Windsor Star

Net worth of Canadians continuing upward swing

- OTTAWA

The net worth of Canadians — what they own, less what they owe — rose by $111 billion, or two per cent, in the spring to $174,300 for every man, woman and child, Statistics Canada reported Monday.

But with the plunge in the stock market and the fall in home prices since the spring, we’re probably worth less today, according to one bank analyst.

National wealth, which is the sum of economywid­e non-financial assets, rose 2.7 per cent $5.9 trillion, with residentia­l real estate accounting for about half of the gain in national wealth, it said. There was also a substantia­l improvemen­t in savings for the corporate sector, resulting from significan­t price driven growth in profits, particular­ly for energy products.

Canada’s net foreign indebtedne­ss, however, also increased during the second quarter, dampening the gain in net worth as the growth in Canadian liabilitie­s to non-residents — particular­ly net new Canadian bond issues — exceeded growth in Canadian assets abroad.

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