Average Net Worth of Canadians is Over $400,000!
Do you have about $400,000 in assets just lying around? Because according to Environics Analytics, that’s the average net worth of Canadians. Or rather, $400,151, to be exact.
It’s the first time in history that our net worth has reached past the $400,000 mark, and it did it by the end of 2012, when there was an increase of 5.8 per cent in our net worth. According to the report, that increase was due to a 5.4 per cent in liquid assets and a 5.1 per cent increase in real estate values. The report also took into account a modest 3.3 per cent rise in debt.
And with so much happening in Regina right now, is it any surprise that it was this city that showed the biggest increase in net worth. Their average went up to $391,826, an 11.2 per cent increase from the year before. Environics Analytics says that Regina’s growth was spurred on by real estate holdings, and the fact that they had the second sharpest rise in liquid assets, just behind Saskatoon.
Of all Canadian cities it was Vancouver, Calgary, and Toronto that stay at the top of the wealthiest cities in all of Canada. Hamilton had the second fastest increase in growth, with their average net worth topping out at $420,515, a 9.5 per cent increase from the previous year.
But what about that Canadian vs. American comparison? We’re the winners there too, as the U.S.’ average net worth was $381,086 at the end of last year. Next year those stats could appear differently though, as the U.S. had a drop of 2.4 per cent in their household debt, while Canada’s rose by a modest 3.3 per cent. However, it is important to note that the report does not take government debt into consideration, and in this category the U.S. owes remarkably more than Canada.
Where do you stand in this ranking, and do you think it’s on par with what’s happening in the country? Does your net worth average out to about the same found in this report?