Here’s a term: Centi-Millionaires. These are people who have $100 million or more in investable assets. There are around 25,500 people worldwide who fit this description. Canada ranks 8th in the world with 514 centi-millionaires. Here’s another term, ultra-high-net-worth, UHNW for short. These are individuals who have a net worth of $30 million or more. Canada is ranked 5th with nearly 10,400 in this category. And, let’s not forget billionaires, the ”ultra-rich”. We have either 53 or 60 in this country depending on which business publication you look at. I kind of zone out thinking of dollar numbers in the billions so what’s a half-dozen or so one way or the other. As for millionaires there’s more than one way to define one. If you live in a million-dollar home but only have a few hundred thousand in the bank one definition says you’re not really a millionaire because you don’t have at least a million on hand to invest somewhere right now without selling your house. The other definition is your net worth, which is the value of your financial assets plus your real assets including your home equity, minus your debts. Approximately 1,682,000 Canadians have greater than a $1 million net worth according to the Global Wealth Databook. Now there are 31,237,362 Canadians over age 18. We’ve heard the saying, “A million bucks ain’t what it used to be”. That may be so but a little over 29 and a 1/2 million people in this country wouldn’t mind seeing whether that’s true or not..
That’s Coffeetalk. I’m Vic Dubois.
