100,000 Canadians Became Millionaires During 2015-2016

[vc_row][vc_column][vc_column_text]According to Boston Consulting Group, Canada is now in fifth place for the country with the most millionaire households. The United States remains in the number one position. In 2015, there were 385 households in Canada that were millionaires, and that number increased to 485,000 in 2016. This represents 3.5% of all households in Canada and equals 32.5% of the wealth in Canada in 2016. Canadian Visa Expert, a private immigration service, has helped thousands of people who want to immigrate to Canada to find employment opportunities.

The Boston Consulting Group has predicted that by 2021, the number of millionaire households in Canada will increase to 785,000, holding 38% of the wealth and representing 5.5% of all Canadian households. The Group predicts that France and Germany may surpass Canada, however, based on expected trends within those countries. The overall household wealth in Canada is predicted to grow to $5.9 trillion within the next five years. Canadian Visa Expert is looking forward to seeing more international families move to Canada to live in a country with a high quality of life and amazing educational opportunities.

[/vc_column_text][vc_column_text]In 2016, there were more than seven million households in the U.S. that would be considered millionaire households. Next was Canada, then Japan, and finally the U.K. All of these countries held the same position as the previous year. Proportionally, Bahrain had the highest number of millionaire households. Just over 18% of Persian Gulf households would be classified as millionaires. Boston Consulting Group also reported that overall, global private financial wealth grew by more than 5% last year. This includes life insurance, investments, and pensions, but excludes real estate.

The report stated that Canadian debt continues to rise as wealth grows. TransUnion Canada recently reported that in the first three months of 2017, Canadians continued to use credit cards, taking the average debt up to $21,696, which is up 1.9% from last year’s figures. This debt does not include mortgage debt. Contact Canadian Visa Expert for information on moving to Canada to find employment opportunities, attend a Canadian University or start a family.

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