The northern American country of Canada has climbed the ranks to 5th place of countries with the highest number of millionaire households. This report is according to one Boston Consulting Group.
It comes as no shock that it’s immediate neighbor to the south, U.S.A, occupies 1st place as it did last year.
In the year of 2015, two years, Canada came in at 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 to have 785,000 millionaire household by 2021 in 6 years time, bringing its position to 7th as the country surpasses the nations of France and Germany.
Household wealth is also expected to grow by an additional $900,000,000 in 5 years, bringing the final number to $5.9 trillion.
America had 7 million, millionaire households last year, followed by the others nations of China, Japan and the United Kingdom which all maintain their positions from 2015.
The Middle Eastern country of Bahrain, had the highest proportion 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 main reason for this increment is the acceleration of economic growth and the stock markets excellent performance in a lot of places in the world.
The TransUnion Canada released a report not too long ago showing the behavior of consumers: they are 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.
There are still steps that the government can take to ensure the millionaire households maintain their wealth!
It will be interesting to see which other countries join the list in the next few years to come.