Net Worth by Age in Canada (2023): How do You Compare?

Many people wonder how wealthy they are compared to their peers.

If you’re one of these people, you might have wondered: What is the net worth by age in Canada?

The median net worth for all households in Canada, regardless of age, is $329,900. Net worth positively correlates with one’s age. For those under the age of 35, the median net worth per household is $48,800; for those 65 and older, it is over ten times as much at $543,200.

What Does Net Worth Mean?

The term “net worth” is commonly used in the media, but not everybody fully understands what the term means and how an individual’s net worth is calculated.

So, let’s start with a quick definition of net worth to give you some helpful context for the rest of the article.

Net worth measures an individual’s financial worth. This is calculated by subtracting their total liabilities (debt, mortgage, car notes, etc.) from their total assets (such as cash, investments, real estate equity, vehicles, etc.).

Net Worth By Age in Canada

Canadian’s median net worth figures for different age groups are listed below.

The data was collected in 2019 and released in 2021 and continues to be the most recent and accurate statistics in Canada as of writing.

It is the median net worth of a Canadian household, which includes single-person households as well.

Age of higher income earner	Median net worth of household (2019)
All Ages	$329,900
Under 35	$48,800
35 to 44	$234,400
45 to 54	$521,100
55 to 64	$690,000
65 and older	$543,200

As can be seen, the median net worth per household increases with age, with the most dramatic increases being from the under 35 to the 35-44 category (jumping up by $185,600) and 35-44 category to 45 to 54 categories (up by $286,700).

This trend may be obvious, but many different factors can be at play here. Most people will receive pay raises as they advance in their careers by gaining experience and expertise.

Their investments will also have more time to appreciate and gain interest over the course of their life, which can snowball with a combination of compound interest and contributions, growing their wealth at an exponential rate.

Median Net Worth vs Average Net Worth

Something that is good to note is the meaning and purpose of median net worth vs the average.

The average Canadian net worth for all households in 2019 is $738,200, vs the median net worth of $329,000. As you can see, this is a huge difference.

The median of a data set indicates the value lying in the very middle when all the numbers are sorted in an ascending or descending order. The average is simply the average of all the numbers in the data set.

In this net worth comparison, the median is a more meaningful statistic than the average, mainly because top earners of the population – the mega-rich multimillionaires or billionaires – skew the statistic dramatically.

Because of this, the median paints a better picture of an age group’s net worth than the average does.

This is why most net worth statistics list median figures instead of average figures.

Calculating Your Net Worth

Your net worth is simply the difference between your assets and liabilities. That is;

Total Assets – Total Liabilities = Net Worth

Assets include your investments, real estate, savings account, and other financial assets.

Liabilities are things like your mortgage, credit card debts, or loans that you owe.

If you don’t want to calculate your net worth manually, you can try using the following online calculators for a simplified approach:

1. TD Bank’s net worth calculator
2. Sun Life’s net worth calculator

Calculate net worth manually

If your assets are more than your liabilities, you will have a positive net worth. If your assets are lower than your liabilities, you will have a negative net worth. Here are a couple of simple examples to illustrate how this works:

Positive net worth example:

Josh has the following assets and liabilities and a positive net worth of $225,000.

Assets:
Stocks	$50,000
ETFs	$80,000
Savings Account	$20,000
Real Estate	$300,000
Liabilities:
Credit Card	$5,000
Mortgage	$220,000
Net Worth (assets – liabilities)	$225,000

Negative net worth example:

Jessica has the following assets and liabilities and a negative net worth of $5,000.

Assets:
Cash	$2,000
Savings Account	$10,000
Liabilities:
Credit Card	$5,000
Loan	$12,000
Net Worth (assets – liabilities)	-$5,000

You can recreate this if you want to calculate your net worth on Google Sheets or Microsoft Excel or simply by using pen and paper.

Interesting Net Worth Trends in Canada

Now that we’ve seen the net worth in Canada by age let’s consider some other angles to get a bigger and better picture.

Net Worth Trends by Regions

In descending order, let’s look at the household median net worth by province:

Province	Median Net Worth (2019)
Ontario	$434,500
British Columbia	$423,700
Saskatchewan	$330,500
Alberta	$317,300
Manitoba	$295,700
Nova Scotia	$257,900
Newfoundland and Labrador	$247,300
Quebec	$237,800
Prince Edward Island	$211,400
New Brunswick	$185,000

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.

Now let’s take a look at the net worth by city breakdown:

Metropolitan Area	Median Net Worth of household (2019)
Vancouver	$521,500
Toronto	$467,900
Quebec City	$352,800
Ottawa–Gatineau	$348,000
Calgary	$336,100
Winnipeg	$336,100
Edmonton	​​$308,800
Montréal	$220,200

Not surprisingly, larger census metropolitan areas, such as Vancouver, Toronto, and Quebec City, have the highest median net worth. The wealthiest city in Canada is Vancouver, with a median net worth of $521,500.

Statistics Canada states that the geographical differences in net worth are often linked to strong housing markets in certain parts of the country, such as Vancouver and Toronto.

Living and working in the financial industry in Vancouver for some time myself, I saw firsthand the effects of the soaring housing market in that city.

For instance, StatsCan reports that the median value of principal residences in Vancouver rose from $366,000 in 1999 to $900,000 in 2019.

This is over double the median value reported in Montréal, which rose from $175,700 in 1999 to $350,000 in 2019.

The effects of this trend are highlighted in the table above, with the stark differences in median net worth in the two metropolitan cities.

Average Net Worth Of Seniors In Canada

The average net worth of Canadian seniors (65 and older) is around $1,058,788, according to the latest data from Statistics Canada, released in January 2023.

Conversely, the median net worth of seniors in Canada is just $543,200, according to the latest median report by Statistics Canada, released in late-2019.

