In 2025, being considered wealthy in Canada generally requires a net worth of at least $1 million to $2 million CAD, though many perspectives suggest that to feel truly "rich," a net worth of over $5 million is needed. While a $1 million net worth puts you in a high-wealth category (roughly the top 5% of the population), increasing costs and inflation have raised the bar for what is defined as "wealthy" versus merely "comfortable".
Net Worth and Being Wealthy
Those who are truly wealthy often have a net worth that is much higher than $1 million. Keep in mind, though, that just because someone is considered wealthy and has a high net worth doesn't necessarily mean that they are debt-free.
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.
What it takes to be wealthy in America: $2.3 million, Charles Schwab says. Americans now believe it takes an average of $2.3 million to be considered wealthy. That's a 21% rise since 2021, reflecting the way inflation and soaring costs have changed perceptions of wealth.
Key Takeaways
54% of Americans report no dedicated retirement savings, according to the Federal Reserve's 2022 Survey of Consumer Finances. $1.26 million is the new target for comfortable retirement in 2025.
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%.
But how people define “upper class” differs. Some say you'd need to be making twice the median income, or around $167,460. Even more elite are those who find themselves in the top 5 percent of earners. In the U.S., you'd need to be making about $336,000 to find yourself in the top 5 percent, according to Census data.
For many, Canada's appeal is clear: universal healthcare, a strong social safety net, and a reputation for stability. Add in growing concerns at home—whether political, economic, or personal—and it's no surprise that interest in Americans moving to Canada is rising in 2025.
The term “affluent” typically refers to individuals with investable assets between $1 million and $10 million. These individuals have a high level of wealth and often enjoy a luxurious lifestyle, with access to exclusive services and products.
In 2023, 25.5 percent of the Canadian population had an annual income of 100,000 Canadian dollars or more.
The upper class in Canada (top 20%) has a median net worth of $2,488,700 and an average of $3,227,390 as of Q2 2024 (Statistics Canada). This group holds highly diversified assets, significantly reducing reliance on employment income.
To be considered wealthy in the U.S., Americans say you need a net worth of $2.3 million in 2025 — but that number can be even higher depending on where you live.
Only a small fraction of Americans, around 3% to 4.7%, actually retire with $1 million or more in retirement accounts, according to Federal Reserve data, despite many feeling they need that much for comfort. The median savings for those approaching retirement (ages 65-74) is much lower, around $200,000-$609,000, making the million-dollar milestone rare, though "401(k) millionaires" are growing in number.
According to estimates based on the Federal Reserve Survey of Consumer Finances, a mere 3.2% of retirees have over $1 million in their retirement accounts. The number of those with $2 million or more is even smaller, falling somewhere between this 3.2% and the 0.1% who have $5 million or more saved.
At the end of June 2025 there were an estimated 41.3 million high net worth (HNW) individuals around the world, each with wealth in excess of $1m.
That depends on your age, your income, and your circumstances. It also depends on whether you compare yourself to other people, or to what experts recommend is an ideal net worth. Generally speaking, a $500,000 net worth is good, especially if you're mid-career.