How does your net worth compare to your peers? Take a look at what it would take to be considered in the top net worth percentiles in Canada.
How net worth is calculated
Net worth is a straightforward calculation:
Net Worth = Total Assets − Total Liabilities
Your assets are everything you own that has monetary value, while your liabilities are everything you owe. The difference between the two is your net worth.
Assets typically include
- Principal residence (market value)
- Other real estate and investment properties
- Registered investments (RRSP, TFSA, RESP, FHSA, LIRA)
- Non-registered investment accounts
- Employer pension plan value
- Vehicles, boats, and recreational vehicles
- Cash and savings accounts
- Business equity
- Personal property (valuables, collectibles)
Liabilities typically include
- Mortgage balance(s)
- Home equity line of credit (HELOC) balance
- Car loans
- Student loans
- Credit card balances
- Personal loans and lines of credit
- Other debts
Statistics Canada uses the Survey of Financial Security (SFS) to measure the net worth of Canadian families. The most recent survey data provides the figures used throughout this page.
Average household net worth
This table breaks down the average household net worth by percentile in Canada. The lowest quintile which represents the bottom 20% have an average net worth of $11,200. While the top 20% or the fifth quintile has an average net worth of $3,160,700.
| Quintile | Average Net Worth |
|---|---|
| 0-20% (Lowest Quintile) | $11,200 |
| 21-40% (Second Quintile) | $181,500 |
| 41-60% (Middle Quintile) | $525,800 |
| 61-80% (Fourth Quintile) | $1,100,100 |
| 81-100% (Fifth Quintile) | $3,160,700 |
If you want to know how your net worth compares to all families across Canada, the average family net worth is $995,900. Those in the top net worth percentiles skew the average net worth higher. The top net worth percentile also holds the majority of the wealth in Canada.
Those in the highest quintile or the top twenty percent hold 64.70% of the wealth in Canada. The fourth highest quintile hold 21.89% of the wealth. While those in the lowest quintile or bottom twenty percent of the population hold -0.04% of the wealth, indicating that they have more debt than assets.
Wealth distribution in Canada
| Quintile | Share of Total Wealth |
|---|---|
| 0-20% (Lowest) | -0.04% |
| 21-40% (Second) | 3.62% |
| 41-60% (Middle) | 9.80% |
| 61-80% (Fourth) | 21.89% |
| 81-100% (Fifth) | 64.70% |
If you want to be considered in the top 1% of Canadians by net worth, the threshold to join the top one percent is $6.3 million dollars. This is based on the most recent Parliamentary Budget Officer (PBO) report. It is estimated that 160,600 households in Canada are in the top one percent.
Components of net worth: assets vs. liabilities
Understanding what makes up net worth helps identify opportunities for improvement. The average Canadian family’s balance sheet breaks down approximately as follows:
Average assets by type
| Asset Category | Average Value | Share of Total Assets |
|---|---|---|
| Principal residence | $575,000 | 40% |
| Other real estate | $145,000 | 10% |
| Employer pension plans | $225,000 | 16% |
| RRSPs and RRIFs | $130,000 | 9% |
| TFSAs | $42,000 | 3% |
| Other financial assets | $185,000 | 13% |
| Non-financial assets (vehicles, etc.) | $130,000 | 9% |
Average liabilities by type
| Liability Category | Average Amount | Share of Total Debt |
|---|---|---|
| Mortgage on principal residence | $130,000 | 65% |
| Other mortgage debt | $25,000 | 13% |
| Lines of credit (including HELOC) | $18,000 | 9% |
| Vehicle loans | $12,000 | 6% |
| Student loans | $6,000 | 3% |
| Credit card and other debt | $8,000 | 4% |
For most Canadians, the principal residence is the single largest asset, and the mortgage is the single largest liability. Paying down your mortgage with a mortgage calculator strategy and growing your investment portfolio are the two most impactful ways to increase net worth.
Average net worth by age
Since wealth is often accumulated over a long period of time, comparing net worth based on age group is a good way to see how your net worth stacks up to your peers.
