Canada's savings rate is just 22.9% of GDP - ranked 66th worldwide
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The data used for this map comes from the World Bank's national accounts and the OECD's national accounts data files for the year 2021 (the latest available to date). Savings rates are expressed as a percentage of GDP (gross domestic product). They therefore represent the total savings held by households in relation to the GDP of each country.
Savings rate trends in Canada vs. the world (2011-2021)
How does Canada stack up against the rest of the world in terms of savings rates? An examination of World Bank data shows that Canada's savings rate (22.9% of GDP) is below the world average (27%), although the gap has narrowed significantly since the early 2010s.
Top 10 countries with the world's highest savings rate as a percentage of GDP in 2021
The data published each year by the World Bank give an idea of the disparities that exist in the world when it comes to savings rates as a percentage of GDP. In 2021, Qatar is the country with the highest savings rate as a percentage of GDP (51.4%), ahead of Brunei (49.7%) and the Vanuatu Islands (48.4%). With a savings rate of 22.9% in 2021, Canada ranks only 66th among the world's top savers.
Sources: World Bank, OECD
Top 10 countries with the world's lowest savings rate as a percentage of GDP in 2021
At the opposite end of the scale, seven African countries are among the 10 worldwide with the lowest savings rates as a proportion of GDP. In 2021, Tonga (4.6% savings rate), Guinea (1.9%) and Lebanon (-2.8%) are the three countries with the lowest savings rates in the world - the latter being the only country with a negative savings rate in 2021.
Sources: World Bank, OECD
Methodology
In addition to its expert editorial line around insurance and financial products, HelloSafe explores broader topics relating to global consumption in Canada and around the world. The aim is to decipher certain complex subjects for consumers and to provide everyone with the latest information. It is within this framework that HelloSafe regularly carries out studies on trends relating to current personal finance in Canada.
The data used for this map comes from the World Bank's national accounts and the OECD's national accounts data files for the year 2021 (the latest available to date). Savings rates are expressed as a percentage of GDP (gross domestic product). They therefore represent the total savings held by households in relation to the GDP of each country.
About HelloSafe Canada
HelloSafe is a leading platform for comparing financial products (insurance, credit, investments) in Canada. Powered by its unique and powerful technology, HelloSafe provides users with dozens of free and anonymous comparison tools, calculators and expert, up-to-date content. Its platform empowers users to make the best decisions for their wallets and find the right products at the right prices for them.
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