Here's How Much Money You Need To Make To Be Considered Rich In Each Of Canada's Provinces
Where's the best place to go if you want to be wealthy?
In a recent poll from Ipsos, it was revealed that 67 per cent of Canadians 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 bougie! 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!
Using the most recent Canadian consensus (2016), 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 per cent in 2015, according to Stats Canada!
That said, don’t count yourself out yet! Here is what you need to be making in each Canadian province to truly be considered as a ‘rich’ person.
If you’re in Alberta and are not earning at least $300,000, 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 more than the rest of the country! Yikes!
Even more bad news if you’re in Calgary, as you’d need to be earning $451,609 every year to be considered a true ‘baller.’ Damn. Count us out!
For Ontarians, things are admittedly a little better than our friends over in Alberta. To be considered a rich person in Ontario, you should be making upwards of $236, 267. It’s definitely still a lot, but compared to Alberta, it sounds better.
The wealthiest 1 per cent of people in Northwest Territories are earning a little less again, with the average income sitting at around $229,629 annually. This is actually around half of what the richest people are earning in Calgary … I know where I’d be taking my money!
Newfoundland & Labrador
Things just keep on getting better! In Newfoundland, you’ll need to be earning $223,398 a year to be considered rich. While this is still far from an average wage, Alberta has done a great job of making every other province seem an achievable place to be rich!
British Columbia may come as a surprise to some people, as the average income of their highest earners is lower than you might expect. In fact, it is actually one of the lowest in the country! To be considered rich in B.C. you need to be earning around $207,649 annually.
That said, there is a bit of a jump for those living in Vancouver, who should be earning $246,266 to be considered monetarily wealthy.