At Young Realty and Young Realty Capital our driving force is to create wealth for our clients through real estate asset management. Canada is a great breeding ground for
wealth building, and even we were floored when we read some of these stats.
The Big Picture
According to a Deloitte Touche study, there are almost 38 Million households worldwide that are classified as U.S.D. Millionaires as of May 2011.
High Net Worth Individuals (more than US$1 million, in May 2011)
Rank Country Number — World 37,978,000
1. United States – 10,541,000
2. Japan – 5,705,000
3. Germany – 3,485,000
4. United Kingdom – 2,904,000
5. France – 2,653,000
6. Italy – 2,476,000
7. Canada – 1,745,000
8. China – 1,312,000
9. Spain – 1,022,000
10. Taiwan – 719,000
*Source is Wikipedia
What’s fairly impressive is that almost 5% of the total Canadian population have a net worth of over $1 million compared to the U.S.A’s 3.5%.
Now let’s talk about real money, because we know $1 million is chump change these days. Ultra-High Net Worth Individuals have $30 million or more in wealth. There are approximately 871,000 such individuals, 56.9% reside in the U.S.A.
Nouveau Riche Vs. Old Money
CBC News had an article claiming that according to a study released by BMO Harris Private Banking, 94% of Canadians with more than $1 million in investable assets are self-made. Only 6% said they owe the majority of their wealth to inheritance (although this may not really be the case).
The survey of 459 Canadian millionaires also found that 80% are wealthier than their parents were and 77 % say they are better off today than they were before the 2008 recession.
This gives hope to Canadians with the millionaire pipe dream. Some career paths that have the highest likelihood of turning out millionaires are:
– Top Level CEO’s, corporate executives of large corporations, prominent government officials, entrepreneurs, investors, seasoned stockbrokers, high-end financial traders, investment bankers, as well as top notch asset managers
– Lottery winners and Gamblers (although these are less likely!)
– White collar professionals such as lawyers (corporate & criminal attorneys), doctors, engineers, dentists, etc.
– Some high-end salespeople such as real estate agents, stockbrokers, travel agents, insurance brokers, mortgage brokers, investment advisors, used car salesmen, financial advisors, PR’s, sales associates, e-commerce consultants, financial planners and MLM/Network Marketers
Habits of the Ultra Wealthy
Many self-made millionaires derive their wealth from the financial markets (Stocks, bonds, mutual funds), by starting their own business or branching into various investment ventures through financial vehicles such as real estate or mortgage investing. Simply put, the average worker making a salary will find it near impossible to reach this dream. Savvy investments do involve some risk, but with the help of Young Realty and Young Realty Capital, we can make this dream a reality for you.