Canada ranks 8th in the world for super rich people

According to a report by Henley & Partners, a newly identified cohort of ultra-rich people called « hundred-millionaires » is growing around the world.

The London-based firm, which focuses on residency and global citizenship investment planning for elite clients, describes the emergence of this wealthy class of individuals in a study titled « The Centi-Millionaire Report : The Emergence of a New Class of Super-Rich,” released Tuesday.

« A new landmark report on the rise of the centimillionaire reveals that although a handful of the world’s billionaires such as Elon Musk, Mark Zuckerberg, Jeff Bezos, Roman Abramovich and Bill Gates dominate the headlines, their wealth cohort is almost 10-to-1,” reads Henley & Partners’ press release.

Centimillionaires are a category of individuals who have US$100 million or more in investable assets. According to the firm, there are 25,490 people worldwide who fit this description.

“In the late 1990s, $30 million was considered the fortune needed to meet this definition,” Dr. Juerg Steffen, CEO of Henley & Partners, said in the press release. « However, asset prices have risen significantly since then, making $100 million the new benchmark. »

The report combines data from New World Wealth, a global intelligence firm that tracks the spending habits of the world’s wealthiest people, and Henley & Partners to find out how these people got so rich and where they live.

The United States is home to 38% (9,730) of centimillionaires, followed by China and India, with 2,021 and 1,132 respectively.

The UK is fourth on the list with 968 people, closely followed by Germany with 966 centimillionaires. Despite its small population, Switzerland is sixth with 808 people in the category.

Japan, with 765 people, is seventh on the list, just ahead of Canada, which ranks eighth in the world with 514 people who fit the description of a centimillionaire. Australia (463 people) and Russia (435) are not far behind in ninth and tenth place.

The report reveals there is ‘no set path’ to achieving status, explaining some inherited wealth while others worked to amass their fortune. Instead, the data points to the age gap between centimillionaires, seeing a growing number of young entrepreneurs who have founded tech companies join the club.

« Baby boomers still tend to dominate the circle of centimillionaires despite the fact that many of them are now cashing in their stock options and selling their businesses, » the report said.