Almost every millionaire in North America owns these 5 simple things. You may have most of them already — and you could have them all

The average net worth for Canadian households was $1,026,205 in the fourth quarter of 2024, according to Statistics Canada. But net worth doesn't tell the whole picture. According to the same report, the median net worth was only $142,587 — a difference that highlights how relatively few number of Canadian households are close to being millionaires.

Still, millionaires tend to have similar money habits — and these habits can help anyone to grow their personal net worth over the long term. For example, millionnaires usually avoid spending their entire paycheque, they invest money they aren’t using and they create clear financial goals instead of leaving things to chance.

There are also certain things that millionaires tend to own — and the list may actually surprise you.

1. Appreciating assets

Millionaires tend to own things that go up in value (after buying them). A good example is real estate.

For example, in April 2015, the median Canadian home sold for $416,000. By comparison, in March 2025, the median Canadian home sold for $703,000, according to the Canadian Real Estate Association. That's a notable increase in value.

Not only are millionaires homeowners, but according to a Ramsey Solutions survey of American millionaires, the average person in this income bracket pays off their house in just 10.2 years. Paying off a home ahead of schedule means that you spend less on interest and this lets you redeploy earnings to help grow your wealth.

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2. Reliable used cars

Houses are a prime example of an asset that tends to appreciate in value over time. Cars tend to do the opposite — they lose value the older they get.

This may be why so many millionaires own used cars. Buying a used vehicle instead of a new one can lead to significant savings, from the purchase price to operating costs like insurance and maintenance. Spending less on cars is part of what allows people to grow their wealth.

According to Autotrader, the average used vehicle cost was $36,823 in Q1 2025, compared to $65,564 for a new car — roughly a $30,000 difference.

If you were to invest $30,000 in a stock portfolio delivering an 8% yearly return, which is a bit below the market’s historical average, it would be worth more than $139,000 after 20 years.

Opting for a used car instead of a new one a few times in your lifetime can get you closer to millionaire status.

3. Degrees from cheaper post-secondary schools

It may not surprise you that most millionaires have attended university, with 88% having a degree compared to 38% of the general population, per Ramsey Solutions. But most don't hold degrees from fancy post-secondary schools.

Ramsey Solutions found that only 8% of millionaires attended prestigious universities. Meanwhile, 62% graduated from a non-Ivy League university.

Attending a less expensive university could help you start adulthood with far less debt, and the less money you’re paying toward student loans, the more you’ll have to invest.

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4. Paid-off credit cards

Credit cards can be helpful, but carrying a balance can become an instant wealth-zapper due to the high interest rates.

Most millionaires pay their credit cards in full every month. In fact, Ramsey Solutions found that nearly 75% have never carried a credit card balance in their lives. This isn’t to say you should cut up your credit cards and never use them.

Charging everyday expenses on a credit card is a great way to earn valuable travelor cash back rewards. Just make sure to pay those balances in full every month so you don’t lose money to interest, money you could be investing to become a millionaire.

5. Have contributions in a retirement savings account

While it may come as a shock to no one that millionaires are eager to invest their cash, part of their strategy also includes more traditional retirement savings accounts.

Ramsey Solutions’ survey found that 80% of millionaires invested in their employer's employee-retirement plan. Doing so could be a great way to become a millionaire on an average salary.

In Canada, it is rumoured that businessman and philanthropist Seymour Schulich, whose networth is estimated to be somewhere in the billions, has a $250 million RRSP — a lore befitting of one of the nation's pre-eminent finacial luminaries.

Additionally, former Ontario Health Minister Michael Decter has confirmed that he has more than $10 million in his own RRSP.

Sources

1. Statistics Canada: Net worth by wealth quintile, average dollars per household, fourth quarter of 2024 relative to fourth quarter of 2023 (Apr 14, 2024)

2. UBS: Global Wealth Report 2024

3. Trading Economics: Canada Average House Prices

4. Ramsey Solutions: The National Study of Millionaires (Oct 3, 2024)

5. Autotrader: Price Index Q1 2025

6. Strata: The $250 Million RRSP: A Look at the Tax Implications for Canada’s Largest Retirement Account, by Brett Restemayer (Jul 18, 2023)