Do Canada's wealthiest 1% own about a quarter of the country's net wealth?

Yes. The Parliamentary Budget Officer estimates that the top 1% of economic families held about 23.8% of Canada's total net wealth in 2023.

The PBO's High-net-worth Families Database adjusts Statistics Canada's Survey of Financial Security to better capture very wealthy families who are underrepresented in household surveys. On that basis, the PBO estimates the top 1% of economic families owned 23.8% of Canadian net wealth in 2023, compared with 11.0% in the unadjusted survey. The top 10% held about 53% and the bottom 40% about 3.3%.

Yes. The Parliamentary Budget Officer's 2025 update estimates that the wealthiest 1% of Canadian economic families held 23.8% of the country's net wealth in 2023 — close to one quarter. The estimate corresponds to about 169,400 families, each with at least roughly $7.4 million in net wealth.

Wealth concentration at the top is substantial. The PBO estimates that about 169,400 economic families were in Canada's top 1% in 2023, with a minimum net wealth of roughly $7.4 million, and together held 23.8% of total family net wealth. The top 10% held about 53%, while the bottom 40% held only 3.3%.

The 23.8% figure is a modelled estimate, not a direct census of every household asset, because very wealthy families are difficult to capture accurately in surveys. The PBO explicitly adjusts the survey using additional data to estimate the 'top tail.' Also, 'top 1%' here means the top 1% of economic families ranked by net wealth; it is not the top 1% of individual income earners. The report also found top-end wealth concentration in 2023 was broadly comparable to, or marginally lower than, 2019 rather than showing an uninterrupted rise.

This is the kind of dramatic-sounding inequality claim that is easy to dismiss as rhetoric but is broadly supported by Canada's independent parliamentary fiscal office.

A revised PBO top-tail estimate using improved data or methodology that moved the top-1% share materially away from roughly one quarter, or authoritative evidence that the current methodology substantially overstates top-end wealth, would change this assessment. Routine year-to-year changes would trigger an update to the percentage rather than erase the broader finding.

Primary Parliamentary Budget Officer report estimating that Canada's top 1% of economic families held 23.8% of net wealth in 2023.

The PBO estimates the top 1% of Canadian economic families held 23.8% of net wealth in 2023 — Supported 'About a quarter' is a fair summary of 23.8% — Supported The estimate is a direct census of every household's assets — False; it is modelled to correct top-tail undercoverage 'Top 1%' here means the top 1% of individual income earners — False; it refers to economic families ranked by net wealth The finding proves wealth concentration has risen continuously every year — Not supported

Canada

Parliamentary Budget Officer

Do Canada's wealthiest 1% own about a quarter of the country's net wealth? Canada fact check evidence

Fact check: Do Canada's wealthiest 1% own about a quarter of the country's net wealth? What current Canadian evidence shows.