POLITICS

Average net worth of Canadian families up 73 per cent between 1999 and 2012

06/03/2015 09:50 EDT | Updated 06/03/2016 05:59 EDT
OTTAWA - Statistics Canada says the average net worth of Canadian families rose 73 per cent between 1999 and 2012 after adjusting for inflation.

The federal agency says average net worth increased to $554,100 from $319,800 over the period with higher-income families outpacing the average.

The top 20 per cent of families by income saw their average net worth rise 80 per cent between 1999 and 2012, climbing from $721,900 to $1,300,100.

However, the bottom 20 per cent of families by income saw their average net worth rise by 38 per cent from $79,500 to $109,300 over the same period.

The total net worth of Canadian families increased by $4.17 trillion due to a $4.92 trillion increase in assets, offset by a $750 billion increase in debt.

Half of the increase in assets was due to real estate, while the other half was due to other types of assets, including employer pension plans.