British Columbia residents are the wealthiest people in Canada, according to a new report from Statistics Canada released Tuesday.
In the study, which compared the median net worth of Canadian families in 2012, B.C. residents were worth on average $344,000, more than double the median of those living in Newfoundland and Labrador.
Families living in Ontario represent 38.8 per cent of Canada’s net worth, in line with the proportion of family units living there, which is 37.4 per cent of Canadians.
In comparison, even though B.C. residents only make up 13.6 per cent of Canadians, they account for 17 per cent of the country’s net worth.
The median net worth of residents in the province has doubled since 1999, when B.C. was ranked fourth in Canada.
While British Columbians may be the wealthiest in Canada, they also live in some of the country’s most expensive real estate markets.
Total net worth is the amount each family would have if they sold all of their assets and paid off all of their debts.
In Canada, the median net worth of families was $243,800.
Single parent families had the lowest worth at $37,000, and senior families had the highest at $650,400.
Principal residences were ranked as the largest assets, followed by private pension funds and other real estate investments.
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