Approximately 2 million to 2.1 million people in Canada have a net worth of over 1 million U.S. dollars. Other estimates indicate about 4.4 million households in Canada have a net wealth above $1 million. This high number is largely driven by soaring real estate values and increased financial assets.
In 2023, there were 4.4 million families in Canada with net wealth above one million dollars and 108,000 families with net wealth above 10 million dollars.
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 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.
United States – 21,951,319 millionaires (8.5% of adults)
The United States leads the pack with nearly 22 million modern millionaires, making up around 40% of the global count. This dominance is fueled by a diverse economy that thrives on innovation, technology, and finance. Just check the number of tech billionaires.
No, there are currently no trillionaires (with a net worth of $1 trillion USD or more) in the world, but many experts predict the first one could emerge within the next decade, with Elon Musk, Jeff Bezos, Mark Zuckerberg, and Bernard Arnault being top candidates, largely due to rapid growth in the tech and luxury sectors.
It doesn't make someone a millionaire if they are paying a mortgage on a home that is worth $1M. It only makes them in debt for the amount of the mortgage. If they ever pay off that loan, and the property is still accurately appraised at $1M+, then they would be a millionaire, but not before.
9 Signs of Wealth to Look Out For
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.
The United States is the world's richest country by a wide margin. It's a global hub for finance, tech, energy, and entertainment. From Silicon Valley to Wall Street, American firms shape worldwide trends. The country benefits from vast natural resources, advanced infrastructure, and a culture of innovation.
The 7-3-2 rule is a financial strategy for wealth building, suggesting it takes 7 years to save your first major financial goal (like a crore), then accelerating to achieve the next goal in 3 years, and the third goal in just 2 years, leveraging compounding and disciplined, increased investments (like a 10% annual SIP hike). It highlights how returns compound faster over time, drastically reducing the time needed for subsequent wealth targets, emphasizing patience and consistent, growing contributions.
The average age of a millionaire in the U.S. is around 61 years old, with most achieving this status in their 50s and 60s through decades of saving and investing, not sudden wealth, though some sources suggest slightly younger averages (around 57) or higher medians (62). This age reflects long-term wealth accumulation, often with significant retirement account balances, and the average age has been increasing as older generations live longer.
The average Physician / Doctor, General Practice base salary in Canada according to Payscale.com is $187,500 (CAD) per year. With 1,000 salaries reported, updated at March 4, 2024, the average salary for a physician in Canada is $284,515 (CAD) per year according to Indeed.
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What is the average pharmacist's salary? According to the Canada Job Bank, pharmacists earn a median salary of $53.85 CAD per hour, which is about $112,008 CAD annually [1]. This is much more than the national median annual salary for all workers in Canada, which is $30 CAD hourly or $62,400 CAD annually [2].
About 90% of millionaires build wealth through long-term investing, often focusing on real estate, starting their own businesses, and making consistent, disciplined financial choices like budgeting, saving, and continuous self-education, rather than flashy spending, with a strong belief in controlling their own financial destiny. They prioritize tangible assets and income streams, using strategies like leverage and tax benefits, and avoid excessive spending on depreciating assets like luxury cars.
Average net worth at age 72
According to Federal Reserve data, households led by someone between the ages of 70 and 74 have an average net worth of about $1.7 million to $1.8 million. This is the mean figure, and it's heavily skewed by very wealthy households.
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.