Canada Wealth Report 2016

During the last decade, Canada’s economy was driven by growth in the manufacturing, technology and telecommunications, and financial services sectors. Canadian wealth is increasing rapidly, and many local and foreign banks are ready to take advantage of the wealth created.

Following the financial crisis of 2008-09, big banks and retail brokerage firms tried to expand their business in wealth management, advisory and portfolio management. The banks, with their heavy investments in asset management and financial advice operations, were able to acquire clients at better rates than their competitors. Moreover, the high capitalization of banks provided security to the wealth management clients, which helped the banks to acquire them easily.

Scope

• An evaluation of the local wealth management market.

• Analysis of HNWI volume, wealth and allocation trends between 2011 and 2015

• HNWI volume, wealth and allocation forecasts to 2020

• An examination of HNWI and UHNWI asset allocations across 13 asset classes

• A geographical breakdown of all foreign assets

• An alternative breakdown of liquid versus investable assets

• Data on the number of HNWIs in major Canadian cities

• An overview of the size of Canada's wealth management industry

• Insights into the key drivers of HNWI wealth in Canada

• An independent market sizing of Canada’s HNWIs across five wealth bands

• Information on private banks in Canada

• Wealth management and family office information

Key Highlights

How many HNWIs are there in Canada? How much wealth in US$ trillion do they hold between them?

By what percentage did the volume of Canadian HNWIs increase in 2015? How does this compare to the increase in 2014?

What is the percentage growth forecast for HNWIs in Canada? What is the projected total of HNWIs by 2020? By what percentage is their wealth forecast to grow? What is the anticipated total in US$ trillion?

Reasons to buy

• Analyze five Canadian wealth bands and identify the preferences for wealth management services in each of these respective segments. Identify new growth opportunities whilst minimizing your exposure to risk

• Investigate a comprehensive analysis of the private banking and wealth management sector in Canada and deliver your value proposition to clients based on the most current market information

• Analyze HNWI volumes in each major Canadian city and convert more prospects in more targeted and efficient manner

• Assess the proliferation of wealth management service providers in Canada to identify where the competitive balance offers you the best chance to increase your share of this lucrative market

Companies mentioned

Royal Bank of Canada, Toronto-Domino Bank, Scotiabank, Bank of Nova-Scotia, Bank of Montreal, Canada Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada Wealth Management, TD Bank Wealth Management, BMO Private Banking, CIBC Private Wealth Management, Scotia Bank Private Banking, HSBC Bank Canada, UBS, Citibank, Bank of America, JP Morgan, BNY Mellon, Elevate Wealth Management, Bull Wealth Management Group Inc., Canaccord Genuity Wealth Management, Cumberland Private Wealth Management, GWP Wealth Management, Northwood Family Office, Canadian Family Futures Inc. and Holdun Family Office.

