The top 1% income in Canada is an average of $586,900. This income bracket includes the salaries of some of the wealthiest people with the highest-paying jobs in the country.
The majority of us who are nowhere near this 1% bracket still enjoy learning the juicy details about wealthy people, so let's take a look at a few numbers and statistics related to this income group.
Key Takeaways
- The top 1% of Canadian earners have an annual income of $586,900.
- The annual income of the top 1% can vary significantly by province, territory, and city.
- Approximately 11% of Canadians bring in an annual income of more than $100,000.
- Of these top earners, about 74% are men and 26% are women.
- The average (individual) Canadian earns a salary of $67,282.
What is the top 1% income in Canada?
According to the most recent information from Stats Canada on High-income tax filers in Canada, those within the top 1% of Canadian earners make an average of $586,900 per year.
This number fell by 5.1% from 2021 to 2022 as the economy continued to wind down post-pandemic. 10 years ago, in 2015, the average top 1% income in Canada was $529,600.
Since Stats Canada gets these numbers from its various income tax sources, we can safely assume that they represent individual incomes, not total household incomes.
Covid made the top 1% richer
Between 2020 and 2021, income inequality increased dramatically after the pandemic according to Statistics Canada.
The rich got richer: In 2021, the top 1% of Canadians took home about 9.4% more than they did in 2020. The top 0.1% earned even more, with a 17.4% increase in earnings.
Unfortunately, the pandemic had the opposite impact on people in low-income brackets: In 2021, the bottom 50% of Canadian earners experienced an average $1,400 decrease in income.
The rise in top 1% income during 2021 was due to increased wages and salaries, dividend payouts, and unusually high capital gains during the pandemic.
On the other hand, many lower- and middle-income Canadians suddenly stopped receiving money in 2021 when the government stopped or lowered payouts that began during the pandemic.
Top 1% incomes by province
Ontario residents earn the highest average income out of all the Canadian provinces, with an average top 1% income of $605,200.
Here’s a look at the average top 1% income in every province:
| Province | Average income of the area's top 1% |
|---|---|
| Alberta | $597,900 |
| British Columbia | $586,300 |
| Manitoba | $569,700 |
| New Brunswick | $517,900 |
| Newfoundland and Labrador | $479,800 |
| Nova Scotia | $522,600 |
| Ontario | $605,200 |
| Prince Edward Island | $476,900 |
| Quebec | $557,000 |
| Saskatchewan | $524,900 |
** Note: Stats Canada doesn't offer this information for any of the territories.
Alberta and Ontario residents make up the highest overall percentage of the top 1% in Canada, at 15.4% and 45.6% respectively.
Top 1% incomes in Canada by city
Using the most recent numbers (from 2022 ), here's a list of Canada's major cities and how they contribute to the top 1%:
| City | Population | Percentage of the national 1% | Average income of the area's top 1% |
|---|---|---|---|
| Toronto | 6,686,000 | 27.4% | $658,800 |
| Montreal | 4,379,000 | 11.8% | $589,700 |
| Vancouver | 2,843,000 | 10.4% | $615,000 |
| Calgary | 1,608,000 | 8.4% | $677,600 |
| Winnipeg | 871,000 | 1.7% | $594,300 |
Interesting finding: the average income of the 1% within each city isn't determined by the size of the city itself. Calgary is significantly smaller than Montreal, yet the 1% make an average income of nearly $88,000 more than those in Montreal.
What do the 1% pay for taxes?
We all like to complain about paying taxes, even the top 1% earners in the country – but the amount of taxes we pay certainly does vary by demographic. Since they fall within the highest tax brackets, the 1% paid an average of $231,600 in annual federal and provincial/territorial income taxes in 2022 (the most recent federal data available).
