20,800$14,900$192,600$310,400
45-54 years$150,300$27,400$19,800$406,700$604,200
55-64 years$216,900$43,500$32,700$567,500$860,600
65 years +$224,000$51,300$43,000$405,600$723,900

These numbers are not representative of the net worth of these households as it doesn’t include non-registered investment accounts, other financial assets (like RESPs), some employer-sponsored pension plans, non-financial assets (e.g. real estate), etc.

It also does not consider the liabilities held by these households, which we need to deduct to calculate their net worth.

As expected, total average savings increase as Canadians age and start to drop again when they retire and begin withdrawing funds.

For insight into how much Canadians are savings annually

For insight into the average net savings for Canadians by age group, this report provides some answers:

AgeAverage Savings (2019)Average Savings Quarter 1 (2020)Average Savings Quarter 2 (2020)Average Savings Quarter 3 (2020)
Under 357,22010,62832,48020,072
35 to 4414,96320,42840,70828,216
45 to 5411,32416,55243,05629,092
55 to 646683,06023,86815,728
65 and over-16,918-15,184-5,016-10,356

This table shows that Canadians are putting away money while in their accumulation years, and in retirement, they are spending more than they save…which is to be expected.

Related: Canada’s Pension Plans Explained.

What Does Net Worth Mean?

Your net worth is essentially the difference between your assets and your liabilities.

If you are planning on building wealth and earning more in the future, it would be great to figure out how much your net worth compares to people aged 20, 30, 40, 50, 60, and so forth.

By doing so, you will undoubtedly get a better idea of where you stand and what you should aim for in the future.

What Are Assets and Liabilities?

Assets include everything of value that you own, such as:

  • Cash in bank accounts
  • Investments like stocks, bonds, mutual funds, and real estate
  • Registered accounts like RRSPs and TFSAs

Liabilities include everything from mortgage payments and credit card debt to car loans and taxes that you owe. More examples include:

  • Student loan debt
  • Mortgages
  • Outstanding expenses

Your net worth is essentially a snapshot of your financial health. If you own more than you owe, you have a positive net worth.

If you owe more than you own, you have a negative net worth.

How To Calculate Net Worth in Canada

Your net worth is the value of all your assets minus the total of all your liabilities.

The simple formula for net worth is Net Worth = Total Assets – Total Liabilities.

To calculate your net worth, add up your assets, then subtract your liabilities.

Tallying up assets is pretty straightforward. An investment can be anything with a monetary value, including cash, stocks, real estate, etc.

If you want to be precise, you can also list the market value of any collectibles or items that have value, such as rare coins, art, and more.

The liabilities section gets a little tricky because you have to know what qualifies as a liability.

The standard definition of liability is any debt that you have an obligation to pay back.

Don’t make the mistake of thinking only credit cards and car loans count toward this number; everything from borrowed money to mortgage payments falls into this category.

Even if you have enough money in your savings account to cover these payments now, they still count as liabilities in the calculation because you are making future payments with those funds.

You can simplify this process of calculating your net worth by using an online net worth calculator.

The net worth calculator from Sun Life is a powerful tool you can use to calculate your net worth quickly – simply plug in your numbers, and the software will take care of the rest.

Average Net Worth by Age in Canada: Conclusion

Generally, we can see that the median net worth by age in Canada increases with age. The only exception is in the age group under 35, with the lowest numbers, but there is a significant increase straight after.

This can be explained by the student debt many young Canadians hold and the fact that younger people are just starting out in the workforce.

While the average Canadian will undoubtedly have a hard time making ends meet when they are still in their 20s, they can rest assured that things will get much easier as they grow older and can increase their wealth by managing their money responsibly.

And the best way to build your net worth is to begin investing early.

We all know that time is money, and if you wait too long, you will miss out on valuable years of earnings that could have been used for investment.

Hopefully, this blog has helped you get an idea of what the average net worth of Canadians looks like by age.


What Net Worth Is Considered Rich in Canada?

Anyone with a net worth of more than $1 million can be considered rich in Canada. 764,033 people, or 2% of the population, have a net worth between $1 million and $5 million.

How Many Millionaires Are in Canada?

According to the Global Wealth Databook by Credit Suisse, there were 1,681,969 millionaires in Canada at the end of 2021. 2020 alone saw about 246,000 new entrants to this list, and the same was projected for 2021 and 2022.

What Is the Richest Province in Canada?

By median family income, Alberta is the wealthiest province in Canada. The average annual family income in Alberta was $103,720 in 2019.

What Is the Net Worth of the Top 1% in Canada?

The richest Canadians in the top 1% have a net worth of $9,263,011.45 CAD, according to The Kickass Entrepreneur.

How Much Do You Need To Retire in Canada?

How much you need to retire comfortably in Canada depends on where you live and how much you earn each year. A rule of thumb is you will need about 70 percent of your current salary to spend after your retirement. That means you would need about $70,000 per year after retirement if your salary were $100,000 yearly.

What Is the Average Canadian Net Worth?

The average Canadian household had a net worth of $817,378 in the last quarter of 2020.


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Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

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