Wealth Perspectives: Canadians Have Never Been Wealthier

Recent statistics show that Canadians are wealthier than ever, with average household net worth reaching $1.047 million in Q2 2025. Since 2019, average household net worth has grown by over 30 percent, with Millennials ($634,435) and Gen X ($1.33 million) seeing increases of over 10 percent since the start of 2024.¹

Despite this, many of us don’t feel wealthy. Wealth can be a slippery benchmark—it often feels like it’s never quite enough. Rising living costs strain many, while constant connectivity makes some feel like they’re falling behind the Joneses. Yet, it’s worth remembering: being a millionaire puts you in the top 1.6 percent of global wealth holders.²

With that in mind, here are some perspectives on wealth creation:

Building wealth has less to do with income and more to do with savings. Wealth is simply the accumulated difference between what you earn and what you spend. You don’t need a high income to build wealth, but without a high savings rate, your chances are slim.

Wealth is relative to your needs. People require vastly different amounts to get by each month. A dollar saved means something very different depending on one’s location, lifestyle and priorities.

Time is a great ally. Starting early can make a meaningful difference. Consider two investors earning an annual return of five percent. A 25-year-old who invests $500 per month for 20 years ($120,000 total) and then stops contributions could see their savings grow to roughly $550,000 by age 65. A 45-yearold would need to invest $1,350 per month—$324,000 total, or 2.7 times more—to achieve a similar outcome by 65.

One of the lessons we’ve learned from our time in the industry is that the principles of successful wealth creation are timeless. Wealth comes from choices, not chances: choosing to save wisely and pay yourself first, living within your means and having a plan focused on quality, diversification and discipline—with the patience to let it work for you over the long run.

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^{1. https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610066001; 2. In USD. https://www. ubs.com/global/en/wealthmanagement/insights/global-wealth-report.html}

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