Here's How Much Money You Need To Make To Be Considered Rich In Each Of Canada's Provinces
In a 2019 poll from Ipsos, it was revealed that 67% of Canadian respondents believe Canada's economy is rigged to advantage the rich and powerful. If you've ever wondered, though, how much you actually have to earn each year to be considered "rich," then wonder no more.
In the Instagram age that we live in, it can sometimes be hard to distinguish between actually wealthy and just generally fancy. Therefore, this article will break down how much you would need to earn in each province to be considered a rich person, and the results might seriously surprise you.
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Using 2018 tax information, data has been collected to find out what the average income of the top 1% earners is in each province. If you were hoping to make the rich list, things are apparently getting harder, as Canada's national average income actually rose by 10.8% between 2005 and 2015, according to Stats Canada!
That said, don't count yourself out yet! Here is the median income of the wealthiest 1% in each province aka what you need to make in order to be considered "rich."
If you're in Alberta and are not earning at least $331,600, you can just count yourself out of this one. It seems this province is home to plenty of people with plenty of money, as their top 1% of earners are making a whole lot. Yikes!
Even more bad news if you're in Calgary, as you'd need to be earning $344,500 every year to be considered part of the 1%. Damn.
We'd expect nothing less from the province with the country's biggest city and its capital. To be considered a rich person in Ontario, you should be making upwards of $345,500. Yikes.
In Toronto, though, you'll need to make over $360,000 to be in the big leagues.
The wealthiest 1% of people in Northwest Territories, Nunavut and Yukon are earning a little less, with the average income sitting at around $297,000 annually. Think of how much farther your money would go here than in Calgary!
Newfoundland & Labrador
In Newfoundland, you’ll need to be earning $318,800 a year to be considered rich. While this is still far from an average wage, Ontario has done a great job of making every other province seem a slightly more achievable place to be rich!
Vancouver and Toronto are often neck in neck when it comes to the highest rent in the country. So it's no surprise that British Columbia is coming in just behind Ontario, with a median salary for the 1% at $335,600.
There is a bit of a jump for those living in Vancouver, who should be earning $342,300 to be considered monetarily wealthy.
If you’re in Saskatchewan and you want to be rich, you’ll need a job that is paying around $323,100 every year. In Regina, this takes a pretty big leap up to nearly $340,00.
If you’re in Saskatchewan, stay out of the big city if you wanna stay ballin’!
While the average income for the 1% in Quebec is slightly lower than expected, at $338,700 each year, Montreal’s highest earners are making a bit more.
If you’re in the largest city in the province, expect to be making around $344,00 each year to be considered really rich.
Over in Manitoba, you should be earning $333,700 annually to be rich, while in Winnipeg you’ll be needing at least $337,100
Nova Scotia has a slightly lower rich-cap than Manitoba, as the top 1% are only earning around $323,900 each year.
Over in New Brunswick, you should be making approximately $314,600 yearly to make it on the rich list. That said, this is one of the lowest average 1% incomes in Canada, meaning it’s a pretty good place to go if you want to be part of the elite.
Prince Edward Island
Unfortunately, P.E.I. didn't have enough reliable data to be published. But that might just make it the best (i.e. most attainable) place to go if you want to be part of the wealthiest sector.
Well, it's official that the most bougie place to be rich is definitely Ontario, and the easiest place to be considered wealthy is maybe Prince Edward Island.
However, there is so much more to life than just being rich and having cash to splash! No matter what city you live in, enjoy all of the other riches life brings instead, eh?