If you earned more than $920,600 in 2023 in Nova Scotia, you were among the province’s top 0.1 per cent of earners. This figure includes all sources of income—investments, pensions, capital gains, and any refundable tax credits or government transfers—but comes before taxes.

Dalhousie University economics professor Lars Osberg notes that those at the very top of the income ladder live in a world far removed from most residents.

“When you've got over a million dollars coming in every year, your problem is which European vacation do you take and how many you take,” Osberg said, in contrast to typical financial concerns such as paying rent.

Income Disparities Are Striking

Statistics Canada’s 2023 data shows the median total income—including capital gains—for the top 0.1 per cent in Nova Scotia was $1,181,600. The median income for a typical Nova Scotian was $41,300—roughly 29 times lower.

Osberg points out a long-term trend: the share of total income going to the top one per cent, especially the top one-tenth of one per cent, has been steadily increasing across the province and country.

Even within the top earners, differences exist. To reach the top one per cent, a Nova Scotian had to earn over $255,000 in 2023, a level typically achieved by high-earning professionals such as doctors and lawyers.

Halifax resident Kishun Von Wulffen says he finds the thresholds for upward mobility concerning, observing that social mobility has become more limited over the past decade.

Mackenzie Murphy, another Halifax resident, describes the top one per cent threshold as “daunting,” especially for younger generations facing rising education costs.

“You have to have more and more education to sort of get anywhere,” Murphy said. “If you don't have the means to go to school—which is also going up in price—then you really don't have the means to make a good living either.”

Income Sources Shift as Wealth Grows

The data highlights a shift in the sources of income for the highest earners. For the top 0.1 per cent, only about a quarter of income comes from wages and salaries, while the top one per cent receives 38 per cent of income from wages. By contrast, more than 60 per cent of total income for all Nova Scotia taxpayers comes from wages and salaries.

“There are only 24 hours in the day. However, for those with millions or more in wealth, returns from investments can provide significant annual income. The bigger the fortune, the bigger the income just based on interest alone.”

Statistics Canada reports that dividends, interest, and other investment income accounted for a growing share of earnings among Canada’s top earners in 2023.

Despite Nova Scotia’s top earners earning millions, the median income of these high-income residents remains below the national median for top earners in Canada.

The Statistics Canada data reveals a stark contrast between Nova Scotia’s wealthiest residents and the average taxpayer. As investment and capital gains increasingly dominate top earners’ income, the gap between the top 0.1 per cent and the rest of the population continues to widen, raising questions about social mobility and economic inequality in the province.