TORONTO -- Canada has seen a decline in its ultra-wealthy population but remains one of the top countries in the world for having super-rich people call it home, according to a new global report.
Despite the decline, Canada is ranked fifth overall for “ultra-high-net-worth” (UHNW) individuals. UHNW is defined by data firm Wealth-X, which recently released its seventh edition of the “World Ultra Wealth Report”, as individuals who have a net worth of $30 million or more.
Canada is home to 10,395 people who are considered to have UHNW as of 2018. That fell 4.1 per cent from 2017.
Meanwhile the United States, which is ranked first, is home to 81,340 ultra-rich residents, accounting for 31 per cent of the global ultra-wealthy population.
New York is listed as the world’s largest UHNW city. Canadian cities were noticeably absent from that list.
In the global report, Wealth-X notes that Canada experienced “lower domestic equities, an underperforming energy sector, tensions with the U.S. over revisions to the North American Free Trade Agreement (NAFTA) and a depreciating currency.”
Following is a breakdown of the top 10 UHNW countries: