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Canada’s Rich Rise as North America Retains Wealthiest Region

Canada’s millionaire ranks swelled 7.2 percent last year, helping secure North America’s ranking as the wealthiest region in the world, according to a report by Cap Gemini SA (CAP) and Royal Bank of Canada.

The number of Canadians with at least $1 million in investable assets climbed to 320,000 people, with a collective wealth of $979 billion, according to the report. That’s about 1 percent of Canada’s 35 million population.

North America’s rich climbed 16 percent to 4.33 million people in 2013, holding $14.9 trillion of investable assets, the report said.

The wealth of the world’s millionaires rose 14 percent to a record $52.6 trillion last year, as improving economies and equity markets added 1.76 million people to the global wealthy, according to the report. The wealth of those people is forecast to rise to $64.3 trillion by 2016, led by growth in the Asia-Pacific region.

To contact the reporter on this story: Doug Alexander in Toronto at dalexander3@bloomberg.net

To contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net; Peter Eichenbaum at peichenbaum@bloomberg.net Jacqueline Thorpe

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