In Canada, Money, Wealth

What is the median net worth of Canadians by age, province and major city?

Asked & delivered! Here is the median net worth of Canadians by age, province and major city…

Here is the MEDIAN of a Canadian’s net worth, not an average.

The average Canadian net worth breakdown can be found here, but they are averages, so not very indicative of what the middle would be, and a realistic net worth.

Median Net Worth by Province

Some observations

The numbers are much lower than the average net worth, about HALF of the original average number.

..and to be honest, they sound a lot more realistic.

I was looking at the averages before, thinking: WHOA! wow..!

Saskatchewan and British Columbia are the only two provinces that in the 55 to 64 years age range, reaches almost $1 million.

Median net worth of the big cities in Canada

Some observations

Vancouver is the only city to have a median net worth over $1 million from the range of 55 to 64 years.

Toronto, Québec City and Edmonton were the next three cities to reach $800,000 as a median net worth in the age range of 55 to 64 years.

Montréal, AGAIN.. surprises me, being so much bigger than Winnipeg, and yet our median net worth is about the same. Can’t figure this out.

We just can’t seem to save as much. I suspect one factor is that our cost of living is definitely a little higher than in Winnipeg.

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Can’t get enough? I have all of my Canadian Net Worth Series posts here.

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Sherry of Save. Spend. Splurge.

Am my own Sugar Daddy. Am a millionaire at 36 after getting out of $60K of student debt in 18 months, a little over a decade earlier, using TheBudgetingTool.com. I have worked 50% of my career (taking 1-2 year breaks), and quadrupled my income within 2 years of graduating, going from $65K to $260K with an average lifetime savings rate of 50%. I have 11 side incomes that are on track in 2020 to make me $50K - $75K. I could retire today if I wanted, but love my work-life balance as a freelancing consultant in STEM (Science, Technology, Engineering, Math). I am all about balance - between time and money, and also enjoying my money. I also post daily on Instagram @saverspender.

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8 Comments

  1. Craig

    It doesn’t represent the median Canadian because it includes economic families (household).

    Reply
    1. Sherry of Save. Spend. Splurge.

      You’re right, but to get that info is very difficult, this is a good approximation.

      Reply
    2. Ronny

      I was wondering if that was the case since, I assume, in most cases, husbands and wives (or both partners) both work to contribute to overall net worth in a household and there are significantly more couples in Canada than singles. Therefore, me, myself and I have done way better than median. Mind you, I have been lucky but most of it was good management. Don’t splurge, work hard, invest well, go ahead and buy a house but put every cent you can to pay off the mortgage
      as quickly as possible.

      Reply
      1. Sherry of Save. Spend. Splurge.

        Even in a partnership, I’d like to note that making sure you take care of YOUR money is also important. This is the attitude I have.

        Reply
  2. Financial Orchid

    Wow Vancouver baby boomers are mostly millionaires!

    Reply
    1. Sherry of Save. Spend. Splurge.

      It is surprising, but also not surprising.

      Reply
  3. Jessica

    I could be entirely incorrect, but I was under the impression that Quebec has a stronger social safety net than many other provinces in Canada. Is it possible that a relatively lower net worth is just a natural adjustment that people make to compensate? The more assets you “hold” communally the less you would need to hold individually, right?

    Reply
    1. Sherry of Save. Spend. Splurge.

      I have not heard of this … although perhaps you are right. They feel a kinship with each other because they are all interrelated if they self-identify as “Québecois” .. they can trace back their roots from a few families who moved over here from France a long time ago and I have noticed they are all very family-like.

      Reply

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