A new study is out this week saying Canada ranks fifth in the world when it comes to the number of people living in a country with a net worth of at least $30 million U.S. — beating out the likes of Switzerland and Hong Kong.
According to research firm Wealth X, Canada had around 10,840 residents worth $30 million or more including their investable assets in 2017. The New York-based firm compiles the study based on its database of wealthy individuals every year.
The $30-million figure isn't random — that's what Wealth-X says it takes to be considered an ultra-high net worth individual.
Only the United States, Japan, China and Germany had more people with at least that amount of money than Canada. France, Hong Kong, the U.K., Switzerland and Italy all ranked below Canada.
Germany, the only European country to top Canada on the list, does have an inheritance tax — but its economy is also far larger than Canada's.
The idea of a formal inheritance tax in Canada, the only G7 country without such a tax, is controversial. But it has been floated by some as a potential tool to put a dent in wealth inequality.
Meanwhile, Wealth X concluded, the number of people in Canada with a net worth of $30 million or more increased by nearly 14% last year from 2016, while their total wealth grew almost 15% to a collective amount of more than $1.1 trillion