Take a look at the breakdown of taxes paid in Canada for the 2022 tax year:
| Earners in Canada | Percentage share of federal and provincial income taxes paid | Average amount of federal and provincial income taxes paid |
|---|---|---|
| Bottom 99% | 77.9% | $8,200 |
| Top 1% | 22.1% | $231,600 |
| Top 0.01% | 3.1% | $3,209,00 |
The gender breakdown of Canada’s top 1% income
Male earners make up the large majority of the top 1% earners, and they make a significantly higher average salary, too.
| Gender | Average salary (within the 1%) | Percentage of the 1% in Canada |
|---|---|---|
| Male | $608,300 | 74% |
| Female | $524,800 | 26% |
In fact, ¾ of top salary earners in Canada are men versus just ¼ who are women. The actual salary amount differs enormously, too – men make nearly 14% more money than women among the top 1%.
It's important to note that we couldn't find any information regarding non-binary earners within the top income percentile in Canada.
The age breakdown of Canada’s top 1% income
Perhaps unsurprisingly, age also plays an interesting role in the demographics of the top 1%. In particular, it's interesting to note that as the age of earners goes up, so does their net worth.
While most of the information within this article is taken from the information Statistics Canada provided for 2022, Wealthawesome's article "Top 1% Income In Canada" provided us with details on the average net worth of Canada's top 1% of earners in 2024:
| Age | Average net worth |
|---|---|
| Up to age 35 | $608,600 |
| 35 - 44 | $2,028,680 |
| 45 - 54 | $4,260,230 |
| 55 - 64 | $7,303,250 |
| Age 65 and up | $7,506,120 |
There is a massive jump from the under-35 age group to the next 10-year age group – it's a difference of $1,420,080. There's a significant difference between the next two groups also, but it evens out a bit after that.
Suffice it to say that when looking at the top 1% income in Canada by age, the older an individual is, the higher their net worth.
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The average income of a top 0.1% Canadian is $2,073,000, compared to about half that ($586,900) for a top 1% Canadian earner. You are in the top 10% of Canadian earners if you take home more than $111,900 per year.
Here’s a look at the income averages for Canada’s highest income percentiles:
| Income percentile | Average income |
|---|---|
| 0.01% | $7,436,400 |
| 0.1% | $2,073,000 |
| 1% | $586,900 |
| 5% | $269,200 |
| 10% | $197,900 |
What does the average Canadian make?
According to Dundas Life, a well-respected insurance provider, Canadians earned an average annual income of $67,282 in 2024.
In Canada, a middle class income is considered to be anywhere from $53,359 to $106,717 (for individuals, not households). Most people that fall into this category don't live in palaces or drive Bentleys, but they do tend to own a comfortable home, have a vehicle, and are able to put money aside for retirement.
What percentage of Canadians make over $100,000 a year?
Approximately 11% of Canadians bring in an annual income of more than $100,000.
CBS news reports that only 18% of individual Americans and 34% of households made more than $100,000 in 2023. This isn't as stark of a contrast to the Canadian numbers as might be expected but still shows a significant difference.
How do I break into the top 1%?
For the average Canadian, the best way to break into the top 1% is to focus on what you can control about your finances:
- Get an education that leads to a high-paying job
- Invest and save wisely to grow your wealth
Of course, a lot of the top 1% in Canada have generational wealth on their side – and that’s something you can’t earn.
Wealth transfers from one generation to the next can make a huge impact on a person’s ability to join the top 1%. For instance, Maclean’s predicts that before 2026, about $1 trillion will be inherited primarily by millennials from their Baby Boomer parents in Canada.
One survey found that the average inheritance is around $940,000, for boomers leaving their entire estate to their kids.
Most common jobs in Canada that pay over $100,000 a year
A quick look at online job listings in Canada shows that the most common professions with $100,000 salaries or higher include the following occupations:
- Anesthesiologist
- Automotive technician
- Chiropractor
- Dentist
- Finance manager
- Operations manager
- Pharmacist
- Physiotherapist
- Sales manager
Several occupations have significant educational requirements. In fact, a study on "Education and occupation of high-income Canadians" from Stats Canada found that high-income Canadians are usually highly educated – 67.1% of the top 1% have a university degree.
