Do You Want To Know Your Net Worth?

Apr 3, 2023

Are you worth as much as you think you are, or less than you ought to be? Most of us wonder about it from time to time. Especially when the financial climate changes, like what’s going on nowadays. When it comes to our investments and savings it’s important to know how to calculate our net worth.

So, right now you may be asking yourself “What am I worth? Am I above or below average and, if so, by what amount?”

It’s possible that many of us are unsure about how to complete the calculation to discover our own net worth accurately. Well, have we got good news for you!

Statistics Canada, as reported by the online platform Stocktrades, have recently published an analysis (January 2023) that discloses a wide range of insight on this subject. The numbers we’re about to share with you are averages based on the most recent (2019) national data available.

What Does ‘Net Worth’ Actually Mean?

Let’s start with a definition:

Your net worth is your total assets minus your total liabilities.

Simple to calculate in principle, but not so simple in practice.

An Asset Defined

An asset is anything of value that you own. The most common of which are the following (these numbers represent averages):

  • Family home(s): $400,000
  • Retirement savings: $158,700
  • Vehicle(s): $17,000
  • Bank deposits and other financial assets: $14,000

A Liability Defined

A liability is a debt, even if it’s not overdue. The most common types of liabilities on average for Canadians are:

  • Mortgages: $180,000
  • Vehicle loans: $18,000
  • Student loans: $12,000
  • Lines of credit, credit cards, and other kinds of instalment debt: $7,000

Again, remember these are Canadian averages.

Canadian Net Worth by Age Group

Statistics Canada took their analysis a step further by breaking down the median net worth of Canadians, by age:

  • Under 35: $48,800
  • 35 to 44: $234,400
  • 45 to 54: $521,100
  • 55 to 64: $690,000
  • 65 and older: $543,000

As you can see, your net worth typically increases as you age. And any real estate investment you make helps enormously. According to Statistics Canada, more than 80% of your growth in net worth will come from gains in the market value of your real estate. After 64, as people draw on their retirement savings, your average net worth declines.

Canadian Net Worth by Province

Of course, your age isn’t the only deciding factor for your net worth. Someone who lives in British Columbia is more likely to have a higher net worth than someone in Prince Edward Island. What follows is Statistics Canada data for median net worth by province, ranked from highest to lowest:

  1. Ontario: $434,500
  2. British Columbia: $423,000
  3. Saskatchewan: $330,500
  4. Alberta: $317,000
  5. Manitoba: $295,700
  6. Nova Scotia: $257,900
  7. Newfoundland & Labrador: $247,300
  8. Quebec: $237,800
  9. Prince Edward Island: $211,400
  10. New Brunswick: $185,000

According to Statistics Canada, the average annual salary in December 2021 (calculated by multiplying the average weekly earnings by 52) was:

  1. Alberta: $64,376
  2. Ontario: $60,320
  3. British Columbia: $58,916
  4. Saskatchewan: $58,344
  5. Newfoundland and Labrador: $57,460
  6. Quebec: $56,004
  7. New Brunswick: $53,872
  8. Manitoba: $53,612
  9. Nova Scotia: $51,792
  10. Prince Edward Island: $49,244

Where the Most Wealth Lies in Canada

Ontario and B.C. are the winners, by a considerable margin, due in large part to their real estate prices. You must be a relatively big earner to afford living in either of those two provinces.

To put the foregoing numbers into perspective from a wealth management point of view, according to a recent Credit Suisse Global Wealth Report there are around 1,681,969 millionaires living in Canada. The nation’s population is roughly 39 million which means approximately 4% of Canadians are millionaires. That’s a lot of wealth!



Researched, resourced and written by experts, Everything Retirement is designed to get you where you want to go and enable you to become who you want to be. With clarity, insight and – above all – honesty, realism and actionable answers.