Almost half of Canada’s richest residents are new immigrants or first generation Canadians, according to research conducted for BMO.
The survey found that two-thirds of Canada’s millionaire respondents were self-made, with only 20 per cent attributing at least part of their wealth to an inheritance.
And 48 per cent were either immigrants to Canada (24 per cent) or described themselves as first generation Canadians, with at least one parent born outside of Canada (24 per cent), according to the research.
That’s a far cry from the U.S., where new Americans account for only one-third of millionaires.
The survey also found that women respondents made up one-third of Canada’s millionaires, up from 21 per cent three years ago. Among women, 40 per cent of respondents said they generated their own wealth and one-third managed their own investments, compared to 59 per cent of men who said they do.
For the purposes of the study, wealthy was defined as respondents with investible assets of $1-million or more.
“Today’s women are controlling more and more wealth in Canada, and that number is increasing by eight percentage points annually,” said Alex Dousmanis-Curtis, senior vice-president and head, BMO Harris Private Banking, in a statement.
“It’s clear that the face of wealth in Canada is changing.”
Chosen excerpts by Job Market Monitor