May 062011

Another study making the rich feel average and the middle class feel poor. Found an article on the Financial Post about a study done by Deloitte, one of the Big 4 auditing firms, that says there are currently about 1.75 millionaire households in Canada. Millionaire in this case is defined by the total net worth, including home equity, of a household being more than $1M. There are about 13.2 million households in Canada according to my research.

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Which means….

About 13% of all Canadians are millionaires!
In other words, roughly 1 out of every 8 people you see on the street lives in a home where the household’s net assets is worth a million dollars or more. I can see 1/8 of all married couples with millionaire wealth but there are lots other types of households such as unattached individuals, like myself, living alone in small apartments, so I find it really surprising that there are so many millionaire households of all types. If this study is accurate then even I should be able to become a millionaire some day.