As of late 2025, approximately 2 million Canadians are considered millionaires, but this figure includes total net worth (including housing), not just retirement savings. Only a small percentage, likely less than 10% of those aged 55 to 64, have $1,000,000 or more specifically in liquid retirement savings.
millionaires. While there were 4.4 million families in Canada with net wealth above $1 million and 108,000 families with net wealth above $10 million, only about 100 families cross the billion-dollar threshold. Families with over $1 billion in net wealth collectively own 2.2% of national wealth, or $360 billion.
The Million-Dollar Reality Check
According to Fed data, just over half of Americans (54.3%) have retirement accounts, and of those, less than one in 20 (4.7%) have reached the $1 million mark.
More on that later. In Canada, the average person has around $272,000 saved by the time they retire. This averages out to a household income of $514,000. This is just in cash savings though, These numbers don't include assets or any pensions that you will receive.
74% of Canadians with RRSPs have $100,000 or more in retirement savings. Less than half of Canadians with a high-interest savings account have surpassed $100,000 in savings.
Based on this data, approximately less than 10% of Canadians aged 55 to 64 have $1,000,000 or more saved up to carry them into retirement. However, there are ways to improve your odds of getting to $1-million-plus in retirement savings, but it will take work.
In late 2024, for example, during a parliamentary squabble over increasing Old Age Security (OAS) benefits for those aged 65 to 75, it was revealed that the median net worth of Canadians over 65 had risen to almost $550,000.
If the TLDR chart is true, then the only about 7-8% of the Canadian population has 500K or more.
Under these assumptions, your $1 million could potentially last 25 to 30 years. However, this doesn't account for rising healthcare costs, unexpected expenses, or major market downturns. If you withdraw more aggressively, say 5% or 6%, the money may only last 15 to 20 years, especially if markets underperform.
Empower Personal DashboardTM data shows 9.1% of people fall into the category of 401(k) millionaire as of September 30, 2025, having accumulated at least $1 million in retirement savings in employer-sponsored plans and individually controlled IRA savings and investment accounts.
In order to be considered wealthy in Canada, you should have a net worth of at least $1 million. That being said, a lot of Canadians who are considered wealthy live a relatively normal life. Most of their net worth is in their primary residence, investments, retirement packages, or even a mix of the three.
Nearly 2 million Canadians are now millionaires — at least on paper — according to UBS. That's one in every 20 adults.
According to the Employee Benefit Research Institute's analysis of Federal Reserve data, just 1.8% of U.S. households have at least $2 million in retirement savings.
They have diversified assets and enjoy a comfortable retirement cushion. Rich retirees: In the 90th percentile, with net worth starting at $1.9 million, this group has much more financial freedom and is able to afford luxuries and legacy planning.
Canada's millionaires: facts and figures:
Their average age is 54. The majority (59 per cent) are married with grown children. They are well educated - 28 per cent have post grad degrees. They accumulated their first $1 million in assets by age 42.
As of 2022, the median household retirement savings for Americans under age 35 is $18,000. As of 2022, the median household retirement savings for Americans ages 65-74 is $200,000. In 2022, the average (median) retirement savings for American households was $87,000.
A good retirement nest egg aims to replace 80% of your pre-retirement income, often needing 10-12 times your final salary saved by age 67, but the exact amount varies widely based on lifestyle, desired retirement age, location, and expenses like healthcare. Key benchmarks include saving 1x salary by 30, 3x by 40, 6x by 50, 8x by 60, and 10x by 67, with a 15% savings rate of your income being a strong general goal.
The average retiree's monthly expenses in the U.S. hover around $4,600 to $5,400, with younger retirees (65-74) spending more, often over $5,000 monthly, while those 75+ spend closer to $4,400 as transportation and entertainment costs decrease, though healthcare costs can rise, with housing, transportation, healthcare, and food being the biggest categories.