Are you in the 1% Net Worth in Canada?

[Bucktee]

Data is from 2022.

Does being in the 1% make you rich or just comfortable?

High Net Worth in Canada
Wealth, as opposed to income, determines another benchmark for the 1%.

• Net Worth Requirements by Age for the 1%:
  • Age 25: $417,909
  • Age 35: $1,671,633
  • Age 45: $3,761,174
  • Age 55: $6,686,531
  • Age 65: $10,029,797

• To join the wealthiest 1% in Canada, an individual requires about $7,210,000 USD (or approximately $9,963,458 CAD).

• Wealthy Canadians by Net Worth:
  • High-Net-Worth Individuals (HNW): Around 764,033 Canadians (2% of the population) hold between $1 million and $5 million USD ($1.39 million – $6.95 million CAD)
  • Very High-Net-Worth (VHNW): Approximately 91,823 Canadians (0.25% of the population) have a net worth between $5 million and $30 million USD ($6.95 million – $41.69 million CAD)
  • Ultra-High-Net-Worth (UHNW): About 10,395 Canadians (0.0002% of the population) are UHNW individuals, possessing over $30 million USD in assets ($41.69 million CAD)

One Percent

wolfgangklein.com

 

[jalimon]

No

 

[IM469]

No

Me too but we are an important cog in the numbers. They need us to make their numbers look good.

 

[bazokajoe]

Nope, but you never know 1 day I might win the lottery.

 

[K Douglas]

Not even close.

 

[Anbarandy]

TERB'S sole self-proclaimed multi-billionaire capitalist titan of industry, commerce, haberdashery, fish mongers and greed blows and sucks all of those 1%ers out of the intergalactic vastness.

 

[New World]

Nope

 

[Adam_hadam]

What about the top 5%?

 

[Ponderling]

Happy to fly quietly under that high bar.

If they are at 10,00 feet, I am flying through the clouds at a lower attitude and happy with my lot.

From another article I recently figured that we are in the top 0.2% as to TFSA accout balances.
Now, to date, saving and investing in a TFSA alone wont make you rich.
But as a part of a larger picture it was a nice boost to figure that little part out

 

[jalimon]

As a father, I have eliminated my house from my net wealth. Because I now know I will never sell it and give it to my kids.

The younger generation will never be able to buy a house unless they become doctors or something. So instead of becoming slave renters I already told them they would get my house so they can save up for getting kids or travel the world instead.

 

[superstar_88]

You can also get a divorce and give your house away that way ...

 

[Nickelodeon]

As a father, I have eliminated my house from my net wealth. Because I now know I will never sell it and give it to my kids.

The younger generation will never be able to buy a house unless they become doctors or something. So instead of becoming slave renters I already told them they would get my house so they can save up for getting kids or travel the world instead.

I can understand why you've done this from a spending power perspective, ie. you might only be able to see MP's versus the increasing number $500 + escorts we see reviewed on this site.

However, from a financial planning perspective, all of your assets should be included, including elements such NPV of pensions, to provide a true assessment of net worth.

Enjoy your life.

 

[jalimon]

You can also get a divorce and give your house away that way ...

i never got married. Never had any intention to fell into that trap. And anyhow mother of my kids as always been rich so she was all fine with it

 

[HotDogger]

Data is from 2022.

Does being in the 1% make you rich or just comfortable?

High Net Worth in Canada
Wealth, as opposed to income, determines another benchmark for the 1%.

• Net Worth Requirements by Age for the 1%:
  • Age 25: $417,909
  • Age 35: $1,671,633
  • Age 45: $3,761,174
  • Age 55: $6,686,531
  • Age 65: $10,029,797

• To join the wealthiest 1% in Canada, an individual requires about $7,210,000 USD (or approximately $9,963,458 CAD).

• Wealthy Canadians by Net Worth:
  • High-Net-Worth Individuals (HNW): Around 764,033 Canadians (2% of the population) hold between $1 million and $5 million USD ($1.39 million – $6.95 million CAD)
  • Very High-Net-Worth (VHNW): Approximately 91,823 Canadians (0.25% of the population) have a net worth between $5 million and $30 million USD ($6.95 million – $41.69 million CAD)
  • Ultra-High-Net-Worth (UHNW): About 10,395 Canadians (0.0002% of the population) are UHNW individuals, possessing over $30 million USD in assets ($41.69 million CAD)

One Percent

wolfgangklein.com

What is sad about these statistics is that there is an abysmally low number of HNW individuals in Canada despite the insanely large number of people living in homes worth over $1.5M. The tells the sobering truth that most of these home dwellers are over leveraged and have negligible pension savings. Canadians are probably tops in the world for looking rich but living mediocre. Present company excluded, of course.

 

[jalimon]

What is sad about these statistics is that there is an abysmally low number of HNW individuals in Canada despite the insanely large number of people living in homes worth over $1.5M. The tells the sobering truth that most of these home dwellers are over leveraged and have negligible pension savings. Canadians are probably tops in the world for looking rich but living mediocre. Present company excluded, of course.

But living in a 1.5m home is far from mediocre. All you need is family willing to live with you as you get too old for taking care of such home. Then leave the family your home when you die.

What would be the purpose of selling it? Go live in a nurse care home where staff mistreat you while you enrich the owner with 4-5 a month?

 

[HotDogger]

But living in a 1.5m home is far from mediocre. All you need is family willing to live with you as you get too old for taking care of such home. Then leave the family your home when you die.

What would be the purpose of selling it? Go live in a nurse care home where staff mistreat you while you enrich the owner with 4-5 a month?

It’s only mediocre if the persons living in the $1.5M house are over leveraged. One of the problems of being over leveraged is that your quality of life is diminished; hence the term mediocre.

 

[Ceiling Cat]

A member here on TERB told me he owns multiple high rise apartment buildings. with rents going up the way it has in the last few years he must be in the top 1% of the top 1%. That is not even including his huge stock portfolio.

 

[Liam011]

Just missing it by a hair.. and if I keep this hobby up I probably always will be.

 

[Zoot Allures]

$1,500,000.00 is top 2.5 % and that is me but my wealth flucuates with the stock market as I invest in index funds only which is what 99% of the popualation should do IMHO

but

you should include what an annunity would cost to cover your lifetime inflation indexed pensions, which is all government pensions and some private ones are, as well include OHIP and Trinity plan and insurance policies and whatever else you can think of as I probably forgot some stuff

the cost of annuities depends on interest rates and such an annunity would cost more than you think it does

 

[Bucktee]

A member here on TERB told me he owns multiple high rise apartment buildings. with rents going up the way it has in the last few years he must be in the top 1% of the top 1%. That is not even including his huge stock portfolio.

Absolutely. He'd be the in Ultra High Net Worth bracket. A little over ten thousand people like him in the entire country.

Ultra-High-Net-Worth (UHNW): About 10,395 Canadians (0.0002% of the population) are UHNW individuals, possessing over $30 million USD in assets ($41.69 million CAD)

They're the guys dropping $500 to $1k per hour on SPs like an ordinary person giving candy to a kid.

They're called "whales" in business and everyone hopes to catch/keep a loyal one. They can change a provider's standard of living overnight.