TORONTO – Canada’s wealthy are self-made millionaires, according to a recent survey conducted for BMO.
The study, released Thursday, revealed 67 per cent of Canadians with a net worth of more than $1 million made their wealth on their own, while only 20 per cent attribute part of their wealth to an inheritance.
Furthermore, 48 per cent of affluent Canadians are either immigrants or first generation Canadians.
The same study found new Americans account for only 33 per cent of the wealthy in the U.S.
“For generations, many have considered Canada to be a place that provides opportunities for those who are willing to move here and contribute to the growth of the country. The findings of this study confirm this long-standing belief,” said Alex Dousmanis-Curtis, Senior Vice President and Head, BMO Harris Private Banking, in a press release.
“Today’s high-net worth Canadians, whether they were born here or have adopted Canada as their own, prove that hard work and an entrepreneurial spirit can result in prosperity and success.”
According to the study, women make up one-third of Canada’s affluent, compared to 21 per cent three years ago, while managing their own investments. Fifty-nine per cent of men said they don’t manage their own investments.
“Today’s women are controlling more and more wealth in Canada, and that number is increasing by eight percentage points annually,” said Dousmanis-Curtis. “From a private banking perspective, it’s clear that the face of wealth in Canada is changing and there is no longer one stereotypical type of high-net worth client. As an industry, we need to anticipate and exceed the unique needs of this diverse client base if we are to succeed.”
The online survey was conducted by Pollara between March 28th and April 11th, 2013 with a sample of 305 Canadian adults who have $1M+ in investable assets. The margin of error for a probability sample of this size is ± 5.6%, 19 times out of 20.
Comments