We might be dealing with widespread inflation, but it seems like the richest people in Canada are doing a-okay.
According to a new report by investment firm Henley & Partners, there's a new, massive class of super-wealthy elites out there, and Canada is actually home to many of these "centi-millionaires."
What is a centi-millionaire?
If you're unfamiliar with the term, it's exactly what it sounds like.
A centi-millionaire is someone who has $100 million or more in investable assets.
The report defines them as a "fast-growing global elite of highly influential super-wealthy movers and shakers".
While they obviously don't have the same individual moolah as the richest men such as Elon Musk, Mark Zuckerberg, Jeff Bezos, and Bill Gates, their wealth cohort outnumber the billionaires by 10 to 1!
According to the study, this new section of the elite comprises "super-rich tech titans, financiers, multinational CEOs, and heirs whose ranks have swelled amid a period of relative global prosperity and market gains — more than doubling in number over the past 20 years."
It also states that their capital has actually "dramatically accelerated" due to various factors including technology and the Covid-19 pandemic!
And Canada has 541 of them, making it the country with the 8th most centi-millionaires in the world.
Hey, at least some people are doing alright in this economy!
We have been beaten by a few countries, with the United States taking the top slot with 9,730 of these ultra-wealthy citizens.
In second place came China with 2,021 centi-millionaires, followed by India with 1,132.
Next up is the United Kingdom (968), Germany (966), Switzerland (808) and then Japan (765).
Since Canada takes the 8th position it still has more centi-millionaires than Australia (463) and Russia (435).
The report also notes that unless you're an entrepreneur or something similar, these ultra-wealthy people are comprised of mostly baby boomers — so it seems it takes some time to accumulate so much wealth.
Other nations that could make this list in future years include Vietnam and Mauritius, plus the study is expecting India's ultra-wealthy to only grow in the coming years.
Not a member of the ultra-wealthy class? You might be looking for ways to navigate the economy, whether that be learning what it means to rent-to-own your home or finding a new job that pays well and requires limited experience.
And who knows, you might even be a centi-millionaire one day — at least you can hope so.
This article's cover image was used for illustrative purposes only.
Canada Is Full Of 'Centi-Millionaires' That Make Elon Musk & Bill Gates Look Like Small Fries
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