Number of households earning $100K or more

In 2025, the number of Canadian households earning $100,000 or more is projected to reach 6.4 million, driven by rising wages, continued government interventions and economic recovery after the COVID-19 pandemic. High-income households have benefited disproportionately, particularly from strong investment returns as equity markets continue to outperform. The expansion of high-earning households has contributed to record-high income and wealth inequality, with the top income bands capturing an increasingly large share of national income and net worth. Inflation and high interest rates in recent years have exerted pressure on overall spending, but have not stemmed the upward trajectory of affluent households.

From 2020 to 2025, growth in the number of households earning over $100,000 has averaged 5.4% annually. The onset of the COVID-19 pandemic in 2020 saw substantial government income support, which translated to an 8.2% increase in high-earning households that year alone. Easing unemployment and expanding labor opportunities further propelled this group's growth. Throughout the period, investment gains and rising wages, especially among top earners, outpaced wage declines in lower-income households. Declining interest rates in 2024 and 2025 alleviated debt pressures and supported continued asset accumulation. Yet, the period has also witnessed the highest levels of income and wealth polarization on record as most income gains accrued to the top 40% of households.

Macro trends including robust employment recovery, persistent investment gains and policy interventions supporting disposable income have underpinned increases in upper-income households. Regional variations persist, with major cities benefiting the most from rising incomes and elevated property values. However, the growing disparity between the wealthiest and lowest-income households signals mounting social and economic risks, prompting debate about equality and tax policy. Overall, the environment has favored expansion of the high-income bracket, even as cost-of-living increases challenge growth prospects for other segments.