It's also important to remember that no matter the educational requirements, the salaries for various jobs will vary from province to province, and even from area to area within one province.
How to grow your wealth
If you're not willing or able to achieve higher education or change to a better-paying job, learning about investing can open doors to a convenient way of making more money.
There are plenty of online investing tools to help you on your investment journey, including those that regular people (not just professional traders) can learn to use fairly easily. TD Direct Investing is great for seasoned and new investors alike.
Users have access to a variety of trading and investment platforms through TD Direct Investing, plus plenty of free tools and market research. There's no minimum amount required to start investing, and in fact, you're encouraged to be active by the discounts offered to those making more than 150 trades per quarter.
Like all of the Big 5 Banks, TD offers convenient online investing tools that regular people (not just professional traders) can use to manage their own investments. The TD Direct Investing Platform has high per trade fees, but does offer some pretty interesting educational materials and opportunities to help new and advanced investors.
- No minimum investment needed to open an account
- Some transfer fees may be reimbursed
- Active trader discount
- Variety of trading and investing platforms
- Wide array of free tools and market research
- Cash back offer
- High fees per trade can add up fast
- $25 per quarter inactivity fees
- No practice accounts
- No way to automate certain account activities
- Video series to learn about investing
- Daily live, interactive Master Class workshops
- Free investment research and tools
- TFSA
- RRSP
- RESP
- RRIF
- LIRA
- LIF
- RDSP
- Cash account
- Margin account
- FHSA
- Stocks
- Mutual Funds
- ETFs
- Options
- Fixed Income
- GICs
- Cryptocurrency ETFs
How does Canada’s top 1% income compare to the U.S. and other countries?
These numbers show the threshold for entering the top1% in various countries around the world:
- Monaco: $12.9 million
- Switzerland: $8.5 million
- United States: $5.8 million
- Sweden: 4.8 million
- New Zealand: $4.6 million
- United Kingdom: $3.1 million
- Japan: $2 million
Please note that we're unsure as to whether these numbers reflect individual or household income.
FAQ
What is the top 1% income in Canada?
Canadians who are within the top 1% of earners bring in an average of $586,900 per year. This varies quite a bit between provinces, territories, and cities. 74% of these earners are men and 26% are women.
What are the careers of the top 1% income earners in Canada?
Those in the top 1% of earners have jobs in the medical, technology, law, and finance sectors. The country's highest paying jobs include surgeons, physicians, cardiologists, software engineering managers, and business executive positions like vice president and chief marketing officer.
What salary puts you in the top 10%?
As of 2022, an annual salary of $111,900 puts you in the top 10% of Canadian earners. This number has increased significantly since 2020, when the threshold for this demographic was just $60,400.
Who are the richest people in Canada?
David Thomson's and his family's wealth reaches $98.15 billion. Changpeng Zhao, the crypto king, is the second wealthiest Canadian, worth $61.02. Others include Galen Weston Jr. at $18.05 billion and Dennis "Chip" Wilson at $6.28 billion.
What percentage of Canadians make over $100,000 a year?
11% of Canadians earn more than $100,000 each year – so 77.4% make less than that. Individuals earning between $53,359 to $106,717 are considered middle class, with the average Canadian earning about $57,800.
What is considered wealthy in Canada?
If you define "wealthy" as the 1%, then you’ll have to earn $586,900 per year. However, the 1% salary varies by city and province in Canada – Calgary's top 1% earns $677,600 while Winnipeg's earns a lower $594,300.
What is a stable salary in Canada?
Those earning more than $53,000 annually are within Canada's middle class. A stable salary should cover your cost of living comfortably, but this can vary, depending on your family size and where you live in Canada.
What is a good salary in Canada for a family of two?
A joint household salary of around $116,000 is a good salary for a family of two. However, the cost of living in your city plays a large role in this – urban areas like Toronto and Vancouver are more expensive.
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