How Many Canadians Actually Have $1 Million (Without Counting Their House)?

Want more from me? Join the free Sunday letter: https://cpamoneymentor.com/moneyletter/ Are there really as many Canadian millionaires as the media suggests? Learn why home equity creates a misleading picture of wealth. Many people assume that having a seven-figure net worth means having massive amounts of liquid cash. In this video I clarify the reality behind these figures, specifically for those looking to understand the difference between asset-rich and cash-poor households. I also tell a story that demonstrates how consistent, long-term saving can build significant financial stability, even without a high income. This analysis is essential for anyone trying to interpret financial data accurately and understand the true nature of Canadian millionaires. Understanding these metrics helps you avoid common misconceptions about what it actually takes to build lasting wealth. I also work with people one-on-one: advice-only, no commissions, all online across Canada. See how at https://cpamoneymentor.com/ CHAPTERS: 0:00 Canada's Two Millionaire Numbers 2:30 Net Worth vs Home Equity, and Canada's Median Net Worth 4:21 How Many Canadians Actually Have $1 Million Excluding Their Home 7:00 Does a Paid-Off House Count as Wealth? Ronald Read's $8 Million 10:48 How to Calculate Your Net Worth in Canada (3 Mistakes to Avoid) 💡 RELATED VIDEOS: The 7 Levels of Wealth in Canada: Which Ru... Personal Finance 📌 ABOUT THIS CHANNEL: I'm Toyin, a CPA and money coach helping Canadians navigate retirement planning with clear, practical advice. Subscribe for weekly videos on Canadian personal finance, retirement strategies, tax planning, and wealth building. ⚠️ DISCLAIMER: I'm Toyin Okezie-Mba, a Chartered Professional Accountant (CPA, Ontario) and CFP® candidate. CPA Money Mentor is an educational channel for a Canadian audience — it is not financial, investment, tax, retirement, insurance, or legal advice, and watching it does not create a professional relationship between us. I'm not a registered investment adviser or dealer, and nothing here is a recommendation to buy, sell, or hold any specific security or product. Everything is general information based on Canadian rules at the time of recording. Laws and tax rules change, and the right answer for you depends on facts I don't know. Please consult a qualified professional licensed in your province before acting on anything you see here. When a video includes a sponsorship, paid partnership, or affiliate link, it will be clearly disclosed in the video and at the top of this description. Past performance never guarantees future results, and all investing carries risk of loss. For financial planning services, a separate written engagement with Steadypace Inc. (operating as CPA Money Mentor) is required. RESOURCES: Parliamentary Budget Officer, top tail of the family wealth distribution, 2025 update, 2023 data: https://www.pbo-dpb.ca/en/publication... Statistics Canada, assets, debts and net worth of Canadian families, 2023: https://www150.statcan.gc.ca/n1/pub/1... Capgemini World Wealth Report 2026: https://www.capgemini.com/insights/re... © 2026 CPA Money Mentor. All rights reserved.