More millionaires walk among us than you might think, according to the 2003 World Wealth Report.
Published by Merrill Lynch and Cap Gemini Ernst & Young, the survey says that in 2002, 180,000 Canadians boasted financial assets of US$1 million or more, excluding their real estate holdings. Here are some fast facts about Canadian millionaires:
Education: 82% have attended college or university, and 38% have earned post-graduate degrees.
Entrepreneurship: 35% of the really rich are business owners.
Wise counsel: 83% of millionaires seek advice from paid financial advisers; only 17% manage their wealth without outside guidance.
Shopping sense: 47% have switched primary advisers in the past five years.
An appetite for risk: 25% invest in the stock market, compared with 10% of the rest of the population.
Big fat paycheques: 74% of Canada’s millionaires have annual incomes of $100,000 or more.
Provincial ties: 49% live in Ontario and 17% reside in B.C. They’re the only provinces with disproportionately high number of fat cats for their size.
Sources: Affluent Canadians Report, Angus Reid Group, 2000; Millionaires Survey, T. Stenner Group, February 2004; What makes a millionaire in Canada?, Forrester Research Inc., 2003; World Wealth Report, Merrill Lynch and Cap Gemini Ernst & Young, 2003