Are You One of the Richest Canadians?

1069 Beach Drive, Victoria BC

1069 Beach Drive, Victoria BC

This year has been a busy one – record breaking sales including one of my own that just closed a few weeks ago in Oak Bay. Have a look here while the website is still up and running:

A few of these sales have brought on a little extra attention – not that I don’t mind it, I am in Real Estate! but it seems that every magazine, upper tier website and publishing company has been calling. I’m cautiously examining them to determine if any will add any value to my business, my clients and ultimately result in more sales… however this is a little tidbit I found interesting on Canada’s Richest citizens. Are you fortunate enough to fall into this list?

Statistics Canada queried about one third of all Canadian households in 2011 (the last year the census was done) — 4.5 million of them — and the resulting National Household Survey (which was released in September of 2013) offers details about the ranks of the country’s highest income earners.

Minimum income to be in the top ranks of wealthy Canadians
Top 10% of earners $80,400*
Top 1% of earners $191,100*
Top 0.1% of earners $685,000**
Top 0.01% of earners $2.57 million**
* Entry point to be in this category. Average and median figures are higher. SOURCES: * National Household Survey, Statistics Canada, September 2013 ** And previous StatCan reports

In general, the report shows the top 1% are mostly middle-aged married men who live in a big city, have a university degree, and most likely to work in management, medicine, dentistry, law, engineering, or business and finance.

The fast facts below provide some details about this exclusive group.

  • Canadians in the Top 10% of individual earners netted a median income of $102,313
  • The Top 5% had a median income of $131,541
  • The Top 1% of Canadian earners pocketed a median income of $264,943. This income group contained 272,600 Canadians.
  • Wealthy Canadians are well educated: 67.1% of the Top 1% had attained a university degree compared to 54.6% of the Top 5%, and 50.3% of the Top 10%.
  • Canadians make their own money: The higher the income, the more likely it came from employment income, rather than other sources such as inheritance.
  • You can spot them by occupation: Many of those in the Top 1% had jobs in management, health, business, finance and administration and law.
  • The Top 1% are overwhelmingly male — nearly four out of five.
  • Almost 20% of Canada’s Senior Managers made the Top 1%, earning an average income of $466,300. This is 23% higher than the $380,400 average of all workers in the Top 1%.
  • More than half of the Top 1% live in Toronto, Montreal, Calgary and Vancouver.
  • According to Forbes magazine, Canada has 29 Billionaires as of 2013.

For the full report, go to

— Courtesy of the Institute for Luxury Home Marketing