Table of Contents

Table of Contents

1 Introduction

1.1 Details of this Report

1.2 Definitions

2 Executive Summary

3 Canada Key Facts

4 Distribution of Wealth in Canada

4.1 HNWI Volume and Wealth Trends

5 Findings from the WealthInsight HNWI Database

5.1 Trends in HNWI Wealth to 2020

5.1.1 HNWI trend analysis

5.1.2 Wealth band trends

5.1.3 Demographic breakdown of HNWIs

5.1.4 HNWIs – industry breakdown

5.1.5 HNWIs – industry performance

5.1.6 HNWIs – breakdown by city

5.1.7 HNWIs – city performance

5.1.8 HNWIs – city population densities

5.1.9 HNWIs – city forecasts

5.2 UHNWIs

5.2.1 UHNWI volume trend analysis

5.2.2 UHNWI wealth trend analysis

5.2.3 Demographic breakdown of UHNWIs

5.2.4 UHNWIs – industry breakdown

5.2.5 UHNWIs – city breakdown and performance

5.3 UHNWIs – Billionaires

5.3.1 Billionaire volume trend analysis

5.3.2 Billionaire wealth trend analysis

5.3.3 Billionaire per capita net worth trend analysis

5.3.4 List of billionaires

5.4 UHNWIs – Centimillionaires

5.4.1 Centimillionaire volume trend analysis

5.4.2 Centimillionaire wealth trend analysis

5.4.3 Centimillionaire per capita net worth trend analysis

5.5 UHNWIs – Affluent Millionaires

5.5.1 Affluent millionaire volume trend analysis

5.5.2 Affluent millionaire wealth trend analysis

5.5.3 Affluent millionaire per capita net worth trend analysis

5.6 Core HNWIs

5.6.1 Core HNWI volume trend analysis

5.7 Core HNWIs – Mid-Tier Millionaires

5.7.1 Mid-tier millionaire volume trend analysis

5.7.2 Mid-tier millionaire wealth trend analysis

5.7.3 Mid-tier millionaire per capita net worth trend analysis

5.8 Core HNWIs – Lower-Tier Millionaires

5.8.1 Lower-tier millionaire volume trend analysis

5.8.2 Lower-tier millionaire wealth trend analysis

5.8.3 Lower-tier millionaire per capita net worth trend analysis

6 Analysis of Canadian HNWI Investments

6.1 Analysis by Asset Class

6.1.1 Trends in alternative assets

6.1.2 Trends in ‘art, wine and wheels’

6.1.3 Trends of investment in real estate

6.1.4 Trends of investment in cash and deposits

6.1.5 Trends of investment in fixed-income

6.1.6 Investment trends in equity

6.1.7 Investments trends in business interests

6.2 Analysis of Foreign Investments

6.2.1 Investments in Europe

6.2.2 Investments in North America (including the US, Mexico and the Caribbean)

6.2.3 Investments in the Asia-Pacific

6.2.4 Investments in South America

6.2.5 Investments in the Middle East

6.2.6 Investments in Africa

6.3 Alternative Breakdown: Liquid vs Investable Assets

6.4 Analysis of Canadian UHNWI Investments

7 Competitive Landscape

7.1 Domestic Private Banks

7.2 Foreign Private Banks

7.3 Wealth Managers

7.4 Family Offices

8 Key Drivers

8.1 CAD–US$ Exchange Rate

8.2 Real GDP Growth

8.3 Per Capita GDP

8.4 Domestic Market Capitalization

8.5 Commodity Index

8.6 Foreign Direct Investment (FDI) – Inflows and Outflows

8.7 Inflation Rate

8.8 Interest Rate

8.9 Balance of Payments

8.10 Government Debt

8.11 Stock Market Performance

8.12 Wealth Breakdowns

9 About WealthInsight

List of Tables

Table 1: HNWI Wealth Band and Group Definitions

Table 2: Canadian HNWIs – Volume Distribution (%), 2015

Table 3: Canadian HNWIs – Wealth Distribution Wealth Pyramid (%), 2015

Table 4: Canadian HNWIs – Industry Performance (%), 2011–2015

Table 5: Canadian HNWIs – Cities, 2015

Table 6: Canadian HNWIs – Growth in Top Cities (Thousand), 2011–2015

Table 7: Canadian HNWIs – Population Density in Major Cities 2015

Table 8: Canadian HNWIs – Populations in Top Cities (Thousand), 2011–2020

Table 9: Canadian HNWIs – Growth Rates for Top Cities (%), 2011–2020

Table 10: Canadian HNWIs – Sources of Wealth (%), 2015

Table 11: Canadian UHNWIs – Gender Performance (%), 2011–2015

Table 12: Canadian UHNWIs – Populations in Top Cities, 2011–2020

Table 13: Canadian UHNWIs – Growth Rates for Top Cities (%), 2011–2020

Table 14: Canadian Billionaires – Market Overview (Volume and US$ Billions) 2011–2020

Table 15: Canadian Top Billionaires (US$ Billion), 2015

Table 16: Canadian Billionaires – Wealth Growth (US$ Billion), 2011−2015

Table 17: Canadian Centimillionaires – Market Overview (Volume and US$ Million/Billion), 2011–2020

Table 18: Canadian Affluent Millionaires – Market Overview (Volume and US$ Million/Billion), 2011–2020

Table 19: Canadian Mid-Tier Millionaires – Market Overview (Volume and US$ Million/Billion), 2011–2020

Table 20: Canadian Lower-Tier Millionaires – Market Overview (Volume and US$ Million/Billion), 2011–2020

Table 21: Canadian HNWIs – Assets Allocations (%), 2011–2020

Table 22: Canadian HNWIs – Holdings Growth (%), 2011–2020

Table 23: Canadian HNWIs – Alternative Asset Composition (%), 2011–2020

Table 24: Canadian HNWIs – Trends of Investments in Alternative Assets (%), 2011–2020

