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By MoneySense Staff on June 13, 2013
Estimated reading time: 1 minute

Canada’s millionaires

By MoneySense Staff on June 13, 2013
Estimated reading time: 1 minute

Women and immigrants represent a large and growing portion of Canada's affluent. This and more in the daily roundup.

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Two-thirds of Canada’s millionaire’s are self-made compared to just 20% who are wealthy thanks to an inheritance, according to a BMO report. The bank characterizes millionaires as those with $1 million or more in investable assets. Nearly half (48%) of all millionaires are either immigrants or first-generation Canadians. Also noteworthy is that women now make up a one-third of the country’s rich, up from 21% in 2010. “Today’s women are controlling more and more wealth in Canada, and that number is increasing by eight percentage points annually,” said BMO’s Alex Dousmanis-Curtis in a release Thursday. “From a private banking perspective, it’s clear that the face of wealth in Canada is changing and there is no longer one stereotypical type of high-net worth client. The study also found that the vast majority (80%) of millionaires have a university degree.
Toronto’s condo market appears imbalanced, the Bank of Canada said in a report published Thursday. Specifically, the central bank expressed concern that investor demand has boosted construction of towers in the city beyond what’s needed to accommodate renters. An oversupply of condos in Canada’s largest city would have a negative impact on the credit quality of banks’ loan portfolios and could lead to tighter lending conditions for households and businesses as well as cause the drop in house prices to overshoot, it said.

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