Canada is now home to 1.3 million millionaires, after minting 30,000 new ones in 2019.
It accounts for three per cent of the world’s wealthiest, despite being home to only 0.6 per cent of the adult population, according to the Credit Suisse global wealth report.
The U.S. is home to 40 per cent of the world’s 46.8 million millionaires — the biggest share of any country.
Canada ranks seventh in the world for ultra-high net worth individuals (US$50 million or more).
Canada’s wealth per adult grew by 5.2 per cent since 2000 — faster than the United States’ four per cent. The period from 2009 to 2016 was particularly strong when a rising loonie and home prices pushed the growth rate to 6.1 per cent.
“The buoyancy of the housing market was due to the lack of a meltdown in that market in Canada during the global financial crisis and low interest rates,” reads the report.
The report blames slower wealth growth since 2016 on a lower rate of home price appreciation following tighter mortgage rules.
The authors note economic headwinds mean Canada’s outlook is “somewhat uncertain.”
“Approval has not been obtained for new oil pipelines, contributing to a glut of oil in the Canadian West. This has forced the price of oil from Canada’s oil sands below the world price,” reads the report.
“Trade frictions have been serious, with the United States imposing tariffs on steel and aluminum from Canada until recently, flouting the North American Free Trade Agreement.”
Wealth per adult in Canada stands at US$294,255 — 32 per cent lower than the U.S., but 5 per cent higher than the G7 average.
Canada does better than most of the world when it comes to inequality, with 20 per cent of adults owning less than US$10,000. The global average is 58 per cent.
The world’s richest one per cent still owns almost half of the world’s wealth.
Jessy Bains is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jessysbains.