09/28/2017 15:52 EDT | Updated 09/28/2017 15:52 EDT

Number Of Millionaires In Canada Shoots Up 11.3% In A Year

Canada. It's the new Switzerland.

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The number of Canadian millionaires is rising quickly, according to a report from Capgemini.

Is Canada becoming a playground for the rich? Those who argue "yes" have more ammunition following a new report showing that the millionaire population in Canada is growing at breakneck speed.

Canada minted some 36,000 new millionaires in 2016, according to a new report from consulting firm Capgemini, an increase of 11.3 per cent in one year.

That's considerably faster than the global average. Worldwide, the number of U.S.-dollar millionaires grew by 7.5 per cent, to a total of just above 16.5 million people. Their wealth grew by 8.2 per cent in a year, to a total of $63.5 trillion.

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There are now almost 357,000 Canadians that Capgemini calls "high net worth individuals" — people with at least $1 million in wealth, not including their primary home.

"A handful of markets, including Russia, Brazil and Canada, dramatically reversed course from declines suffered a year ago," Capgemini said in its World Wealth Report 2017.

Canada did see its number of millionaires shrink in 2015, amid a brief recession brought on by falling oil prices. But with stock and bond markets roaring to life in 2016, the number of rich began to grow once again.

Capgemini/World Wealth Report 2017
Canada saw some of the world's fastest growth in its population of millionaires in 2016. Russia saw the largest increase, with a jump of nearly 20 per cent.

The U.S. saw its millionaire population grow in line with the world average, up 7.6 per cent in a year. The wealth they hold grew 7.8 per cent, to a total of US$16.8 trillion. That's about 15 times as much wealth as Canada's rich hold, about US$1.1 trillion.

Capgemini maintained its prediction that the world's rich will see their wealth grow by more than 50 per cent over the next eight years, reaching US$100 trillion by 2025.

The report found that Canada has the world's eighth-largest population of millionaires, behind (in order) the U.S., Japan, Germany, China, France, the U.K. and Switzerland.

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