B.C. has the greatest percentage of high-net worth individuals that are "new Canadians" – those not born in the country or are first-generation Canadians, according to the results of a BMO report released this morning.
The study found that 68% of wealthy Canadians (defined as those with $1 million or more in investable assets) have either immigrated to Canada themselves or have at least one parent born outside of the country. This is significantly higher than the national average of 48%.
"There has been tremendous growth taking place in B.C. in recent years, and the province's Asian community has played an integral part in helping in the growth and development of the province," said BMO Harris Private Banking, British Columbia vice-president and managing director Jennifer Muench.
"This study reinforces the fact that British Columbia provides Canadians, regardless of where they came from or their race, with the opportunity to work hard and prosper."
B.C. is the only province in which more than half of high-net worth individuals are new Canadians.
Other highlights of the study include:
- 74% of wealthy British Columbians are "self-made," meaning they generated the majority of their wealth themselves;
- nearly half of the high-net worth respondents have investable assets of $2 million or more; and
- only 42% of respondents possess a graduate or professional degree.
