If you are curious about the top 1 percent of the net worth in Canada, you are not alone. In fact, there are more than 100 million such individuals. However, the vast majority of them are not aware of this fact. The top 1 percent net worth is actually a very small portion of the world’s total wealth, but this is still a large percentage. Many of these people are industry professionals, entrepreneurs, or have inherited their wealth.
The average 18-year-old has a net worth of less than $5,000, while the top 1 percent of people are around $3 million. The wealth of the top one percent is largely due to time and compounded interest, so a person in the top percent of the wealthiest society is likely higher than a median person. Still, the average individual cannot reach that level, although they can increase their net worth by investing.
While ten million dollars might seem like a huge amount, it is still an enormous amount of money, and the top one percent of the net worth in America is well over a million dollars. After all, there are plenty of other millionaires in the country who have far more money than that. As a matter of fact, the U.S. financial position is very different. With a net worth of $123.8 trillion, the top 1 percent of the net worth in America is a lot closer to a million dollars.
While the top one percent of net worth in Canada is very impressive, the average Canadian is nowhere near that level. The majority of families are below $5 trillion, while the next largest net worth in Canada is $1.3 trillion. Nevertheless, this doesn’t mean that everyone is wealthy. Increasing age also increases the average net worth. The average Canadian family’s net worth is less than half of a trillion dollars, and many of these individuals have significant amounts of negative net worth, which is a bad sign.
This wealth gap has widened over the past decade, according to U.S. Federal Reserve data. Despite the growing number of millionaires and billionaires, America’s top 1% has a combined net worth of $34.2 trillion, which is thirty-four percent of the U.S. household wealth. Meanwhile, the bottom 50 percent holds just 0.4 percent of the wealth. That’s just too small a difference.
Most of the top 1 percent net worth are comprised of business owners. They run large corporations or manage multibillion-dollar investment funds. Some even own private islands in the Caribbean and rockets to space. Their income has soared in the past two decades, and some of their investments are in the form of businesses. If you have a small business, it is likely you can become one of the top 1 percent. And that’s just the tip of the iceberg.
Despite the high incomes of the top one percent, these individuals are still far below the median US household. On average, the top one percent of Americans earn over $500K, and most of them live in homes worth at least $600K. However, it is important to note that the top one percent of the US population is concentrated in major cities, with a few exceptions in suburban areas. In other words, the top one percent net worth of the country is more than four billion dollars.