Net Worth Percentile Calculator for Canada Including 23 Wealth and Income Statistics for 2023 (2024)

FAQs

What net worth is considered wealthy in 2023? ›

This year's study reveals that Americans now think it takes an average of $2.5 million to be considered wealthy – which is up slightly from 2023 and 2022 ($2.2 million).

What is considered high net worth in Canada? Individuals with a net worth of $1 million or higher is considered high in Canada. Net worth is calculated as total assets less liabilities, like mortgages and other debt.

Net Worth Calculation

Once you have an inventory of all your assets and liabilities, you can calculate your net worth. To do this, simply subtract the total amount of liabilities from the total amount of assets. This dollar number is your net worth and can be used to compare to past or future years' net worth.

The 95th percentile, with a net worth of $3.2 million, is considered wealthy, facilitating estate planning and possibly owning multiple homes. The top 1%, or the 99th percentile, has a net worth of $16.7 million and represents the very wealthy, who enjoy considerable financial freedom and luxury​​.

According to Kiplinger, by 2025, entering the top 2% of America's wealth will require a net worth of approximately $2.7 million, marking the threshold for elite economic status. Last year, the Schwab Modern Wealth Survey revealed Americans believe it takes $2.2 million to feel wealthy.

There are estimated to be a little over 8 million households in the US with a net worth of $3 million or more.

The top 10% of Canadians made an average income of $134,900, with the top 5% making one third more ($179,800) and the top 1% almost triple that amount ($381,300). Meanwhile, the bottom 90% had an average income of $28,000.

What is a high net worth individual in Canada? ›

Typically, holding at least $1 million in net investable assets is considered high net worth (HNW). But there are variations.

Additionally, statistics show that the top 2% of the United States population has a net worth of about $2.4 million. On the other hand, the top 5% wealthiest Americans have a net worth of just over $1 million.

According to Schwab's 2024 Modern Wealth Survey, Americans said that it takes an average net worth of $2.5 million to qualify a person as being wealthy, a bit of an uptick from $2.2 million in the surveys from 2022 and 2023. (Net worth is the sum of your assets minus your liabilities.)

The top 10% of households have a median net worth of $2.7 million, per the Federal Reserve's most recent Survey of Consumer Finances, compared to a little more than $790,000 for the next highest bracket. Middle class Americans hold just less than $170,000.

In 2024, Americans stated that the average net worth they consider “wealthy” is $2.5 million. That's up by $300,000 over last year, when Americans said $2.2 million qualified you as rich.

The top 10% of households have a median net worth of $2.7 million, per the Federal Reserve's most recent Survey of Consumer Finances, compared to a little more than $790,000 for the next highest bracket. Middle class Americans hold just less than $170,000.

In 2023, households earning at least $844,266 per year are considered among California's top 1%. On average, these high earners are taxed at a rate of 26.95%. In the Garden State, you'll need an annual household income of $817,346 to be in the top 1%.

The most recent data from the Fed's Survey of Consumer Finances comes from the end of 2022. If you wanted to be in the top 5% of households at that point, you would need a net worth of $3,795,000. As you might expect, though, you don't need as much to reach the top 5% of younger households.