Canada's ranks swell to 230,000: "Canada's ranks swell to 230,00
Lori McLeod, Financial Post
Published: Wednesday, June 21, 2006
The strong Canadian markets and Baby Boomers entering their prime earning years sent the number of millionaires in the country to 230,000 in 2005, a 7.2% increase from the year before, according to data compiled by Merrill Lynch and consulting firm Capgemini.
High-net-worth individuals are considered to be those with over US$1-million in financial assets, which does not include their primary residence or assets, including artwork and cars. Seventy percent of Canadians falling into that category are over 50 and one-third of them are over 70."