More Canadian Becoming Millionaires

Credit Suisse released a report stating that more than 25,000 Canadians have become millionaires over the past year, however, more than 500,000 extra is likely be included in that category in the upcoming five years. The Swiss Bank revealed in their seventh annual report on global wealth levels that there are 1,117,000 millionaires in Canada. Those millionaires are worth equivalent to $1 million US dollars with the assets added and the debts cleared off.

Three percent of the world’s millionaires are currently from Canada, ranked as number 8 on the list, with the U.S being home to 41 per cent of the world’s millionaires. The bank foresees an increase in the number in the next five years, as the ranks will go up more than 50 per cent, to 1,680,000 by the year 2021.

At the moment, the estimate of the average wealth per Canadian adult has increased by $2,000 in the recent year to $270,000. U.S average net worth per adult which is $344,000, on the other hand, is much more than that of Canada’s own, America however, is more balanced than Canada in terms of income distribution.

Canada’s midway point wealth which is at $96,000 shows that 50 per cent of Canadians are worth more than that, while the other half are worth less. The figure in U.S is $45,000, which is lower than that of Canada, despite having more millionaires than Canada.