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EMaggio1 View Drop Down
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Joined: Oct/20/2008
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Direct Link To This Post Topic: Wealthy Canadians Born Elsewhere
    Posted: Jun/15/2011 at 9:11am

BMO survey finds a third of high net worth Canadian born outside Canada

The Canadian Press, On Tuesday June 14, 2011, 12:10 am EDT

By The Canadian Press

TORONTO - The face of Canada's wealthy is changing with almost a third of high net worth Canadians reporting they were born outside of Canada, according to a new survey by BMO Harris Private Banking.

The online survey, conducted for BMO by Harris Decima and released Tuesday, said 30 per cent of affluent Canadians, which it defined as those having more than $1 million of investable assets, were born elsewhere.

The study also found that almost all affluent new Canadians — or about 96 per cent — keep the bulk of their wealth in Canada.

"These findings speak to the Canadian spirit of multiculturalism and how this country fosters an environment that helps individuals to succeed and thrive," said Andrew Auerbach, head of BMO Harris Private Banking.

"Attracting the best and the brightest demonstrates the relative prosperity and openness of Canada's economy. This bodes well for long-term wealth generation."

Meanwhile, the study found only a minority of affluent Canadians overall — 38 per cent — considering they are being treated fairly when it comes to taxation.

Two-thirds of the affluent would like to see a reduction in capital gains and incomes taxes.

Meanwhile, the number of affluent Canadians putting their money into tax-efficient investments has risen in recent years to 92 per cent from 73 per cent in 2008 and 67 per cent in 2005, the survey found.

While a majority of high net worth Canadians keep most of their money in Canada, about four in 10, or 37 per cent, said they allocate a portion of their wealth outside the country.

The top three foreign markets identified were The United States (69 per cent), Europe (35 per cent) and Asia (28 per cent).

"There's no question that the growth we're seeing in Asia is making it increasingly attractive to affluent Canadians," said Jennifer Chua, BMO Group's head of private banking (China), BMO Financial Group.

"Ultimately, Asia is a good market for any investor to consider, regardless of net worth," Chua added.

(Courtesy of http://ca.finance.yahoo.com/news/BMO-survey-finds-third-high-capress-1869350070.html?x=0&mod=pf-sp14c)


Edited by EMaggio1 - Jun/15/2011 at 9:11am
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