Canadians with more than $1 million to invest up 7%

The number of Canadians with more than $1 million of investable wealth increased about 7% in 2013 to reach 320,000, following a 6.5% increase in 2012, according to the World Wealth Report from Capgemini and RBC Wealth Management.

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Other findings:

• The assets of those with more than $1 million to invest increased 9% to US$979 billion.
• While North America remains the largest and wealthiest region, Asia-Pacific is catching up fast.
• Those with investable wealth of US$30 million or more shifted focus from preservation to growth.

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• Trust levels in all aspects of the industry – wealth managers, firms, financial markets and regulators – all surged globally with particularly high levels in Canada, which had the highest trust and confidence levels in wealth firms of all 23 countries we surveyed.
• Rich investors prefer to work with a single firm and point of contact, receive advice and customized services, and an increasing level of digital interactions.
• Wealthy investors would consider leaving firms that don’t offer an integrated digital experience.
• 88% of rich Canadians are seeking opportunities to make a positive impact on society using investments and donations. The most popular causes relate to health, education and children.

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.