In 2025, being considered wealthy in Canada generally requires a net worth of at least $1 million to $2 million CAD, though many, including Financial Post readers, suggest a higher threshold of $5 million for true wealth. While roughly 5% of Canadians are considered high-net-worth individuals, top 10% households typically hold a net worth exceeding $2.1 million, according to 2025 data from the Parliamentary Budget Officer.
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.
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.
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%.
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.
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.
9 Signs of Wealth to Look Out For
Rich Is Income.
Being rich is about how much you earn. Being wealthy is about how long you could live exactly as you do without earning another dollar. Someone making $500,000 a year with no savings, no equity, and expensive taste might feel rich — but if they lose the job, they're toast.
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.
Defining the Classes
Lower middle class (25th to 50th percentile): $29,300 to $209,000 net worth. Upper middle class (50th to 75th percentile): $209,000 to $714,000 net worth. Upper class (75th to 90th percentile): $714,000 to $2.1 million net worth. Wealthy (90th percentile and above): Over $2.1 million net worth.
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.
Canada has 1.1 million people with US$1 million, reveals the annual wealth report by the Credit Suisse Research Institute. By 2021, that number will increase 50% to 1.68 million people. The average wealth per Canadian is $270,179 — 22% lower than in the U.S. (All figures are in U.S. dollars.)
Here's a wealth class framework described by Bo Hanson, CFA, CFP® that breaks out 5 groups by net worth: the bottom 25%, the lower middle class, upper middle class, upper class, and the wealthiest 10%.
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%).
Mini-millionaires, whom Zumburn describes as “upper middle class” rather than rich, typically make between $150,000 and $250,000 per year.
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.