For the first time in recent history, Canadians are richer than Americans, but a new report suggests this situation may not last long.

Canada’s net worth has reached 648 per cent of GDP, research consultancy Capital Economics said in a new report, while U.S. net worth stands at 550 per cent of GDP.

The report backs up other recent data indicating Canadians have pulled away from their southern neighbours when it comes to wealth.

Data from the IMF shows Canada’s per capita GDP pulled ahead of that of the U.S. in 2012, while an Environics Study from last year pegged Canadian net worth as being $40,000 greater than U.S. net worth ($363,000, compared to $320,000).

But Capital Economics says Canadians’ new-found wealth is the result of record-high Canadian house prices in recent years, during the same period that the U.S. saw the collapse of its housing market. Houses make up the largest part of most households’ net worth (which is defined as assets minus debt).

According to the Canadian Real Estate Association, the average house price in Canada is $378,532. In The U.S, the average house sells for $173,000, according to the National Association of Realtors.

“The problem is that the advantage Canada enjoys is largely due to the run-up in residential property values. As a result, there is a good chance that the wealth gap between the two countries will narrow sharply over the next few years,” the report stated.

Capital Economics estimates that the U.S.’s housing market is about 20 per cent undervalued, while Canada’s is 30 per cent overvalued. If these markets adjust back to their long-term trends, Canadians’ wealth advantage would disappear.

“[W]hile Canada has the bragging rights for now, things could be very different in a few more years,” the report said.

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  • 10. Canada

    <strong>Number of billionaires:</strong> 22 <strong>Total Population:</strong> 33,739,900 <strong>Notable Billionaires Include:</strong> David Thompson (Chairman of Thompson Reuters), Jeffrey Skoll (ex-eBay President) and Guy Laliberté (CEO of Cirque du Soleil).

  • 9. Japan

    <strong>Number of billionaires:</strong> 23 <strong>Total Population:</strong> 127,560,000 <strong>Notable Billionaires Include:</strong> Masayoshi Son (CEO of venture capital Softbank Capital), Hiroshi Yamauchi (President and Chairman of Nintendo) and Tadashi Yanai (Founder and President of retail holding company Fast Retailing).

  • 8. Switzerland

    <strong>Number of billionaires:</strong> 27 <strong>Total Population:</strong> 7,731,167 <strong>Notable Billionaires Include:</strong> Ernesto Bertarelli (biotech entrepreneur known for Merck-Serono) and Esther Grether (art collector and Swatch shareholder).

  • 7. Hong Kong

    <strong>Number of billionaires:</strong> 29 <strong>Total Population:</strong> 7,003,700 <strong>Notable Billionaires Include:</strong> Li Ka-shing (businessman and Chairman of Hutchison Whampoa Limited) and Thomas and Raymond Kwok (inherited Real Estate developer Sun Hung Kai Properties.)

  • 6. UK

    <strong>Number of billionaires:</strong> 42 <strong>Total Population:</strong> 61,838,154 <strong>Notable Billionaires Include:</strong> Gerald Cavendish Grosvenor (owner of Real Estate property company Grosvenor Group), Bernard Ecclestone (sports entrpreneur, CEO of Formula 1 racing Management) and Richard Branson (Chairman of Virgin Group).

  • 5. Germany

    <strong>Number of billionaires:</strong> 43 <strong>Total Population:</strong> 81,879,976 <strong>Notable Billionaires Include:</strong> Karl Albrecht (Founder of discount supermarket chain Aldi) and Susanne Klatten (shareholder in BMW and pharmaceutical manufacturer Altana).

  • 4. India

    <strong>Number of billionaires:</strong> 47 <strong>Total Population:</strong> 1,155,347,678 <strong>Notable Billionaires Include:</strong> Lakshmi Mittal (chairman and CEO of steelmaker ArcelorMittal) and Mukesh Ambani (Chairman and managing director of conglomerate Reliance Industries).

  • 3. Russia

    <strong>Number of billionaires:</strong> 58 <strong>Total Population:</strong> 141,850,000 <strong>Notable Billionaires Include:</strong> Vladimir Lisin (Chairman of Novolipetsk Steel), Vagit Alekperov (president of oil company Lukoil) and Roman Abramovich (Oil businessman and owner of England's Chelsea Football Club)

  • 2. China

    <strong>Number of billionaires:</strong> 72 <strong>Total Population:</strong> 1,331,460,000 <strong>Notable Billionaires Include:</strong> Robin Li (CEO and Founder of search engine Baidu), Liang Wengen (Chairman and main shareholder of manufacturer Sany Group) and Zong Qinghou (founder of beverage producer Wahaha).

  • 1. United States of America

    <strong>Number of billionaires:</strong> 396 <strong>Total Population:</strong> 307,006,550 <strong>Notable Billionaires Include:</strong> Bill Gates (Chairman of Microsoft), Warren Buffett (Chairman and CEO of Berkshire Hathaway) and Larry Ellison (Co-founder and CEO of enterprise software company Oracle Corporation).