The number of billionaires from Canada has grown by 33 per cent from a decade ago, according to the latest global wealth report by Credit Suisse. Retaining this number, however, is an altogether different story for the country.
From just 18 in 2000-2001, Canada's number of billionaires have reached 24 in 2010. But maintaining the status over the long term has been found to be hard in Canada.
Based on Credit Suisse's Global Wealth Report 2013, backtracking to the 2000-2001 period, 56 per cent remained still billionaires in 2005. But come 2010, this figure decelerated to just 44 per cent.
"Among the G7 countries, France, Italy and Japan might be expected to have a lower percentage of stayers because their billionaire ranks shrank considerably over the decade," Credit Suisse said in its annual report.
"Canada, Germany and the U.K. also have fairly low retention rates."
In Canada, it's easier to fall out from the billionaire elite club than to maintain status quo, compared to China and the U.S., the study noted.
The number of billionaires from the U.S. had an easier time maintaining and holding on to their wealth, the report showed. After 10 years, 65 per cent of those in the list a decade ago still remain included in the elite club.
Billionaires from the U.S., according to Credit Suisse, have reached to 405, up 50.5 per cent since 2000-2001.
The wealth gap between Canada and the U.S. was found to have increased in the past year. Credit Suisse said that compared to the U.S., Canadian wealth per adult dropped 17 per cent in mid-2013.
Still, the feeling of being rich is more felt in Canada versus in the U.S. Compared to just $44,900 in America, Canada's median wealth was at $90,300.
Poor people with less than $10,000 in assets have been found to be minimal in Canada at only 30 per cent, while well-off individuals with more than $100,000 in assets number at 48.6 per cent.
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