This chart shows the average net worth by age broken down by the age of the major income recipient.
| Age Group | Average Net Worth |
|---|---|
| Under 35 | $337,816 |
| 35 to 44 | $657,582 |
| 45 to 54 | $1,346,291 |
| 55 to 65 | $1,595,886 |
| Over 65 | $1,123,174 |
Average net worth by province
The average net worth in Canada varies based on the province. Many of the provinces that have a higher average income also tend to be the provinces with higher average net worth. The table below shows the average net worth in Canada by province.
| Province | Average Net Worth |
|---|---|
| British Columbia | $1,265,400 |
| Ontario | $1,165,400 |
| Alberta | $942,800 |
| PEI | $681,100 |
| Saskatchewan | $824,800 |
| Manitoba | $746,400 |
| Quebec | $752,400 |
| Nova Scotia | $681,700 |
| Newfoundland | $664,800 |
| New Brunswick | $506,400 |
Median household net worth
The median net worth in Canada by household shows that the bottom 20% of families have a median net worth of $12,800. It would take a household net worth of $2,488,700 to be in the top 20% of Canadian families.
| Percentile | Median Net Worth |
|---|---|
| 0-20% (Lowest Quintile) | $12,800 |
| 21-40% (Second Quintile) | $174,300 |
| 41-60% (Middle Quintile) | $519,700 |
| 61-80% (Fourth Quintile) | $1,078,600 |
| 81-100% (Fifth Quintile) | $2,488,700 |
Median net worth by age
Here is a breakdown of the median net worth based on the income of the major income recipient. Canada provides a net worth breakdown based on these five age groups.
| Age Group | Median Net Worth |
|---|---|
| Under 35 | $159,100 |
| 35 to 44 | $409,300 |
| 45 to 54 | $675,800 |
| 55 to 65 | $873,400 |
| Over 65 | $738,900 |
Median net worth by province
This table shows the median net worth by province in Canada. All of the median net worth values are lower than the average net worth in each province. It is the top percentiles that pull the average net worth up across all categories.
| Province | Median Net Worth |
|---|---|
| British Columbia | $773,500 |
| Ontario | $665,600 |
| Alberta | $457,100 |
| PEI | $399,800 |
| Saskatchewan | $394,600 |
| Manitoba | $386,300 |
| Quebec | $371,000 |
| Nova Scotia | $354,600 |
| Newfoundland | $333,500 |
| New Brunswick | $286,200 |
Net worth data was taken from Statistics Canada.
Net worth benchmarks by age
While everyone’s financial situation is different, here are some general guidelines for net worth targets based on age. These assume you are saving for retirement and building assets over your career.
| Age | Suggested Net Worth Target |
|---|---|
| 25 | Emergency fund established, student debt under control |
| 30 | 1× your annual gross salary |
| 35 | 2× your annual gross salary |
| 40 | 3× your annual gross salary |
| 45 | 4× your annual gross salary |
| 50 | 5–6× your annual gross salary |
| 55 | 7× your annual gross salary |
| 60 | 8× your annual gross salary |
| 65 | 10× your annual gross salary |
These are guidelines rather than rules. Your actual target depends on your desired retirement lifestyle, the age you plan to retire, and whether you will receive employer pension or CPP/OAS benefits. Use our retirement calculator to set a personalized target.
Tips to increase your net worth
Building net worth is a long-term process that requires consistent effort on both sides of the equation — growing assets and reducing liabilities.
Grow your assets
- Maximize registered accounts — Contribute the maximum to your TFSA and RRSP each year. These accounts provide tax-free or tax-deferred growth that compounds significantly over time.
- Invest consistently — Regular contributions to a diversified investment portfolio, even small amounts, compound over decades. Use our compound interest calculator to see the impact of consistent investing.
- Increase your income — Pursue raises, promotions, side income, or career changes. Even a modest income increase directed entirely to savings and investing can have a dramatic effect. See how your income compares nationally.
- Build home equity — If you own a home, making extra mortgage payments builds equity faster. Use our mortgage calculator with extra payments to see the impact.
Reduce your liabilities
- Pay off high-interest debt first — Credit cards and personal loans carry the highest interest rates. Eliminating these debts provides a guaranteed “return” equal to the interest rate. Try our debt payoff calculator to create a plan.
- Avoid unnecessary debt — Before taking on new debt, consider whether the purchase is essential and whether you can delay it until you can pay cash.
- Refinance at lower rates — If interest rates have dropped since you took on your mortgage or loans, refinancing can reduce your monthly payments and total interest cost.
- Automate debt payments — Setting up automatic payments ensures you never miss a payment and steadily reduces your liabilities.
How to build your net worth
Growing your net worth involves increasing assets and reducing liabilities. Tax-advantaged accounts like a TFSA and RRSP are powerful tools for building investment assets over time. Use our retirement calculator to set a target net worth for your retirement years, and our mortgage calculator to understand how your largest liability — your mortgage — fits into the picture.
Start building your investment portfolio
Investing is one of the most powerful ways to grow your net worth over time. You can get started with as little as $1 and receive a $25 bonus when you open an account. Follow our step-by-step guide to start investing and begin building the investment side of your net worth today.