The number of rich Canadians is set to soar by 35 per cent over the next 10 years, says a report from Knight Frank.
In its annual wealth report, the real estate consultancy predicts the number of “high net worth individuals” in Canada will jump to 6,637 in 2022, from 4,922 in 2012. A high net worth individual is defined as someone who has more than $30 million in net assets (assets minus debt).
By comparison, the U.S. has 60,657 people who fit Knight Frank’s definition of rich, and that number is expected to climb 32 per cent by 2022, to around 80,000.
The projection for growth in Canadian millionaires lined up pretty evenly with countries like Australia (35 per cent growth in millionaires) and the U.K. (36 per cent), but it’s a much slower pace than in parts of the developing world.
China will see its high net worth population grow 137 per cent in that time, to 25,660. But that won’t be enough to unseat the U.S. as the country with the most rich people; China will remain in second place for the foreseeable future.
Looking at cities, Toronto is projected to grow its rich population by about 34 per cent. It’s the only Canadian city listed in this measure. Overall, Canada’s largest city is 19th on the list of cities with the most rich people, and will drop slightly to 20th place by 2022.
