The average net worth of an American household is no longer tops average Canadian wealth. Canadian households are more than $40,000 wealthier, according to Time magazine.

Over the past five years and for the first time in history, Canadian household wealth has been surpassing Americans, according to the article.

Last year, the average net worth for American households was at $319,970 as opposed to the Canadian average of $363,202, according to the Environics Analytics WealthScapes data published in the Globe and Mail, said the article.

Canada's economic growth can be attributed to the recent strength of the Canadian dollar, as well as the rocky U.S. economy and the housing market collapse.