It’s been proven time and again that socioeconomic status is by far the most significant indicator of child welfare. Usually when we talk about money we talk about families that have too little. We talk about how children of low-income parents are 15 percent less likely to finish high school and 20 percent less likely to finish college than the non-poor. And about how kids raised in poverty are three times more likely to live in poverty as adults than others. We make it seem like the only money that matters is the money families don’t have. Of course, being wealthy in Canada also comes with a unique twist: the mix of cosmopolitan city life and breathtaking natural beauty. It’s not unusual to see these rich kids trading a week in Monaco for a weekend retreat at a multimillion-dollar cottage in Muskoka, complete with boats, jet skis, and private chefs.
Disclaimer: In 2023, the median net worth of Canadian families was $519,700, with families aged 65 and older having the highest median net worth at $1,109,700. In contrast, families with children under 18 had a median net worth of $645,900, and one-parent families had a median net worth of $211,200 . These figures suggest that younger families, particularly those with children, tend to have lower net worth compared to older households.
