CALGARY, ALBERTA--(Marketwired - Jun 13, 2013) - Today BMO Harris Private Banking released the first in a series of studies examining the high-net worth segment in Canada (defined as those with investible assets of $1 million or more). The inaugural report shows that women are well represented among Alberta's affluent, accounting for more than one-third (36 per cent) of the province's wealthy.
"It shouldn't come as a huge surprise that Albertan women make up such a significant number of the province's affluent population," said Mary Ellen Neilson, Regional Vice President and Managing Director, Prairies, BMO Harris Private Banking. "After all, across North America, the wealth controlled by women is increasing by eight per cent annually. We're also seeing more women playing a larger role in their family's finances with many taking on the role of household 'Chief Financial Officer'."
Ms. Neilson also noted, "There are differences between men and women when managing their money. Our research has found that women put a premium on clear, honest, and relevant communication regarding product and service offerings."
Other key findings for Alberta from the study included:
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Seventy-two per cent of high-net worth Albertans reported that their wealth was primarily self-made.
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Forty-four per cent are new Canadians, having either immigrated to Canada themselves or having at least one parent born outside of the country.
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Education matters in Alberta - 78 per cent of the province's high-net worth residents report holding at least a university undergraduate degree. Only 11 per cent said they have a high school diploma or less.
"It's encouraging to see such a high percentage of self-made individuals in Alberta. An entrepreneurial spirit is an asset and these individuals can act as inspiration and leaders for those who are looking to start a business or climb the corporate ladder," concluded Ms. Neilson.
Key National Findings:
On a national level, the study found the following:
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Two-thirds (67 per cent) of high-net worth Canadians are self-made millionaires, making their wealth on their own. Only one-in-five (20 per cent) attribute at least part of their wealth to an inheritance.
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Women make up one-third of Canada's affluent, up from 21 per cent three years ago.
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Almost half (48 per cent) are either immigrants to Canada (24 per cent), or describe themselves as first generation Canadians with at least one parent born outside of Canada (24 per cent).
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Education is a big indicator of wealth with 80 per cent of high-net worth Canadians possessing at least a university degree and 46 per cent a graduate or professional degree; 10 per cent have a technical, trade or apprenticeship degree and just 9 per cent hold only a high school diploma or less.