The number of people in Canada whose net worth topped $1 million U.S. rose 4% in 2023, according to a new report from Swiss bank UBS Group (UBS).
The report states that Canada had just under two million millionaires at the end of last year. That number is expected to grow to 2.4 million millionaires by 2028, representing 21% growth.
The findings for Canada’s wealthy were included in a global look at wealth carried out by UBS.
The bank said that global wealth recovered from a 3% decline in 2022 during a bear market in stocks to rise 4.2% in 2023.
Between 2010 and 2023, global wealth has averaged a 4.5% annual growth rate.
Canada ranks 10th in the world for median wealth at $105,000 U.S., which translates into about $142,000 Canadian dollars.
Switzerland continues to top the list of world’s wealthiest countries with median individual wealth of $171,035 U.S.
In the U.S., the median wealth in 2023 stood at $112,157 U.S. However, America is home to the most millionaires in the world at 22 million individuals.
The UBS report said the U.S. is currently home to 43% (nearly half) of the world’s millionaires.
