This Is How Much You Need To Make To Be Rich In Canada
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Canadians often celebrate their country for its relative income equality, at least in the major cities. This balance, however, is getting more and more skewed as years go by. Since the late-2000s, Canadian income inequality has seen an overall increase.
Though the Canadian economy is expected to grow by some 2% this year and, in some provinces, the minimum wage went up this weekend, blue collar wages have not kept up with the surging salaries of the ultra-rich.
Ever wondered how much you need to be in Canada's top income bracket these days? The following article will outline what you need to earn in each province to be considered "rich." The data is sourced from Statistics Canada and other online resources.
Based on data from 2015, the richest province in Canada is Alberta, with the average income of the top 1% of earners at $303,039/year. The median average income of Canada actually rose by 10.8% in 2015, according to Stats Canada.
Without further ado, here's what you need to earn in each province to be considered in the top 1%.
Your minimum income needs to be well over $300,000/year if you want to be considered in the top 1% in the province. In Calgary, that number is even higher! You need to earn $451,609/year to be in the top 1% of earners, according to the Huffington Post.
In Ontario, the number is surprisingly much lower than in Alberta. You'll need to earn $236,267/year in the province. To be considered a one-percenter in Toronto, you'll need $301,883/year.
To be in the top 1% of income earners in Northwest Territories, you'll need to earn $229,629/year.
Newfoundland & Labrador
In Newfoundland, you'll need to earn $223,398/year to be considered rich. In St. John's, a one-percenter needs to earn $256,918/year.
Surprisingly, B.C. has a lower average for one-percenters than some Canadian provinces. To be a one-percenter in B.C. you'll need to earn $207,649/year. That number rises to $246,266/year if you live in Vancouver.
You'll need $196,904/year to be considered in the one-percent. In Saskatoon, the province's biggest city, you'll need to earn $240,932/year.
In Quebec, the average income of the one-percent earners is $181,682/year. Montreal is slightly higher, with one-percenters earning an average of $224,060/year.
In Manitoba, you'll need to earn $178,675/year to be in the one-percent. Living in Winnipeg, a one-percenter needs $203,935/year.
A one-percenter in Nova Scotia needs to earn $172,992/year. In Halifax, you need to earn $204,622/year to be considered rich.
In New Brunswick, you'll need $160,474/year to be in the one percent, a rather modest sum compared to rest of Canada.
Prince Edward Island
Prince Edward Island has the lowest one percent income in Canada. To be considered in the 1%, you'll need to earn $151,695/year.
Which province will you consider moving to if you want to be rich?