The Kickass Entrepreneur
  • About
  • Blog
    • All Blogs
    • Create Wealth (Investing)
    • Entrepreneur Interviews
    • Featured Top Posts
    • Growing Profits
    • Growing Revenues
    • Marketing
    • Positive State of Mind
    • Real Estate Investing
    • Retirement
    • Sales
    • Selling your Business
  • Book
  • Courses
  • Podcast
  • Resources
  • Contact
The Kickass Entrepreneur
Subscribe
The Kickass Entrepreneur
  • About
  • Blog
    • All Blogs
    • Create Wealth (Investing)
    • Entrepreneur Interviews
    • Featured Top Posts
    • Growing Profits
    • Growing Revenues
    • Marketing
    • Positive State of Mind
    • Real Estate Investing
    • Retirement
    • Sales
    • Selling your Business
  • Book
  • Courses
  • Podcast
  • Resources
  • Contact
  • Create Wealth (Investing)

The Top 1% of Wealth Amounts for Canadians in 2022

  • December 8, 2021
  • One comment
  • 248.9K views
  • 9 minute read
  • Jeff Wiener
The Top 1% of Wealth Canada
Share
Tweet
Share

*** If you want to know where you stand in regards to net worth in Canada from a percentile perspective, you can use the Canadian net worth calculator.

Summary Findings of Top 1% of Canadian Wealth in 2022 (Article Below)

I’ve placed the summary findings at the top of this article because there’s a fair bit of analysis in this article from many different sources including Statistics Canada, Wikipedia (for population data), WealthX, and TD Bank, so you will find the high-level data findings in the next few paragraphs followed by the research and analysis.

One more important point – some of the data has been noted in USD, and some in Canadian.  Many of the data sources I used were in USD, and in that case, I left the data in USD, and when I found the data in CDN, I left the data in CDN.  When required, I did the conversion at 1.3 CDN to USD, and have made notations throughout the article.

If you want to know where you stand in relation to other Canadians on the wealth ladder, I created an online net worth percentile calculator.

How Much Wealth Do You Need in Canada to Become Part of the 1% of the Wealthiest in 2022:  In order to make it into the top 1% of Canada’s wealthiest in 2022, you will need approximately $7,210,000 USD, or approximately $9,263,011.45 CAD.

Number of Wealthy Canadians by Each Wealth Category (UHNW, VHNW) in 2022:

  • Wealthy = 764,033 individuals in Canada  have between $1 million and $5 million USD
  • VHNW = 91,823 individuals in Canada have between $5 million and $30 million USD
  • UHNW = 10,395 individuals in Canada have greater than $30 million USD

** NOTE, VHNW means Very High Net Worth Individual, and UHNW means Ultra High Net Worth Individual.

What is Required by Age to make it into the Top 1% of Wealth in Canada:

  • Age 25 $417,909  CDN – Total wealth to make it into the top 1%
  • Age 35 $1,671,633 CDN –  Total wealth to make it into the top 1%
  • Age 45 $3,761,174 CDN – Total wealth to make it into the top 1%
  • Age 55 $6,686,531 CDN – Total wealth to make it into the top 1%
  • Age 65 $10,029,797 CDN – Total wealth to make it into the top 1%

The Top 1% Income in Canada = Salary of $232,171 CDN per year

Canadians Financial Health Indicators

  • 27% of Canadians are considered financially healthy
  • 15% of Canadians are considered financially vulnerable
  • 54% of Canadians spent more than their income in the prior 12 months
  • 31% of Canadians indicated that they have more debt than they are comfortable holding
  • 32% of Canadians are unable to pay all of their invoices on time

** data from TD Bank

Article: The Top 1% of Wealth Amounts for Canadians in 2022

The focus of what I write about primarily is centered around the area of helping small business owners grow their business’s revenue, increase profits, and ultimately, create wealth.

Since wealth is one of the areas I write about, I’ve written many blogs on the topic. The subjects vary of course, but, are generally centered around investments, how to generate passive income, how to generate higher rates of return, and how to grow wealth in general.

During the course of the last year, I’ve read many different articles on wealth in general.  I’ve also done a fair amount of research on the topic. As a result, I’ve compiled the various articles, and data in particular, in different sheets, so that whenever I need easy access to some information, it’s readily accessible.

The data I’ve tracked is from many different sources.  That includes the US Bureau of Labour Statistics, Statistics Canada, TD Bank, and several private research institutions like Wealth-X.

