How many households in Canada have investable assets over $1 million? I came across some data which reported that only 100,000 households have investable assets over that amount. Investable assets do not include the primary residence.
According to BMO Harris Private Bank, the Canadian high net worth market statistics are as follows:
- 390,000 people between $500,000 and $1 million
- 185,000 people between $1 million and $2 million
- 91,100 people between $2 million and $5 million
- 12,100 people between $5 million and $10 million
- 7,000 people over $10 million
The average age of a Canadian with investable assets over $1 million is 58. And what about philanthropy? I could only find data on inherited vs entrepeneur philanthropy.
A Cornell University study showed that for every $1,000 of entrepreneurial wealth, an entrepreneur will give $4.56 to charity. However, in the case of inherited wealth, the inheritor will only give $0.76 for every $1,000 of inherited wealth.