A recent survey conducted by the Bank of Montreal on 305 millionaire adults reveals that close to half of the millionaires in Canada are self-reported immigrants or first-generation Canadians. The research also indicates that most of these individuals are self-made entrepreneurs whose wealth did not come from inheritance, revealing an important aspect about immigration’s economic impact.
Out of all participants in the survey, 24 percent identified themselves as new Canadian immigrants, and 24 percent are first-generation Canadians who have at least one foreign-born parent, giving a total of 48 percent millionaires with an immigrant background. In British Columbia, 68 percent of high-net worth individuals are newcomers.
It appears then that the entrepreneurial spirit in the old American Dream has been embodied more in Canada than the United States, where new immigrants take up only one-third of the population of millionaires.
“For generations, many have considered Canada to be a place that provides opportunities for those who are willing to move here and contribute to the growth of the country. The findings of this study confirmed this long-standing belief,” said Alex Dousmanis-Curtis, vice-president of BMO Harris Private Banking.
A significant majority of these Canadian millionaires are highly-educated. 80 percent of them have a university degree, of which 46 percent are within the graduate or professional level. Only 10 percent have a technical, trade, or apprenticeship certification, and 9 percent hold only a high school diploma or less.
The survey also indicates that, besides immigrants, women have increasingly become influential over Canada’s wealth as well. The study shows that one-third of Canadian millionaires are women, and the number of female millionaires is growing at rate of 8 percentage points per year.
FWCanada is a Montreal-based immigration law firm that provides professional legal services on Canadian immigration. For more tips and updates on Canadian immigration, follow FWCanada on Facebook, Twitter, and Linkedin.