I recently needed access to some data to validate a point I was making about wealth distribution, and in particular, some data on Canada’s wealthiest 1%, both by age group, and wealth levels in general.

I wasn’t able to find the data in any one source, so, I did a Google search. I was able to find data on income levels of Canada’s wealthiest 1%, but, NOT wealth levels, and there’s a big difference of course.  Income is the amount earned in a given year, whereas wealth is the combined gross assets held, in aggregate, less debt.

The data on income levels is easy enough to find, but, the data on wealth isn’t as straightforward.

Wealth-X did an extensive study on the Top 10 Ulta-High-Net-Worth Countries (UHNW), and they listed the number of UHNW individuals by country.  Since their data had many other columns, I extracted and reproduced the data into the following chart:

Ultra-High Net Worth by Country in 2022

RankCountry$30 Million Plus
1United States81,340
2China24,965
3Japan17,855
4Germany15,685
5Canada10,395
6France10,145
7United Kingdom9,575
8Hong Kong8,950
9Italy6,270
10Switzerland6,145
Source: WealthX.com
thekickassentrepreneur.com

The WealthX study also reviewed the breakdown of wealth into three separate categories in aggregate, as follows:

  • UHNW (Ultra High Net Worth) – Having assets of $30 million USD or greater
  • VHNW (Very High Net Worth) – Having assets from $5 million USD to $30 USD or greater
  • Wealthy – Assets from $1 million to $5 million

Since their study did not do the wealth breakdown by country, I used the worldwide aggregate information that they provided, which looks as follows, to create a chart for Canada specifically.  The data is as follows:

  • Wealthy – $1 million to $5 million USD = 88.3% of the wealthy population (above $1 million USD in wealth)
  • VHNW – $5 million to $30 million USD = 10.6%
  • UHNW – $30 million USD and greater = 1.2%

With the above data in hand, I was about to extract the following information on the number of Canadians in each wealth category:

Number of Wealthy Canadians by Each Wealth Category

  • Wealthy = 764,033 individuals in Canada  have between $1 million and $5 million USD
  • VHNW = 91,823 individuals in Canada have between $5 million and $30 million USD
  • UHNW = 10,395 individuals in Canada have greater than $30 million USD

Then, combining data extracted from the list of countries by population, I was able to create a chart for all of the major countries, however, since this study is on the wealth of the top 1% of Canadians, I removed the data for all of the other countries to simplify the chart below.

wealth by Category Canada
Wealth by Category Canada

As a summary, and from a breakdown perspective, Canada’s wealthiest breaks down as follows:

  • Wealthy = 2.05% of Canada’s population has between $1 million and $5 million USD
  • VHNW = 0.26% of Canada’s population has between $5 million and $30 million USD
  • UHNW = 0.03% of Canada’s population has greater than $30 million USD

Extrapolating the above data, and to answer the question:

How Much Wealth Do You Need in Canada to Become Part of the 1% Wealthiest in 2022:  In order to make it into the top 1% of Canada’s wealthiest in 2020, you will need approximately $7,000,000 USD, or approximately $9,000,000 CAD.

From an age distribution, Canada’s wealth breaks down as follows (source Statistics Canada)

  • Under 35 years = 6% of all assets
  • Ages 35 to 44 = 12.4% of all assets
  • Ages 45 to 54  = 22.1% of all assets
  • Ages 55 to 64 = 30.5% of all assets
  • Ages 65 and above = 29% of all assets

It’s no surprise that the wealthiest cohort is the age group of 55 to 64 holding slightly over 30% of the assets, followed by those ages 65 and older with slightly under 30% of all the assets.

Now, the final and remaining question, how much wealth do you need in 2022 in each age category to make it into the top 1%? Now, here’s where things get tricky because this data doesn’t exist, so, I had to make some assumptions.

Based on what I wrote above, to make it into the top 1% of Canada’s wealthiest, you need to have approximately $9,000,000 in combined wealth, and that includes all assets fewer debts.

From an income perspective, to make it into the top 1% of income earners in Canada, according to Statistics Canada, requires a salary of $225,409, or, roughly 39 times the overall wealth number of the top 1% in Canada. Interestingly, the numbers vary quite considerably in the US where the top 1% of income is $421,926 USD. 

