There are more ultra-wealthy people in Canada this year than last year and they’re getting richer, according to a global study of the richest of the rich.
The Wealth-X and UBS World Ultra Wealth Report 2014 determined there were 5,304 ultra-wealthy people, defined as those with more than $30 million US in assets, in Canada in 2014. That’s up 6.5 per cent from the 4,980 counted in 2013.
As a proportion of total wealth in Canada, the ultra-wealthy hold about 9.3 per cent, much less than the 12.5 per cent in the U.S. or 22.6 per cent in Germany. The proportion of Canadian assets they control is down, as the rest of the population benefits from an expanding economy, the report said.
The study finds that 73 per cent of Canada’s ultra-high net worth individuals were self-made and just 13 per cent inherited money, with the remainder getting their wealth from a combination of both.
Mining and oil money
The study shows the strong role of natural resources in building assets in Canada, with 23 per cent of the richest individuals involved in metals and mining and 12 per cent involved in oil, gas and other fuels.
http://www.cbc.ca/news/business/richest-of-the-rich-gain-ground-in-canada-1.2844712
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