Around 50% of millionaires in Canada are new immigrants or Canadians of the first generation as per the latest research held by BMO. The survey revealed that 75% of the millionaires in Canada were self-made. Just 20% of the respondent millionaires in Canada attributed a portion of their affluence to be inherited.
The survey further elaborated that 48% of the millionaires in Canada were either new immigrants of termed themselves as first generation Canada nationals. At least one of the parents of these millionaires was not born in Canada, as quoted by the Times of India.
The percentage of millionaires in Canada who are new immigrants is far ahead than the US that has just 30% of such millionaires. The survey also revealed that women accounted for 30% of the millionaires in Canada that was an increase fr0m 21% in 2014. Amongst the women respondents, 40% of them said that they earned their own wealth. 30% of them also said that they managed their own wealth while 59% of men said that they do so.
The study defined wealthy as people who possessed assets worth 1 million dollars or more for investment. Head and Senior Vice President of BMO Alex Dousmanis-Curtis said that women today are controlling greater wealth in Canada. Their numbers are increasing by 8% points every year, added Curtis. The face of wealth in Canada is clearly transforming, he said.
The survey for 2017 Q2 was held by Pollara. The sample consisted of 305 Canada nationals who possessed assets more than or equal to 1 million dollars for investment. The error margin for a sample of this size is + or – 5.6%. For the US the statistics for a similar study for the same period consisted of 482 wealthy US nationals.
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