Nearly one-third of wealthy are new Canadians
People gather on Parliament Hill to take part in Canada Day celebrations in Ottawa on Tuesday July 1, 2008. (THE CANADIAN PRESS/Sean Kilpatrick)
CTV.ca News Staff
Published Tuesday, June 14, 2011 9:41AM EDT
Nearly one-third of Canada's wealthy are new Canadians and the majority keep the bulk of their wealth in the country, according to a survey released Tuesday.
The BMO Harris online survey conducted by Harris Decima found 30 per cent of affluent Canadians - defined as those who have more than $1 million of investable assets – were born outside of the country.
"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."
While most keep their wealth in the country, 37 per cent allocate a portion of their wealth outside Canada, with the U.S. being the most popular place to invest.
The survey found 69 per cent of respondents invest a portion of their wealth in the U.S., 35 per cent in Europe and 28 per cent in Asia.
However, 38 per cent of these Canadians believe they are being treated unfairly when it comes to taxation and two-thirds would like to see a reduction in capital gains and income taxes.
The survey also found 92 per cent of respondents put money into tax-efficient investments, up from 73 per cent in 2008 and 67 per cent in 2005.