How many millionaires are there in Canada in 2022?


Canada had 1,681,969 millionaires at the end of 2020.

This is revealed by Credit Suisse’s annual Global Wealth Report, which analyzes the household wealth of 5.2 billion people worldwide.

The company also predicts that the number of Canadian millionaires will reach nearly 2 million people by 2023. That’s a faster rate than in the United States.

One of the main drivers for creating Canadian millionaires is housing. Canada has a ridiculous housing market that shows no signs of slowing down. People who bought homes in certain areas many years ago saw the value of their major assets increase many times over, creating a new class of millionaires among ordinary people.

Of course, there are many entrepreneurs and business people in Canada, and those who have become millionaires the “old fashioned way” — by inheriting.

Read on for more information on millionaires in Canada.

What is considered a millionaire in Canada?

If you bought a house in Toronto or Vancouver a while ago, chances are you’re sitting on a million dollar asset, if you’ve paid it off. But does that make you a millionaire?

Credit Suisse says yes.

“Net worth, or ‘wealth,’ is defined as the value of financial assets plus real assets (primarily housing) held by households, minus their debts,” it says in its 2021 World Wealth Report. .

Others define a “millionaire” as someone who has at least $1 million in investable assets, which is the money you can invest in the stock market today. Someone with a million dollar house but only $500,000 in their bank account would not count by this standard.

Do you have to be born rich to become a millionaire?

It helps, but no. A 2013 Pollara poll reported by the Financial Post found that about two-thirds of Canadian millionaires – almost 70% – are self-made.

Now, this is a self-reported poll, so the millionaires might have twisted the truth a bit. But these are still high numbers.

One thing that makes you much more likely to be a millionaire is education. About 80% of Canadian millionaires have an undergraduate degree and 46% have a graduate or professional degree.

Only 10% have only a technical, trade or apprenticeship diploma. And only 9% of millionaires in Canada have a high school diploma or less education.

Another interesting thing revealed by the survey is that nearly half of Canadian millionaires are immigrants or first-generation Canadians, compared to only a third of American millionaires.

Women made up a third of millionaires surveyed, up from 21% three years earlier.

What percentage of Canadians are millionaires?

About 4.5% of Canadians are millionaires. As Canada has 1,681,969 millionaires and a total population of 36,991,981, this amounts to 4.5%.

It’s not a lot, but it’s also a lot, depending on how you look at it. If you’re in a waiting room with 20 people, chances are one of them is a millionaire.

The Credit Suisse report shows that Canada holds about 3% of all millionaires in the world, despite holding only 0.46% of the world’s population. So if you’re trying to become a millionaire, the Great White North isn’t a bad place to try your luck.

Which city in Canada has the most millionaires?

Toronto (obviously).

The total number of millionaires living in Toronto is around 118,000, according to the Toronto Star. This exceeds the number of people living in some other major cities around the world, such as Moscow and Chicago.

However, Toronto is not just a bastion of wealthy people. With a population of 2,794,356 in 2021, this means Toronto has fewer millionaires per capita than Canada as a whole, at around 4.2%.

The wealthiest community in Canada, according to Maclean’s, is West Vancouver, with an average household net worth of $4,454,424. Toronto is number 70 on the list, averaging $941,973.

How many billionaires are there in Canada?

According to the 2021 Wealth-X Billionaire Census, Canada has 53 billionaires. It’s tied for 12th in the world, with Brazil.

Canadian billionaires have done extremely well in the pandemic, while many others have struggled. This has led some to claim a wealth tax. The Toronto Star has a good read on what that could mean.

Unsurprisingly, the United States has the most billionaires by far, with 927 according to Wealth-X. Jeff Bezos and Elon Musk have quite a bit of company at the top.

Who are the richest people in Canada?

Here are the 10 richest people in Canada, according to Forbes’ 2022 billionaire ranking. All numbers are in USD because that’s how Forbes does it.

You’ll notice some familiar names, like Chip Wilson of Lululemon, David Thomson of Thomson Reuters, and the name British Columbians see on every other billboard and license plate holder: Jim Pattison.

But you may also notice some new faces. Changpeng Zhao is now head and shoulders above second place on the list. He is the founder of Binance, the largest cryptocurrency exchange in the world. It’s good for number 19 on the world’s billionaire list.

A surprising face that disappeared from the list: Tobi Lutke, the founder of e-commerce giant Shopify. His net worth was $9.8 billion in 2021 but has fallen to $5 billion this year as Shopify shares took a hit. That’s enough to knock him out of the top 10.

  1. Changpeng Zhao ($65 billion)
  2. David Thomson and his family ($49.2 billion)
  3. Jim Pattison ($12.2 billion)
  4. David Cheriton ($10.9 billion)
  5. Joseph Tsai ($8.4 billion)
  6. Anthony von Mandl ($8.4 billion)
  7. Mark Scheinberg ($5.3 billion)
  8. Chip Wilson ($5.3 billion)
  9. Alain Bouchard ($5 billion)
  10. Huang Chulong ($5 billion)

How hard is it to become a millionaire in Canada?

This is a difficult question to answer because it depends a lot on your situation. Can your parents give you a loan to start a business and put down a down payment on a house? So maybe it’s not that hard.

People who work minimum wage jobs just to get by can still do it, but it will be much more difficult. A person must be diligent in saving enough money to invest or invest in business ventures while being careful not to compromise their comfort.

Fortunately, there are things we can do to put every dollar to work and save for the future. Implementing a simple 50/30/20 budget can help us think more critically about how we spend money.

And investing wisely, for the long term, can earn you a nest egg you never thought possible.

FAQs

What is the average net worth in Canada?

The average net worth of all Canadians in 2019 was $329,900, according to Statistics Canada. But this number changes by a ton depending on age. Here is a breakdown:

  • Under 35: $48,800
  • 35 to 44: $234,400
  • 45 to 54: $521,100
  • 55 to 64: $690,000
  • 65 and over: $543,000

What is the income of the richest 5% in Canada?

In 2019, the top 5% earners in Canada earned an average of $236,400 per year, according to Statistics Canada.

The top 1% in Canada earned an average of $513,700. You must earn at least $250,300 to be included in the top 1% in Canada.

The top 0.1% earned $1,774,500 — and the top 0.01% earned $6,411,800…

How much money do I need to retire comfortably in Canada?

Fortunately, our government has created a tool that will tell you exactly what you need to know. This is a short survey about your retirement goals, your current expenses and income, and your expected retirement expenses.

Once they work out the numbers, you should have an idea of ​​how much you’ll need to save right now to be comfortable.

Final Thoughts

Canada has its fair share of millionaires.

And whether you started a successful business like Shopify or a hugely popular crypto exchange like Binance; perfectly timed the housing market; have been diligent with your savings and investments; or gone to the moon on Dogecoin, there are several ways to join their ranks.

I hope you found this exploration of Canadian millionaires helpful – and that it gave you an idea or two on how to become one yourself.

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