Albertans have consistently held the highest wages among all provinces in the country in recent years.
But how do people in the province rate when it comes to their net worth?
ATB Financial’s Economics & Research Team discovered that Alberta is third behind Ontario and British Columbia.
“The average net worth of households in Alberta in 2018 was $787,849, compared to $926,650 in B.C. and $800,401 in Ontario. New Brunswick is last on the list at $427,475. Strong real estate values in B.C. and Ontario explain much of the difference but a higher level of consumer debt in Alberta is also a factor,” says ATB in its daily economic update The Owl.
“Net worth is not evenly distributed across households. Data are not available for Alberta, but the nationwide statistics are illustrative. Households in the highest income quintile (the top 20 per cent income earners in Canada) had an average net worth in 2018 of $1,752,102 whereas the lowest quintile had an average net worth of $199,297.”
ATB says age is also a factor as average household net worth peaks among those in which the major income earner is age 55 to 64 ($1,164,901) compared to $197,538 for those under age 35.
“These statistics shed light on the net worth of households and how it is distributed but individual circumstances still need to be taken into account if we are to understand how specific households are faring relative to the overall economy. These could include financial costs associated with having a child with special needs, a period of unemployment, or receiving a substantial inheritance,” says the financial institution.
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