In Canada, Discussions, Money, Wealth

Who are the top 1% in Canada?

The magic number from 2010 numbers is that you have to earn $201,400 to be considered in the top 1% of Canada.

Via

That means about $16,783.33 a month as an income.

The rest (including myself) are in the 99%..

As a freelancer, I don’t work 100% of the time and my average income has been about $75,000, working less than 50% of the time by my calculations.

In 1982, it was $191,600 to be in the top 1%.

Over time, the gap is widening between the 1% and the rest of us, which does contribute to decreasing the happiness of a country.

I’m assuming this refers to household income as well, not necessarily individual income.

Even so, earning a lot of money doesn’t necessarily mean you have any idea how to manage it, so we can all take some perverse, schadenfreude-esque comfort in that fact.

Read: Earning over $160,000 and barely making it

 



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Sherry of Save. Spend. Splurge.

I got out of $60,000 of debt in 18 months using TheBudgetingTool.com. Since then, 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 (savings rate = 85%). I could retire today if I wanted, but love my work-life balance as a freelancing consultant in STEM (Science, Technology, Engineering, Math). I also post daily on Instagram @saverspender.

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5 Comments

  1. t
    tomatoketchup

    Is the 1982 figure adjusted for inflation or is it in real 1982 dollars?

    Reply
  2. Jane Savers @ Solving The Money Puzzle

    49K last year and I worked a lot of very long, very hard hours on my feet.

    The middle class is disappearing and people will have to pick which side they are on. There will be 2 classes – the have and the have nots. I am choosing to be on the have side and I am eliminating debt so I can’t be dragged down.

    Reply
    1. saverspender @ save. spend. splurge.

      Perhaps the middle class is really those who “have” and it’s our lust for a life that we can’t afford yet (and use debt to pay for), that is dragging us down.

      The true “have nots” for me are people who don’t decide between buying organic food or non-organic food, or whether they should stay at home this summer instead of going on their regular vacation, it’s people who have to make tough decisions between paying for electricity or putting food on the table.

      In the end, I have a feeling that we’re all “haves”, we just don’t realize it because our perception of reality and what our life should be is so distorted.

      Reply
      1. J
        Jessie's Money

        Yes! I agree with this completely.

        Reply

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