In order to come up with a reasonable income to wealth multiplier in Canada for all age groups, I had to make some assumptions, and as such, I worked off some data that a financial blogger in the USA used, and did some backward math to make it equivalent in Canadian terms. In his post, he created what he called a minimum ideal wealth multiplier, but, since average income levels in Canada vary from those in the US, as do wealth amounts, I adjusted for these variables in the wealth multiplier, but, kept the ratios of age to salary the same.

What is Considered Top 1% Wealth By Age in Canada in 2022

AgeTop 1% SalaryMin. Wealth MultiplerTop 1% Net Worth
25$225,4091.8$405,736
30$225,4093.6$811,472
35$225,4097.2$1,622,945
40$225,40910.8$2,434,417
45$225,40916.2$3,651,626
50$225,40921.6$4,868,834
55$225,40928.8$6,491,779
60$225,40936$8,114,724
65$225,40943.2$9,737,669
70$225,40936$8,114,724
75$225,40928.8$6,491,779
80+$225,40925.2$5,680,307
thekickassentrepreneur.com

To make it into the top 1% of the wealth, by age group, in Canada, requires the following wealth (note, I’ve provided only a few age groups, you can refer to the chart for all age groups):

  • Age 25 = $417,908 – Total wealth to make it into the top 1%
  • Age 35 = $1,671,633 – Total wealth to make it into the top 1%
  • Age 45 = $3,761,174 – Total wealth to make it into the top 1%
  • Age 55 = $6,686,531 – Total wealth to make it into the top 1%
  • Age 65 = $10,029,797 – Total wealth to make it into the top 1%

Now, for those of you reading this wondering how you can make it into the top 1%, I wrote a post titled:  What Net Worth Makes You Rich? The Average Net Worth to Make it Into the Top 1% and How to Get There, and in the post, I detailed both the ways and the mindset that’s required in order to make it into the top 1%, in particular, and number one, taking some significant and calculated risks in business.

10 Fun Facts About Canada’s Top 1% Elites 

While the media covers literally every aspect of Canada’s wealthy families or individuals, there are a few facts that you might be unaware of. Here are the 10 interesting facts about the top elites of Canada: 

  1. A little less than 90 families in Canada hold as much wealth as all the people living in New Brunswick, Newfoundland and Labrador, and Prince Edward Island. These dynastic families not only hold a massive amount of wealth but are also taxed lightly. 
  2. David Thomson and his family are known to be the wealthiest in Canada with a total net worth of 39.5 billion U.S. dollars. David Thomson serves as a CEO in Thomson Reuters and controls the media publications of the country. 
  3. The richest neighborhood in Canada is Sunnybrook, Toronto which has an average household wealth of $22,709,428. This area houses a few of the richest families in Canada. 
  4. In the past year, during COVID, the net worth of Canada’s billionaires has gone up around $78 billion.
  5. Famous billionaires like the founder of Shopify and the owner of Jim Pattison Group saw a massive boost in their wealth, with an increase of $8.8 billion and $7.2 billion respectively.
  6. A total of 25,000 Canadian households make up the richest 0.2% of the Canadian population. They are majorly responsible for the stability of the economy. 
  7. According to calculations and statistics, these households possess $1.8 trillion of the total wealth of Canada.
  8. Studies show that despite the fact Canada’s richest have seen a great boost in their wealth since the 90s, the rates of their taxes have decreased.
  9. Another set of studies and research shows that a mere 1% tax on the wealthy population’s earnings can generate around $10 billion annually.
  10. Keeping into consideration the recent growth, the current billionaires’ wealth is only expected to rise in the coming years. 

There’s a direct relationship between risk-taking and wealth creation … the more risk you take, and the better you become at taking a risk, the bigger the strategic bets you make.  The larger the bets you make, and the more these bets pay off, the greater the wealth you create.

Of course, bets could go bad, but, if you understand your market, and take calculated bets while mitigating your risk wherever possible, you will eventually increase your overall wealth.

It would be foolish of course to create wealth without proper saving and investing, so, those are of course important variables as well.  Again, if you want to read the post, you can here.

Good luck with your wealth-creating journey.

Related Posts:

  • Canada Net Worth Brackets, Percentiles, Top One Percent in Wealth, and…
  • Net Worth Percentile Calculator for Canada Including 23 Wealth and Income…
  • Net Worth Percentile Calculator for The USA Including 23 Wealth and Income…
  • How Do You Grow Your Wealth in 2021? My 5 Step Plan to Building Wealth
  • Here's What a Wealth Tax Would Mean for Canada: An Overview

If you enjoyed this post, you might also enjoy this one:  Profit Isn’t a Disease. It’s the By-Product of a Well-Run Company. If You’re Not Yet Profitable, Fix It or Get a Job.

