Canada’s millionaires didn’t inherit wealth, they earned it themselves – Dominion Lending Centres Clearlease
VANCOUVER, B.C.CANADA – (April 19, 2011) Clearlease.com Reports The American myth of the self-made man or woman may need a Canadian rewrite.
According to a survey commissioned by BMO Harris Private Banking, many of Canada’s richest people weren’t born with silver spoons in their mouths as some suppose; they earned their status.
The online survey was conducted by the Harris-Decima research firm. It shows that 94 per cent of the Canadians surveyed with over $1 million in investable assets say they are self-made.
Only six per cent said they owe the majority of their wealth to inheritance.
“Perhaps there’s a perception that wealth in Canada is being transferred from generation to the next, but in fact it is not the case,” said Andrew Auerbach, vice-president of BMO Harris Private Banking in Toronto.
“I can tell you dealing in a private bank these results didn’t surprise me. Overwhelmingly the wealth is being created not inherited.”
Auerbach said if the survey were done of what he called “ultra-high net worth families,” those with over $10 million in assets available to invest, the slant toward the self-made would be greater.
There are an estimated 550,000 Canadian households with over $1 million in investable assets, representing about 60 per cent of the private wealth of the country. The survey was based on a random sampling 459 of them.
Generally, the findings suggest Canada’s rich are optimistic about their current status, but less so about their children’s.
For instance, the survey found that 80 per cent say are wealthier than their parents were, and 77 per cent say they are better off today than they were before the onset of the latest recession in the fall of 2008, suggesting they have recovered any stock market losses.
But asked if they thought their children were well-prepared to manage their inheritance, only 58 per cent answered in the affirmative.
On another question, 70 per cent of respondents said they believed it was important to give back to their communities, with 59 per cent saying the recession had no impact on their charitable donations.
The main message to take away from the survey, suggests Auerbach, is that Canadians should feel good about living in a country where upward mobility is possible.
“These findings speak to the strong entrepreneurial environment in which we live,” Auerbach said. “They reveal a culture of drive and determination among Canadians and recognize that we live in a country where self-made success is encouraged and rewarded.”
Keith Sjogren of Investor Economics, a research and consulting firm, says Canadians become millionaires through a variety of ways, not all involve starting or selling a business. They include investments, cashing in on stock options from work, sales of real estate, or working in a high-paying profession for many years.
The BMO findings are in line with his own firm’s research, he said, although he believes the proportion of inherited wealth is higher, in the 10-15 per cent range.
“I do agree that the bulk of high net worth households do create their wealth on their own, it is not inherited,” Sjogren said.
Sjogren said one limit on wealth creation in Canada is relatively high income taxes, particularly compared with the United States.
For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html
About Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Headquartered in Downtown Vancouver, British Columbia. We’re expanding in Q2, 2011 to Calgary and Edmonton, Alberta! In Q3, 2011 we are expanding in Toronto, Ontario! Dominion Lending Centres Clearlease services clients from Coast to Coast. Our Residential Group has a team of Licensed Mortgage Brokers offering our clients the best terms and rates available in the current market. Our Commercial Funding/Mortgage Group is active across Canada Funding Mortgages in cities such as Toronto, Edmonton, Calgary, Vancouver and Victoria.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. A. Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 177
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
###
VANCOUVER, B.C.CANADA – (April 19, 2011) Clearlease.com Reports The American myth of the self-made man or woman may need a Canadian rewrite.
According to a survey commissioned by BMO Harris Private Banking, many of Canada’s richest people weren’t born with silver spoons in their mouths as some suppose; they earned their status.
The online survey was conducted by the Harris-Decima research firm. It shows that 94 per cent of the Canadians surveyed with over $1 million in investable assets say they are self-made.
Only six per cent said they owe the majority of their wealth to inheritance.
“Perhaps there’s a perception that wealth in Canada is being transferred from generation to the next, but in fact it is not the case,” said Andrew Auerbach, vice-president of BMO Harris Private Banking in Toronto.
“I can tell you dealing in a private bank these results didn’t surprise me. Overwhelmingly the wealth is being created not inherited.”
Auerbach said if the survey were done of what he called “ultra-high net worth families,” those with over $10 million in assets available to invest, the slant toward the self-made would be greater.