Table 25: Canadian Trends in ‘Art, Wine and Wheels’, 2011–2015

Table 26: Global Prime Real Estate Prices per m2 (US$), 2015

Table 27: Canadian HNWIs – Foreign Investment Allocations (%), 2011–2020

Table 28: Canadian HNWIs – Liquidity Breakdown (US$ Billion), 2011–2020

Table 29: Canadian HNWIs – Liquidity Breakdown (%), 2011–2020

Table 30: Canadian UHNWIs – Allocations and Share of HNWI Assets (%), 2015

Table 31: Canadian Exchange Rate – CAD–US$ Exchange Rate, 2011–2020

Table 32: Canadian Real GDP Growth (%), 2011–2020

Table 33: Canadian GDP per Capita (US$), 2011–2020

Table 34: Canadian Domestic Market Capitalization (US$ Billion), 2011–2015

Table 35: Canadian Commodity Indices, 2011–2020

Table 36: Canadian Foreign Direct Investment (US$ Billion), 2011–2020

Table 37: Canadian Inflation Rate (%), 2011–2020

Table 38: Canadian Money Market Rate (%), 2011–2020

Table 39: Canadian Balance of Payments (US$ Billion), 2011–2015

Table 40: Canadian Government Debt as a Percentage of GDP (%), 2011–2020

Table 41: Canadian Stock Market Performance (Index), 2011–2015

Table 42: Canadian HNWI Wealth vs GDP Ratio (%), 2011–2020

Table 43: Canada – Appendix One

Table 44: Canada – Appendix Two

List of Figures

Figure 1: HNWI Wealth Band Definitions

Figure 2: Map of Canada

Figure 3: Canadian Asset Price Performance (%), 2011–2015

Figure 4: Canadian HNWI Performance (US$ Billion and HNWI Volume), 2011–2020

Figure 5: Canadian vs Global HNWIs (%), 2011–2015

Figure 6: Canadian HNWIs – Growth Factor Correlation, 2011–2015

Figure 7: Canadian HNWIs – Wealth Pyramid (Volume Distribution), 2015

Figure 8: Canadian HNWIs – Wealth Pyramid (Wealth Distribution), 2015

Figure 9: Canadian HNWIs – Age Distribution (%), 2015

Figure 10: Canadian HNWIs – Distribution by Industry (%), 2015

Figure 11: Canadian HNWIs – City Performance (%), 2011–2015

Figure 12: Canadian HNWIs – Volume of HNWIs by City (Thousand), 2011–2015

Figure 13: Canadian HNWIs – City Forecasts (%), 2016–2020

Figure 14: Canadian HNWIs – Population by City (Thousand), 2016–2020

Figure 15: Canadian UHNWIs – Wealth Share vs Volume Growth (%), 2011–2015

Figure 16: Canadian UHNWIs – Volume by Wealth Band 2011–2020

Figure 17: Canadian UHNWIs – Wealth by Wealth Band (US$ Billion), 2011–2020

Figure 18: Canadian UHNWIs – Age Distribution (Percentage Share), 2015

Figure 19: Canadian UHNWIs – Distribution by Industry (%), 2015

Figure 20: Canadian Billionaires – Market Overview (Volume and US$ Billion), 2011–2020

Figure 21: Canadian Centimillionaires – Market Overview (Volume and US$ Million/Billion), 2011–2020

Figure 22: Canadian Affluent Millionaires – Market Overview (Volume and US$ Million/Billion), 2011–2020

Figure 23: Canadian Mid-Tier Millionaires – Market Overview (Volume and US$ Million/Billion), 2011–2020

Figure 24: Canadian Lower-Tier Millionaires – Market Overview (Volume and US$ Million/Billion), 2011–2020

Figure 25: Canadian HNWs – Asset Class Composition (%), 2011–2020

Figure 26: Canadian HNWIs – Trends in Alternative Assets (US$ Billion), 2011–2020

Figure 27: Canadian Trends in ‘Art, Wine and Wheels’, 2011–2015

Figure 28: Canadian HNWIs – Foreign Investment Allocation and Growth (%), 2015

Figure 29: Canadian HNWIs – Global Distribution of Foreign Investments (%), 2011–2020

Figure 30: Canadian HNWIs – Liquidity Breakdown (%), 2011–2020

Figure 31: Canadian UHNWIs – Asset Class Composition (%), 2011–2020

Figure 32: Canadian Exchange Rate – CAD–US$, 2011–2020

Figure 33: Canadian Real GDP Growth (%), 2011–2020

Figure 34: Canadian GDP per Capita (US$), 2011–2020

Figure 35: Canadian Domestic Market Capitalization (US$ Billion), 2011–2015

Figure 36: Canadian Commodity Indices, 2011–2020

Figure 37: Canadian Foreign Direct Investment (US$ Billion), 2011–2020

Figure 38: Canadian Inflation Rate (%), 2011–2020

Figure 39: Canadian Money Market Rate (%), 2011–2020

Figure 40: Canadian Balance of Payments (US$ Billion), 2011–2015

Figure 41: Canadian Government Debt as a Percentage of GDP (%), 2011–2020

Figure 42: Canadian Stock Market Performance (Index), 2011–2015

Figure 43: Canadian HNWI Wealth vs GDP Ratio (%), 2011–2020

Figure 44: Canadian HNWIs – Volume by Wealth Band, 2011–2020

Figure 45: Canadian HNWIs – Wealth by Wealth Band (US$ Billion), 2011–2020

Figure 46: Canadian HNWIs – Wealth per Capita (US$ Million), 2011–2020

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