The number of ultra-rich Canadians is set to boom over the next decade, according toa new report from real estate consultancy Knight Frank.
The company’s annual report forecasts the number of “ultra-high net worth individuals” (UNHWIs) in Canada will grow 19 per cent between 2013 and 2023, to a total of 5,068 individuals.
UHNWIs are defined as people who have at least $20 million in assets, not including their primary residence.
Toronto will lead the way, with a 23-per-cent jump in ultra-rich people to a total of 1,456 by 2023. Montreal will see an 18-per-cent jump, to 613 people, the study forecast.
Only data for Canada’s three largest metro areas — Toronto, Montreal and Vancouver — was broken out in the survey.
Vancouver is forecast to be the laggard, with only a 9-per-cent increase in ultra-rich, to 278. That might be bad news for the city’s wildly expensive high-end real estate market.
The total growth in UHNWIs in Canada mirrors growth rates in other parts of the developed world, such as the U.S. (up 21 per cent by 2023), Japan (up 15 per cent) and Switzerland (up 19 per cent).
But those growth rates are far below those forecast for the developing world — that’s where the real boom in the ranks of the super-rich will take place, Knight Frank says.
Vietnam and Indonesia will see the number of super-rich more than double (166 per cent and 144 per cent growth, respectively), while China will see the number of billionaires there grow by 80 per cent.
Even at that growth rate, China won’t be able to beat the U.S. for highest number of billionaires by 2023, with the U.S. sporting 503 of them compared to China’s 322.
The number of super-rich people in the world grew by 3 per cent last year, the report said, with nearly 5,000 people joining their ranks. The total number of these people now sits above 167,000.
Their ranks grew by 59 per cent over the last decade, with the Middle East, Latin America and Africa all seeing at least a doubling of the number of super-rich.