Net worth trends by demographics

Now let’s take a look at some demographic-specific trends in net worth. I find these numbers to be quite interesting and eye-opening.

Seniors are more financially vulnerable in comparison to the late 1990s

While their net worth remained high in 2019, seniors are less likely to be debt-free during retirement compared with two decades ago. Although 56.7% of senior-led families reported being debt-free in the latest study, this rate was down from 72.6% in 1999.

Moreover, over 1 in 10 senior-led families (12.1%) still had a mortgage on their principal residence in 2019. This is a huge increase compared with 6.6% in 1999.

Lone-parent families have a lower median net worth

StatCan reports that lone-parent families reported a median net worth of $83,100 in 2019.  This was less than one-fifth of the median net worth of couples with children at $435,700.

Further, lone-parent families were less likely to own their own homes, have pension assets or own a vehicle than couples with children.

Renters vs. homeowners

Renters nearing retirement have lower net worth than homeowners. For instance, homeowners reported a higher median net worth ($685,400) compared with renters ($24,000).

Change In Disposable Income 2020-2022

Another interesting statistic to look at is the change in Canadians’ disposable income over the past couple of years. The global pandemic dramatically changed the financial landscape of the country, and resulted in some considerable changes.

Here’s how Candians’ disposable income amount has changed, by percentage, according to the most recent reports from Statistics Canada:

Age Group	2nd Quarter 2020 to 2nd Quarter 2022
35 years old or younger	-0.6%
35 to 44 years old	4.8%
45 to 54 years old	3.3%
55 to 64 years old	-4.1%
65 years old or older	-7.5%

Looking at the chart, individuals between ages 35 and 54 saw an increase in their amount of disposable income, while those older than 55 saw a noted decrease in disposable income.

net worth Growth in Canada

The median net worth of Canadian households in 2019 was $329,000.

Despite growing steadily through the years, the growth in net worth was slower over the 2016 to 2019 period. It was up only by 1.8% in that time period. By contrast, from 2012 to 2016, net worth grew much faster. The rate was 3.5% per year during that time period.

As I mentioned above, net worth is the difference between a family’s assets and debts. The slowing down of the rate of net worth growth could therefore be attributed to two things:

• An increase in the rate at which Canadians took on debt
• A decrease in the rate at which Canadian’s accumulated assets

I find this to be very interesting. Looking at your finances over the past couple of years, what can you say about the rates at which you accumulated assets or debt, and how would you say that it would compare to those in your age group, geographical area, or demographic? 

What is considered high net worth in Canada?

In a practical sense, if your net worth is higher than the median net worth for your age group, you are considered to be faring better than more than 50% of those in your age group and thus are considered to have a high net worth.

There is also, however, an official term and definition for those with a large number of liquid assets: a high-net-worth individual (HNWI). This formal term, usually used in the world of finance, is an easy way of referring to individuals who own liquid assets valued between $1 million and $5 million.

On the other hand, very-high-net-worth individuals (VHNWIs) are considered to be people or households with liquid assets valued between $5 million and $30 million, and ultra-high-net-worth individuals (UHNWIs) holding more than $30 million in liquid assets.

What if my net worth is less than the average?

Most of us want more money. But if your current net worth is less than the median net worth for your age group, that is completely okay.

When arriving at your net worth, many different factors can be at play. Your financial history, income, assets, expenditures, and money management practices all make a difference. These are all habits that can be improved upon in the future.

Don’t forget that the median highlights the middle point of a data set, meaning that 50% of individuals will fall below it, and 50% will fall above it.

At the end of the day, as long as you have financial security and are comfortable enough to cover your basic needs, such as rent, food, and other necessities, more money does not equate to more happiness.

Nor does it determine your inherent worth. You can work to get there if you desire to, and as the statistics show, you are much more likely to have a higher net worth as you age than the other way around.

What Is The Average Savings By Age In Canada?

Curious about the average savings by age in Canada? An individual’s total savings are a key factor that plays into their total net worth.

You can read my full post here, which details the most up-to-date savings statistics for Canadians.

For quick reference, though, here’s what the average savings by age looks like in Canada, according to the latest reports from Statistics Canada:

Age Group	Private Pension Assets	Financial Assets	Total Average Savings
Under 35	$73,800	$32,100	$105,900
35 to 44	$192,600	$47,900	$240,500
45 to 54	$406,700	$110,000	$516,700
55 to 64	$567,500	$130,800	$698,300
65 and Older	$405,600	$166,800	$572,400

FAQs About Net Worth By Age In Canada

To wrap things up, here are a few quick-fire answers to some of the most commonly asked questions about net worth and some of Canada’s highest-net worth individuals.

What’s The Wealthiest Province In Canada?

Although Ontario is home to Canada’s wealthiest city (Toronto), the province of Alberta is the wealthiest province in Canada. This is largely due to the booming oil industry in the region. Alberta also has the lowest tax rates, compared to other Canadian provinces and territories.

How Many Billionaires Live In Canada?

Canada is home to a growing number of ultra-wealthy billionaires. As of June 2022, 60 billionaires are estimated to live in Canada. While the number may seem a bit high, statistically, billionaires represent 0.00015% of the total population in Canada.

How Many Millionaires Live In Canada?

While billionaires represent an incredibly small percentage of Canada’s population, the country’s millionaires account for 4.4% of the population. According to the Global Wealth Databook of 2021 published by Credit Suisse, Canada has 1,681,969 millionaires.

Conclusion

It is telling to look at the median net worth numbers in Canada to gauge where you are at in your financial journey, but try not to get too hung up on the numbers.

Don’t feel bad if your net worth is below average. You can reach or exceed that number with proper planning and determination.

For related reading, check out the average income by age in Canada here.