To be considered in the top 1% of income earners in Canada as of 2023, an individual needs a minimum annual income of approximately $293,800. This threshold represents the entry point for the top 1% of tax filers, who had an average income of roughly $606,000 in 2023.
While the average income for the top 1% of earners is $500,000 annually, the threshold income is much lower at $315,911 annually. Those who are considered to be part of the top 1% are also considered to be upper class. There are quite a few career paths in Canada that can lead you to make an income of those in the 1%.
Of the 1.5 million households who fall into the top 1% of earners, the national average annual income to be part of the group is $731,492.
Between 2018 and 2022, the threshold to enter the top 10% rose by 14.3%, from $97K to $111K reflecting higher overall income levels among Canada's top earners. By 2022, the average income was $197,900, which is over $50,000 higher than the median of $147,100.
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.
As of 2023, the wealthiest 1% of Canadian families controlled about 23.8% of total net wealth and required at least $7.4 million in assets to be in the cohort, which around 169,400 managed to achieve.
To be a top 1% earner in Canada, you need to make at least $586,900, according to data released in 2024 by Statistics Canada. The wealthiest households accounted for almost two-thirds (64.8%) of Canada's total net worth in the fourth quarter of 2024, with an average of $3.3 million in earnings per household.
There are significant sources of uncertainty in the data. PBO finds that there were approximately 169,400 families in the top one per cent in 2023, and they each had a net wealth of at least $7.4 million.
To be in the top 1% net worth in the U.S., you generally need a household net worth of around $11.6 million to over $13 million, though figures vary slightly by source and recent market changes, with this elite group holding a significant portion of total national wealth, often through stocks, real estate, and businesses. The exact number shifts, but the threshold signifies immense financial power and opportunities far beyond the typical household, with the average household in this tier having much higher wealth due to extreme concentration at the very top.
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.
Top earners across the United States earn nearly least six figures, with an average income of over $99,971 for those in the top 10% in 2022. Earners in the top 1% need to make $1 million annually in states like California, Connecticut, Massachusetts, New Jersey, and Washington.
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.
Recent Trends – Number of households earning $100K or more
In 2025, the number of Canadian households earning $100,000 or more is projected to reach 6.4 million, driven by rising wages, continued government interventions and economic recovery after the COVID-19 pandemic.
Yes, $100k CAD is generally a very good salary in Canada, well above the national average and sufficient for a comfortable life, especially for a single person, but its actual value heavily depends on your location (expensive cities like Toronto/Vancouver vs. smaller towns), whether you have dependents (family), and your spending habits, with significant tax deductions making it less than it seems before tax.
Only a small fraction of Americans, around 1.8% of U.S. households, have $2 million or more saved in retirement accounts, according to analyses of Federal Reserve data by organizations like the Employee Benefit Research Institute (EBRI). This puts them in a very elite group, as most people fall far short of this milestone, with far fewer reaching $3 million (around 0.8%).
Roughly 7% to 9% of American households have $500,000 or more in retirement savings, though figures vary slightly by source, with data from late 2025 suggesting around 7.2% and older 2022 data indicating about 9%, showing it's a significant milestone achieved by less than one in ten families, despite higher averages driven by wealthy individuals.
The cutoff to be included in the top 1% of the total income distribution was $293,800 in 2023. Canadian tax filers in the top 0.1% of the distribution earned $930,100 or above, while those in the top 0.01% earned $3,487,600 or above. Canadians in most income groups saw their average income decrease in 2023.
Thus, if the employee performs no work, or works for less than 3 hours, he must still receive 3 hours pay at the regular rate of wages; however, if the employee works for more than 3 hours, then he will be paid for each and every hour worked.
Canada's 90% rule helps non-residents and recent immigrants claim full federal tax credits (like the Basic Personal Amount) if 90% or more of their net worldwide income for the relevant tax year is from Canadian sources; otherwise, credits are prorated (reduced) based on their Canadian residency period, ensuring fairness for those who weren't residents all year.