The population of high net worth individuals in Canada grew by 11.3% last year
When it comes to getting rich and doing it fast, Canadians are head and shoulders above Americans.
The Capgemini SE's 2017 World Wealth Report revealed that Canada's pool of the wealthiest ones, or those people with at least US$1 million in investable assets, grew 11.3% from 321,000 in 2015 to 364,000 in 2016.
On the other hand, the number of high net worth individuals (HNWI) in the US only expanded by 7.6%. Despite this, the US remained the home of the largest HNWI population, with around 4.8 million wealthy people recorded last year.
However, there is no denying that Canada beat its neighbour due to a dramatic reversal from the decline it suffered from a year ago. More so, Canada's HNWI population growth is faster than the global average of 7.5%.
The global growth is supported by the big markets of Asia-Pacific, North America, and Europe. Whilst the Asia-Pacific remains the largest-HNWI market in the world, its growth eased slightly. Meanwhile, North America and Europe both regained footing after a slower growth a year ago.
In Europe, Netherlands, Norway, Sweden and France were the standouts, posting HNWI population growth ranging from 10.7% to 13.7%.
Russia saw the world's highest growth for the said year, posting a 19.7% increase in the number of HNWIs on the back of the rise in its equity markets.
The report forecasts that wealth of these HNWIs would hit past US$100 trillion in 2025. This goes with the assumption that the global HNWI wealth expands at a relatively lower rate of 5.9% annually through 2025.
For more of Wealth Professional's latest industry news, click here.
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The Capgemini SE's 2017 World Wealth Report revealed that Canada's pool of the wealthiest ones, or those people with at least US$1 million in investable assets, grew 11.3% from 321,000 in 2015 to 364,000 in 2016.
On the other hand, the number of high net worth individuals (HNWI) in the US only expanded by 7.6%. Despite this, the US remained the home of the largest HNWI population, with around 4.8 million wealthy people recorded last year.
However, there is no denying that Canada beat its neighbour due to a dramatic reversal from the decline it suffered from a year ago. More so, Canada's HNWI population growth is faster than the global average of 7.5%.
The global growth is supported by the big markets of Asia-Pacific, North America, and Europe. Whilst the Asia-Pacific remains the largest-HNWI market in the world, its growth eased slightly. Meanwhile, North America and Europe both regained footing after a slower growth a year ago.
In Europe, Netherlands, Norway, Sweden and France were the standouts, posting HNWI population growth ranging from 10.7% to 13.7%.
Russia saw the world's highest growth for the said year, posting a 19.7% increase in the number of HNWIs on the back of the rise in its equity markets.
The report forecasts that wealth of these HNWIs would hit past US$100 trillion in 2025. This goes with the assumption that the global HNWI wealth expands at a relatively lower rate of 5.9% annually through 2025.
For more of Wealth Professional's latest industry news, click here.
Related stories:
Investment group ramps up high net worth offering
New trends among high-net worthers
