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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.
Read more: What is the best credit card in Canada? It might be the RBC® British Airways Visa Infinite, with a $1,176 first-year value. Compare it with over 140 more in 5 seconds
Stock portfolios typically make up the bulk of asset holdings among high-net-worth households, but alternative assets like cryptocurrencies are steadily gaining popularity.
This isn’t surprising as bitcoin has emerged as the top-performing asset in nine out of 12 calendar years between 2012 and 2023, according to research from WisdomTree. Bitcoin ETFs have recently emerged as a favourite among institutional investors as well.
You don’t have to be ultra-wealthy to invest in crypto. With Coinbase, you can buy, sell and manage your cryptocurrency investments.
You can make quick and easy top-ups with Interac e-Transfer and Electronic Funds Transfer (EFT) — for free. With access to more than 200 cryptocurrencies, you can sell and cash out instantly to most banks.
Plus, staking with Coinbase lets you earn crypto rewards of up to 14% APY while supporting blockchain security. You still have full ownership of your crypto and can unstake it at any time.
Live like the 1% — on your everyday spending
While the wealthiest Canadians build their fortunes through savvy investing and smart tax strategies, they also make the most of their spending with premium rewards credit cards. These cards do more than earn points — they unlock luxury travel lounges, concierge services, airport upgrades and insurance perks that make even a Tuesday night dinner feel first-class.
For example, cardholders using the RBC British Airways Visa Infinite card can expect a generous welcome bonus, comprehensive travel insurance, and access to the Avios rewards program, along with a free, annual companion ticket (or 50% of a single ticket). In otherwords, cardholders are able to spend wisely and build rich rewards with the RBC British Airways Visa Infinite. It’s a strategy that lets your spending fuel your lifestyle — and your balance sheet.
Not sure which card is right for you? Use the free Money.ca credit card comparison tool to find a credit card that fits your goals — and maybe gets you a little closer to that 1% lifestyle.
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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- Here are the top 7 habits of ‘quietly wealthy’ Canadians. How many do you follow?
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)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.