Millionaires in Canada: Things to Know!

Did you know Canada contributes more than 3% to the global share of millionaires? Canada houses one of the major cohorts of millionaires. According to statistics, the burgeoning range of millionaires is showing no sign of regression. Regardless of the covid-19 pandemic, the wealth of the Canadian population kept on reaching new milestones. By the finish of 2020, the most notable 20 Canadian billionaires had added 37 billion USD with their collective net worth. This trend was not only limited by billionaires. Several millionaires also witnessed a steep increment in their wealth. These were soon accompanied by several wealthy Canadians who surpassed the 1-million-dollar threshold.

What percentage of Canadians are millionaires?

Currently, Canada sits at the tenth position among countries with the highest percentage of millionaires (3). Roughly 5.6% (7) of the adult population enjoy this coveted title. By taking into consideration the total population of Canada which includes adults and minors, this percentage comes out to be 2.32%.

In addition, Canada ranks seventh (16) globally for UHNW individuals (people with a net worth of at least 30 million dollars). This number makes Canada one of the world’s wealthiest countries and the next wealthiest in North America, only behind america. Visit this website to get more insight, millionaires in Canada

Most Canadian millionaires are concentrated in rich cities, with Calgary reportedly having the highest variety of millionaires. According to a statistics report published in 2018, 12.3 % of the adult population (9) in Calgary includes millionaires. A similar report also revealed that millionaires in Calgary possess the third-highest median income (1.4 million dollars) among Canada’s major urban centers.

Economists predict this percentage to grow significantly in the upcoming years because so many individuals have wealth below the one-million-dollar line (10). Moreover, as soon as the economy recovers from the covid-19 recession, they are expected to surpass the threshold.

Richest People in Canada

David Thomson: $39 billion

Joseph Tsai: $10.2 billion

Galen Weston: $9 billion

David Cheriton: $6.4 billion

James Irving: $6.3 billion

Jim Pattison: $5.7 billion

Huang Chulong: $5.6 billion

Emanuele (Lino) Saputo: $5.1 billion

Chip Wilson: $4.6 billion

Mark Scheinberg: $4.5 billion

Alain Bouchard: $4.1 billion

Peter Gilgan: $4 billion

Arthur Irving: $3.5 billion

Daryl Katz: $3.1 billion

Bob Gaglardi: $3 billion

Tobi Lutke: $2.9 billion

Garrett Camp: $2.7 billion

Robert Miller: $2.7 billion

Mitchell Goldhar: $2.7 billion

Lawrence Stroll: $2.6 billion

What is the very best 1 percent net worth in Canada?

Breaking in to the top 1 percent of the wealthiest people in Canada is not any easy feat. You’ll need approximately 7 million USD (12) and an annual income of 180K before you count yourself in this exclusive cadre.

Canada’s richest 1 percent holds more than 25% of the country’s riches (12). This figure is a sharp indicator of the growing disparity in wealth distribution between the rich and the indegent in this country. Nevertheless, this figure is still much lower than the global average, according to which the richest 1 percent own about 43% of the global wealth.

A sizeable part of this one 1 percent is dominated by individuals having generational wealth. In Canada, the very best 1 percent collectively hold more than 3 trillion dollars in wealth, making them one of the main stakeholders of the Canadian economy. A lot more than 10,000 adults in Canada fall in the group of UHNW individuals, and they dominate this top 1 percent category. Nearly all these ultra-rich individuals have also committed to stock markets, real estate and related ventures.