Canadians Getting Richer

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    Canadians are getting richer even though they may be among the most indebted in the world, says a report by Environics Analytics. After a 5.8 per cent increase during the year, Canadian average household net worth topped $400,000 ($400,151) for the first time in history at the end of 2012. The report attributes the improvement to a 5.4 per cent increase in liquid assets and a 5.1 gain in real estate values, in conjunction with a more modest 3.3 per cent rise in debt. The data shows that Canadian households are still richer than their American counterparts, which had a $381,086 average wealth at the end of 2012. However, that gap is closing because, while Canadian household debt rose modestly by 3.3 per cent, in the U.S. debt actually declined by 2.4 per cent last year.