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B.C. Residents Have The Highest Net Worth In Canada

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British Columbian families have the highest net worth in the country, according to a new report released by Statistics Canada. Net worth represents the amount family units (2 or more people) would have if they sold all of their assets and paid off all of their debts.

British Columbians reported the highest median net worth of family units at $344,000 (as of 2012), which is more than double of those living in Newfoundland and Labrador ($167,900) and Prince Edward Island ($150,300). The next highest net worth of the country goes to Saskatchewan ($271,400), followed by Alberta ($267,500) and then Ontario ($265,700).

British Columbians have more than doubled their median net worth since 1999 ($150,700), when they were ranked fourth nationally. B.C. was the only province in the country to double their net worth in this time, although it was very close for Newfoundland and Labrador (up 99%) and Quebec (up 98%).

Statistics Canada says: “Family units living in Ontario had the largest share of total net worth in Canada, holding $3.1 trillion or 38.8% of Canada’s net worth in 2012. This share is in line with the proportion of the national total of family units residing in Ontario (37.4%). In contrast, family units living in British Columbia held $1.4 trillion or 17.0% of Canada’s net worth, with 13.6% of family units living in the province.”

The report also shows that there has been a nearly 80% increase in median net worth among all Canadian provinces, since 1999. Although, Canadian families have also accumulated more debt in that time—going from $864.6 billion in 2005 to $1.34 trillion in 2012. The majority of the debt owed by Canadians (77% or $1.0 trillion) is due to mortgages, which is a share that has remained unchanged as the main reason for debt over the years.

 

Written by: Meagan Gill
Photo Credit: Flickr/Carissa Rogers

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