It may not be felt everywhere, but London has become a more affluent city in the last four years.
According to Pitney Bowes Software, the Forest City’s net worth increased over 27 percent from 2008 to 2012, almost double the rate of the 17 cities included in the company’s survey.
The average London household’s net worth increased from $242,536 in 2008 to $309,466 in 2012. The rate of increase was fourth in the country, behind only Quebec City (65.2 percent), Windsor (38.5 percent) and St. Catherines-Niagara (31.7 percent), and vastly outpacing Toronto (10.1 percent), Montreal (21.5 percent) and Vancouver (16.9 percent).
The average net worth of households in Canada’s top 17 metropolitan areas increased 15 percent.
Toronto maintains the highest average net worth at $543,189, but 13 metro areas are closing ground with a higher percentage growth rate over the last four years.
The top three metro areas with the highest total average net worth remained Toronto ($543,189), Calgary ($508,333) and Vancouver ($501,474).
The Quebec City area, Winnipeg, Ottawa-Gatineau and Toronto all saw gains of more than $100,000 in the average value of residences. In general, the metro areas with lower asset levels in 2008 grew the most through June 2012.
Edmonton came in last and was the only city that saw a net reduction (1.2 percent).
“The state of consumer net worth has had dramatic swings by region in the past four years,” said John O’Hara, president of the data company. “Our clients rely on precise mapping of data sets to make their best business decisions in this environment.”
Financial services firms use Pitney Bowes Software’s data and visualization software to develop business strategy around branch optimization, product development and consumer marketing. Extensive data sets are available for location intelligence from Pitney Bowes Software including net worth (wealth); financial assets; value of primary residence; total liabilities and total assets.