There are 1.1 million Canadians worth $1M US according to Credit Suisse worldwide wealth ranking.

According to a report by Credit Suisse released on Friday, around 25,000 Canadians became tycoons in the previous year, yet more than 500,000 more can hope to fall into that classification in the following five years.

The Swiss Bank said there are presently 1,117,000 tycoons in Canada, which the bank characterizes as somebody worth $1 million US when you include all benefits and subtract debts, in its seventh yearly report about worldwide wealth levels.

That implies Canada is home to around 3% of the majority of the world’s moguls, eighth by and large on a rundown that is exceptionally best substantial, as the U.S. is home to 41% of them.

While Canada included generally a couple of new moguls this year, the bank anticipates that that pace will increase sharply throughout the following five, as the positions will swell by more than 50% to 1,680,000 by 2021.

At present, the bank figures the average wealth per Canadian grown-up in Canada is $270,000 US, has expanded by about $2,000 in the previous year. That is much lower than the U.S., where the average total assets per grown-up is $344,000.

The halfway point for wealth in Canada is $96,000 US. That implies half of Canadians are worth more than that, and half are worth less. In the U.S., that figure is as low as $45,000, which implies half of Americans are worth not as much as that, not withstanding having more than 13 million tycoons.

Canada additionally has far less individuals whose value is under $10,000 US, and more who are worth over $100,000, in percentage terms.

Globally, 73% of individuals are worth under $10,000 on paper. In Canada, just around one fourth of individuals are worth as much as that sum.

On the flip side of the range, Credit Suisse says there are 140,900 individuals globally who are worth at any rate $50 million, and 2,900 of them live in Canada expanded by 100 individuals in the previous year.