The Canadian Dream is more real than the American. This is according to a new survey that found close to half of this country’s millionaires are either immigrants or first-generation Canadians compared to new Americans accounting for only one-third of the wealthy in the U.S.
The survey from BMO Harris Private Banking found that 48 per cent of Canadians with liquid assets of $1 million or more are either immigrants (24 per cent), or first-generation Canadians (24 per cent). Within this group of new Canadians, more than two-thirds (68 per cent) reported that their wealth was self-made. Also, almost all affluent new Canadians keep the bulk of their wealth in Canada.
“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. “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.”
The bank’s inaugural study revealed that overall the country’s affluent are a diverse group of individuals and that wealth can be acquired in various ways regardless of gender or birthplace. It found that two-thirds are self-made millionaires and only one-in-five attribute at least part of their wealth to an inheritance.
The other highlights of the study are:
- Education Matters: 80 per cent have at least an undergraduate university degree
- One-third of high-net worth Canadians are women, compared to 21 per cent in 2010.
- U.S. millionaires tend to be younger than Canada’s
You can read more of the key findings. – New Canadian Media