Daniel Tencer | HuffPost
Canada is seeing its population of super-rich grow faster than the U.S., and Canada’s super-rich are getting faster than their American counterparts as well, at least this year.
That's according to the second annual Ultra World Wealth Report from UBS and Wealth-X, which says the number of “ultra high net worth” (UHNW) individuals in Canada swelled to 5,305 in 2014, up 6.5 per cent from the year before.
An “ultra high net worth” individual is defined as having $30 million U.S. in net worth or more, not including their primary residence.
“Despite generally mediocre macroeconomic indicators, such as slow growth in employment and GDP, Canada’s UHNW individuals have managed to capitalize on the gains seen by businesses in the natural resources industry this year,” the report said.
Overall, Canada ranks eighth in the world when it comes to the number of super-rich. The U.S., Germany and Japan are the top three, in that order.
Relative to population, the U.S. still has more ultra-rich than Canada, but U.S. ranks aren’t growing as fast. There were 69,560 ultra-rich people in the U.S. this year, up 6.2 per cent from 2013.
The total wealth held by these Americans amounted to $9.6 trillion U.S. this year, up 6 per cent from the year before. Canada’s super-rich grew their wealth somewhat faster, by 6.7 per cent. Between them, they now hold $635 billion in U.S. dollars, or $714 billion Canadian, at current exchange rates.