"Self-Made Millionaires, Immigrant Millionaires Common In Canada, BMO Study Finds" [View all]

[applegrove]

Self-Made Millionaires, Immigrant Millionaires Common In Canada, BMO Study Finds

by Sunny Freeman at Huffington Post

http://www.huffingtonpost.ca/2013/06/13/self-made-millionaires-immigrants-canada_n_3435347.html?just_reloaded=1

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Almost half of Canada’s millionaires are either immigrants or first-generation Canadians, compared to just one-third of wealthy Americans, BMO Harris Private Banking said Thursday.

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“From a private banking perspective, it’s clear that the face of wealth in Canada is changing and there is no longer one stereotypical type of high-net worth client. As an industry, we need to anticipate and exceed the unique needs of this diverse client base if we are to succeed.”

Overall, the bank said the results were encouraging and showed that wealth in Canada can be acquired in many ways and regardless of gender or birthplace.The findings are similar to a study by the Conference Board of Canada and others that suggest income mobility is more attainable in Canada than the U.S. However, the think tank also pointed out that income inequality is still a troubling problem in this country.

The report indicates one major link between opportunity and wealth: Higher education levels suggested a greater likelihood of higher wealth, indicating that 80 per cent of affluent Canadians have at least an undergraduate degree and 46 per cent completed a graduate or professional degree.



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