Families in British Columbia have the highest median net worth in Canada, Statistics Canada announced February 25.
Family units in B.C. reported having a net worth – defined as the amount the families would have if they were to sell off all their assets and pay off all their debts – of $344,000 in 2012. This is more than 40% higher than the national average of $243,800.
This is also more than double the amount B.C. families reported in 1999 when net worth averaged $150,700 in the province. B.C. was the only province where net worth doubled over this period, although Newfoundland and Labrador (up 99%) and Quebec (up 98%) came close.
Canadian families had total assets of $9.4 trillion as of 2012. The main assets included in the calculation were the families' principal residences, making up one-third of the total asset base. This was followed by private pension assets at 30%.
Across the country, those between the ages of 55 and 64 had the highest net worth, with an average of $533,600. This was followed by Canadians over 65, with $460,700.
Couples without children under 18 years old had higher net worths ($365,200) than those with children ($302,100). The demographic with the lowest net worth was lone-parent families, at $37,000.
