A new global wealth report ranks Canada 11th in the world for average wealth per adult, with Canadians holding an average of $375,000 in assets. Switzerland leads the list with $700,000 per adult, followed by the United States at $580,000.
Global Wealth Rankings: Top Countries
The report, compiled by the Credit Suisse Research Institute, analyzed household wealth across 200 countries. The top five nations by average wealth per adult are Switzerland ($700,000), the United States ($580,000), Hong Kong ($520,000), Australia ($490,000), and Singapore ($480,000).
Canada's position at 11th places it ahead of the United Kingdom ($360,000) and Germany ($340,000), but behind smaller wealthy nations like Luxembourg and Norway.
Canada's Wealth Distribution
While Canada's average wealth is high, wealth inequality remains a concern. The top 10% of Canadians hold 55% of the country's total wealth, while the bottom 50% hold just 4%. "The gap between the richest and poorest Canadians has widened over the past decade," noted the report's author, Dr. James Davies.
Median wealth in Canada is $180,000, lower than the average, indicating that a small number of very wealthy individuals skew the average upward.
Factors Behind Canada's Ranking
Canada's strong housing market has been a key driver of household wealth. Real estate accounts for 45% of Canadian household assets, according to the report. However, this also makes Canadian wealth vulnerable to housing market corrections.
"Canada's wealth is heavily tied to real estate, which has seen significant price increases in recent years," said economist Sarah Johnson. "While this has boosted net worth, it also poses risks if housing prices decline."
Comparison with Other Countries
Canada's wealth per adult is nearly double the global average of $190,000. However, it lags behind the United States, which has a larger stock market and more technology-driven wealth creation. Switzerland's high ranking is attributed to its strong financial sector and high savings rates.
The report also highlights that Canada's wealth growth has been steady but slower than in some emerging economies, such as China and India, which have seen rapid increases in household wealth due to economic expansion.
