The North American country of Canada has scaled the ranks to 5th place, in countries with the peak number of millionaire households. This report is according to one Boston Consulting Group. It comes as no surprise that its immediate neighbor to the south, U.S.A, occupies 1st place as it did last year.
Here is a quick flashback
In 2015, Canada moved towards 8th place, with a total of 385,000 millionaire households, in 2016 last year, the number went up by an additional 100,000 households!
According to the B.C.G, Canada is projected to have 785,000 millionaire households by 2021, in 6 years’ time, bringing its spot to 7th as the country exceeds the nations of France and Germany.
Household wealth is also anticipated to grow by an additional nine billion dollars in 5 years, bringing the final number to five trillion, nine billion dollars ($5.9T).
America had a total of 7 million, millionaire households last year, followed by the other nations such as China, Japan and the United Kingdom which all maintain their positions from 2015.
The Middle Eastern country of Bahrain, measured the highest quantity of millionaire households with 18% of its households in the millionaire category.
Globally, private financial wealth such as investments, pensions and life insurance grew by 5%, bringing the total to US$166.5 trillion. This number excludes real estate.
The foremost reason for this augmentation is the spurt of economic growth and the stock market’s outstanding performance in a lot of places in the world.
The Trans Union Canada released a report not too long ago presenting the behavior of consumers.They have continued to spend on credit in the 1st quarter of this year, which brought the average non-mortgage debt, nationwide, to $21,696, up 1.9% from the same period, last year.
J C Loum