Are you rich enough to join the top 1%? Here's the net worth you need to rank among Canada’s wealthiest — plus a few strategies to build that first-class portfolio

To be a top 1% earner in Canada, you need to make at least $586,900, according to data released by Statistics Canada (1).

The wealthiest households accounted for almost two-thirds (64.8%) of Canada’s total net worth in the fourth quarter of 2024, with an average of $3.3 million in earnings per household (2). For contrast, the least wealthy earned an average of $84,600 per year, according to Statistics Canada.

Whatever the size of your portfolio, there are potential benefits to following the wealth-building strategies of the rich. Here’s how you can work to grow your wealth like the top 1%.

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Diversify like the 1%

Ultra-high net worth individuals and households tend to follow one simple rule: Don’t keep all your eggs in one basket.

Diversifying your portfolio across different assets can hedge your portfolio when the markets go awry — helping you mitigate risk while generating returns.

With the ongoing tariff uncertainty rattling global stock markets, investing in diversified ETFs can help you keep your portfolio from crashing during a market downturn.

With CIBC Investor’s Edge, you can trade stocks and ETFs for just $6.95 per trade. For active traders — those who make over 150 trades in a quarter — can enjoy a discounted commission rate of $4.95 per trade.

What’s more, you don’t have to pay any additional account or maintenance fees for RRSPs with a balance of over $25,000, and TFSAs with a balance of greater than $10,000.

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How to find the right asset mix

It can be tricky to figure out the right mix of investment types at your individual income level, as variances in net worth and financial goals make generalized advice difficult to follow.

If you’re looking for peace of mind, hiring a financial advisor can help you to feel good about your money moves.

You can also use an all-in-one money management tool like Monarch Money to help you determine your asset allocation.

The app seamlessly connects all your accounts in one place, giving you a clear view of your investments, net worth, loans and expenses. You can see your investment allocation and adjust your risk profile as needed. Plus, you can create personalized dashboard to track your savings goals, investment performance or to get insights into your cash flow and spending — whatever is most important to you.

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Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

Statistics Canada: High income tax filers in Canada (1); Statistics Canada: Distributions of household economic accounts for income, consumption, saving and wealth of Canadian households, fourth quarter 2024 (2)