And this one: How Do You Know When It’s Time to Sell Your Business? It’s Not All About the Money.

You should also consider subscribing to my blog. I publish one article a week on small business and wealth creation.  You can subscribe here.

Also, I published a book during the summer of 2018, “The Kickass Entrepreneur’s Guide to Investing, Three Simple Steps to Create Massive Wealth with Your Business’s Profits.” It was number 1 on Amazon in both the business and non-fiction sections. You can get a free copy here.

Thank you for your interest in THE KICKASS ENTREPRENEUR'S GUIDE TO INVESTING. Three Simple Steps to Build Massive Wealth with your Business's Profits. Please check your email to confirm the book download. Form: 400529

There was an error submitting your subscription. Please try again.

Related Posts:

  • Canada Net Worth Brackets, Percentiles, Top One Percent in Wealth, and…
  • Net Worth Percentile Calculator for The USA Including 23 Wealth and Income…
  • Net Worth Percentile Calculator for Canada Including 23 Wealth and Income…
  • How Do You Grow Your Wealth in 2021? My 5 Step Plan to Building Wealth
  • Climbing The Wealth Ladder And Getting To The Top
  • How to Protect Your Wealth with a Gold IRA
Share
Tweet
Share
Jeff Wiener

Jeff sold his company to private equity in 2017 and is now semi-retired. Jeff spends time traveling and with his family, writing this blog, managing his real estate portfolio of apartment buildings,  overseeing his investment portfolio, investigating angel investments, coaching other entrepreneurs, and managing his private equity holdings. Jeff is currently on a couple of boards, one for profit, the other not for profit, and now helps entrepreneurs grow their business, profits, and ultimately, create wealth.

Previous Article
Increase Profit Margins
  • All Blogs
  • Growing Profits

19 Easy Ways to Increase Profit Margins for Your Small Business

  • December 7, 2021
  • Jeff Wiener
View Post
Next Article
David Stein Money for the Rest of Us
  • All Blogs
  • Create Wealth (Investing)
  • Entrepreneur Interviews

An Interview With David Stein, Author of Money For the Rest of Us, 10 Questions to Master Successful Investing

  • December 8, 2021
  • Jeff Wiener
View Post
You May Also Like
deck of folders with insurance word on it
View Post
  • Create Wealth (Investing)

Tips for choosing the right auto insurance coverage

  • February 17, 2023
  • Meg Rivera
Rising gold prices concept. Investment in precious metals in the stock market
View Post
  • Create Wealth (Investing)

The Pros And Cons Of Investing In Precious Metals

  • February 9, 2023
  • Meg Rivera
man looking at his tablet
View Post
  • All Blogs
  • Create Wealth (Investing)

These Are The 7 Mistakes Six-Figure Earners Make

  • January 7, 2023
  • Jeff Wiener
bitcoin
View Post
  • Create Wealth (Investing)

Why Invest in a Bitcoin Casino: Understanding the Crypto iGaming Business

  • December 22, 2022
  • Meg Rivera
money in grass
View Post
  • Create Wealth (Investing)

Getting an Affordable Home Loan for the Eco-Home of Your Dreams

  • December 22, 2022
  • Meg Rivera
man calling in front of car
View Post
  • Create Wealth (Investing)

All You Need to Know Before Getting Car Insurance in Canada

  • December 21, 2022
  • Meg Rivera
What is the never have to work again number
View Post
  • All Blogs
  • Create Wealth (Investing)

How Much Money Do You Need To Never Have To Work Again? Let’s Do The Math.

  • December 11, 2022
  • Jeff Wiener
View Post
  • Create Wealth (Investing)

How to Make a Deposit into a Savings Account that Pays a Higher Interest Rate

  • December 2, 2022
  • Meg Rivera
1 comment
  1. Pingback: How to Become a Decamillionaire, Grow your Net Worth to $10 Million, and Join the 1% Club | The Kickass Entrepreneur

Comments are closed.

Join 6,472 Entrepreneurs That Get My Business Building and Wealth Creation Posts by Email

I can teach you how to build a successful, profitable business, and turn that into millions in personal wealth.

Thank you for your interest in THE KICKASS ENTREPRENEUR'S GUIDE TO INVESTING. Three Simple Steps to Build Massive Wealth with your Business's Profits. Please check your email to confirm the book download. Form: 400529

There was an error submitting your subscription. Please try again.

