The Crazy Rich Canadians Are Getting Even Richer
Crazy rich Canadians??
Crazy Rich Asians recently painted a portrait of extreme wealth over in Singapore that felt as though being that level of rich was exclusive to foreign country residents rather than our own. But, new data reveals that our own country houses some equally mega-rich residents who are bumping up Canada's ranking on the boujiest list of countries that we've ever heard of.
The list in question looks at the world's 'UHNW individuals', regarding people known as having an "ultra high net worth." Now when they say "ultra high," they mean it - the list only includes people who have at least a net worth of $30 million USD. While you would expect that kind of wealth in areas such as the United States, India or Asia, it seems insane to think some Canadians are walking around with that kind of cash, but it turns out there are a lot of Canadians that fall into that category.
Last year, it was recorded that there were 10,840 Canadians who were considered a UHNW individual. That number has grown by 13.9% in a year alone. Combined, these unknown wealthy Canadians' assets rack up a total of $1.1 trillion dollars USD.
That massive number has pushed Canada even higher on the top ten list of countries with the most UHNW individual residents. This year, Canada sits at number 5.
Now your probably wondering, how could Canada be that high up the list? Canada even beats out other places like Hong Kong and the United Kingdom, which are known for housing residents with insane amounts of money.
It turns out that the level of taxing Canadians are subject to plays a major role. Canadians don't have to deal with an inheritance tax, unlike Europeans. Meaning the rich family's offspring aren't subject to rigorous taxes when they collect their inheritance.
Clearly, the divide between the ultra-rich and middle class is getting larger. As years go on, that divide is getting a lot bigger than we could have ever imagined. As of now, it's predicted by Wealth X that this divide is going to continue to grow, or at the very least stay as a very large gap.
So in short, it seems the extremely rich get even richer here in Canada, and it's played a massive role in how high they ranked this year. While it's unclear at this point where we'll rank next year, judging by the insane jump from last year, who knows, we might find ourselves in the top 3 come 2019!