It might come as a surprise, but many people continued to profit during the pandemic – and we’re not talking about Elon Musk or Jeff Bezos here. In 2020 alone, 246,000 Canadians joined the exclusive millionaire club. The bottom line is: Millionaires in Canada mostly owe their wealth to high property prices. More specifically, Bank Suisse predicted a 54% growth in the number of billionaires between 20, ranking Canada alongside the likes of China and Russia, the two countries which are also rapidly increasing their millionaire clubs. The number of multi-millionaires in Canada is below one million, while the number of Canadian millionaires is set to grow to two million by 2023. It’s pretty challenging to find this stat online, as most surveys inquire about millionaires and serious millionaires ( the top 1% ). In Canada, as elsewhere, a millionaire is someone who has more than $1 million.Īnd how many multi-millionaires in Canada?Ī multi-millionaire is, of course, anyone who has $2 million or more at their disposal. What Is Considered a Millionaire in Canada ? Besides, it’s used much more often across the world thanks to US influence. Because the Canadian dollar is usually weaker than the US dollar, the latter is the better criterion. Being a millionaire in Canada is a bit complicated because sometimes it’s not clear what’s the golden standard for millionaires – having a million US dollars or a million Canadian dollars. There are 1,681,969 Canadians with a net worth greater than $1 million. How Many Millionaires Are There in Canada in 2021? Canada currently holds the 8th place in the billionaires per country list with a total of 64 billionaires in 2022.Tobi Lutke, the man behind the popular Shopify, has unfortunately slipped from the top 10 millionaires list in Canada, due to a strong hit to his net worth, which has fallen by $4.8 billion in a year.Changpeng Zhao, founder and CEO of Binance is currently at the top of the creme-de-la-creme in Canada with a net worth of $65 billion, which has gone up by $63.1 billion since 2021.
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