We won’t send you spam. Unsubscribe at any time.

Recent Posts
  • Logistics Software 1
    Accelerating Your Business Growth: The Role of Logistics Software Development
    • March 20, 2023
  • crude oil 2
    Energy Futures: What to expect in 2023
    • March 17, 2023
  • man writing on board 3
    What is the Difference: Lead Scoring vs. Nurturing
    • March 17, 2023
  • group session 4
    Managing Wealth: 4 Reasons You Need to Opt for a Money Management Company
    • March 17, 2023
  • BUSINESS 5
    Planning to Start a New Business Abroad? These 11 Tips Might Help!
    • March 16, 2023
Featured Posts
  • Become a Decamillionaire
    How to Become a Decamillionaire, Grow your Net Worth to $10 Million, and Join the 1% Club
  • how to become wealthy
    The Entrepreneur’s Secret to How to Become Wealthy and Build a Personal Fortune
  • Most Profitable Small Businesses
    27 of the Most Profitable Small Businesses to Open in 2023
Categories
  • All Blogs (1,034)
  • Business (220)
  • Canadian Financial Products (4)
  • Create Wealth (Investing) (131)
  • Entrepreneur Interviews (25)
  • Featured Post for Main Menu (4)
  • Featured Top Posts (23)
  • Finance (55)
  • Financial and Investment Calculators and Economic Data (114)
  • Fitness (5)
  • Growing Profits (72)
  • Growing Revenues (115)
  • Growing Revenues (70)
  • Marketing (139)
  • Millionaire and Business owner interviews (3)
  • Positive State of Mind (68)
  • Real Estate Investing (17)
  • Retirement (13)
  • Reviews (12)
  • Sales (15)
  • Sell Me This Pen (8)
  • Selling your Business (13)
  • Starting a Business (1)
  • Startup Ideas (14)
  • Technology (112)
  • Top Products (4)
  • Uncategorized (54)
Follow us
Author
Jeff Wiener
Jeff sold his company to private equity in 2017 and is now semi-retired. Jeff spends time…

    CHECK OUT MY BLOG, AND SUBSCRIBE

    about
    The Kickass Entrepreneur

    Expand Your Business, Improve Profits, Create Wealth

    Expand your business, improve your profits, and create wealth. Each one of the three can be elusive goals. Follow the right steps, and you, too, can create financial independence. It is possible … you just have to take the right steps.
    NAVIGATION
    • About
    • Blog
      • All Blogs
      • Create Wealth (Investing)
      • Entrepreneur Interviews
      • Featured Top Posts
      • Growing Profits
      • Growing Revenues
      • Marketing
      • Positive State of Mind
      • Real Estate Investing
      • Retirement
      • Sales
      • Selling your Business
    • Book
    • Courses
    • Podcast
    • Resources
    • Contact
    TAGS
    apartment BATNA Business business failure business growth business sale Capitalization Rate CAP Rate cash cash flow Creating Wealth Discipline entrepreneur entrepreneurship excel extra cash Featured goal setting Growing Business investing investment real estate M&A marketing Marketing KPIs Mergers and Acquisitions | M&A | Entrepreneur Blog Millionaire millionaire next door mistakes MUR Peter Principle Profit profitability real estate retirement revenue Revenues sales sales management Semi-Retirement Blog | Entrepreneur Blog | Small Business Blog small business Stagnant stocks success Thomas Stanley wealth
    RECENT ARTICLES
    • crude oil
      Energy Futures: What to expect in 2023
      • March 17, 2023
    • deck of folders with insurance word on it
      Tips for choosing the right auto insurance coverage
      • February 17, 2023
    • holding laptop
      Tackling pros and cons of virtual reality tours when buying and selling houses
      • February 9, 2023
    • Rising gold prices concept. Investment in precious metals in the stock market
      The Pros And Cons Of Investing In Precious Metals
      • February 9, 2023
    • man looking at his tablet
      These Are The 7 Mistakes Six-Figure Earners Make
      • January 7, 2023
    • starting your own business
      6 Must-Know Tips For Starting Your Own Business
      • January 1, 2023
    The Kickass Entrepreneur
    • Coaching
    • Book
    • Blog
    • Contact
    • Privacy Policy
    • Terms
    • Disclaimer
    • Facebook
    • LinkedIn

    Input your search keywords and press Enter.