There are an estimated 550,000 Canadian households with over $1 million in investable assets, representing about 60 per cent of the private wealth of the country. The survey was based on a random sampling 459 of them.
Generally, the findings suggest Canada’s rich are optimistic about their current status, but less so about their children’s.
For instance, the survey found that 80 per cent say are wealthier than their parents were, and 77 per cent say they are better off today than they were before the onset of the latest recession in the fall of 2008, suggesting they have recovered any stock market losses.
But asked if they thought their children were well-prepared to manage their inheritance, only 58 per cent answered in the affirmative.
On another question, 70 per cent of respondents said they believed it was important to give back to their communities, with 59 per cent saying the recession had no impact on their charitable donations.
The main message to take away from the survey, suggests Auerbach, is that Canadians should feel good about living in a country where upward mobility is possible.
“These findings speak to the strong entrepreneurial environment in which we live,” Auerbach said. “They reveal a culture of drive and determination among Canadians and recognize that we live in a country where self-made success is encouraged and rewarded.”
Keith Sjogren of Investor Economics, a research and consulting firm, says Canadians become millionaires through a variety of ways, not all involve starting or selling a business. They include investments, cashing in on stock options from work, sales of real estate, or working in a high-paying profession for many years.
The BMO findings are in line with his own firm’s research, he said, although he believes the proportion of inherited wealth is higher, in the 10-15 per cent range.
“I do agree that the bulk of high net worth households do create their wealth on their own, it is not inherited,” Sjogren said.
Sjogren said one limit on wealth creation in Canada is relatively high income taxes, particularly compared with the United States.
For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html
About Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Headquartered in Downtown Vancouver, British Columbia. We’re expanding in Q2, 2011 to Calgary and Edmonton, Alberta! In Q3, 2011 we are expanding in Toronto, Ontario! Dominion Lending Centres Clearlease services clients from Coast to Coast. Our Residential Group has a team of Licensed Mortgage Brokers offering our clients the best terms and rates available in the current market. Our Commercial Funding/Mortgage Group is active across Canada Funding Mortgages in cities such as Toronto, Edmonton, Calgary, Vancouver and Victoria.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. A. Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 177
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
###Canada’s millionaires didn’t inherit wealth, they earned it themselves – Dominion Lending Centres Clearlease
VANCOUVER, B.C.CANADA – (April 19, 2011) Clearlease.com Reports The American myth of the self-made man or woman may need a Canadian rewrite.
According to a survey commissioned by BMO Harris Private Banking, many of Canada’s richest people weren’t born with silver spoons in their mouths as some suppose; they earned their status.
The online survey was conducted by the Harris-Decima research firm. It shows that 94 per cent of the Canadians surveyed with over $1 million in investable assets say they are self-made.
Only six per cent said they owe the majority of their wealth to inheritance.
“Perhaps there’s a perception that wealth in Canada is being transferred from generation to the next, but in fact it is not the case,” said Andrew Auerbach, vice-president of BMO Harris Private Banking in Toronto.
“I can tell you dealing in a private bank these results didn’t surprise me. Overwhelmingly the wealth is being created not inherited.”
Auerbach said if the survey were done of what he called “ultra-high net worth families,” those with over $10 million in assets available to invest, the slant toward the self-made would be greater.
There are an estimated 550,000 Canadian households with over $1 million in investable assets, representing about 60 per cent of the private wealth of the country. The survey was based on a random sampling 459 of them.
Generally, the findings suggest Canada’s rich are optimistic about their current status, but less so about their children’s.
For instance, the survey found that 80 per cent say are wealthier than their parents were, and 77 per cent say they are better off today than they were before the onset of the latest recession in the fall of 2008, suggesting they have recovered any stock market losses.
But asked if they thought their children were well-prepared to manage their inheritance, only 58 per cent answered in the affirmative.
On another question, 70 per cent of respondents said they believed it was important to give back to their communities, with 59 per cent saying the recession had no impact on their charitable donations.
The main message to take away from the survey, suggests Auerbach, is that Canadians should feel good about living in a country where upward mobility is possible.
“These findings speak to the strong entrepreneurial environment in which we live,” Auerbach said. “They reveal a culture of drive and determination among Canadians and recognize that we live in a country where self-made success is encouraged and rewarded.”
Keith Sjogren of Investor Economics, a research and consulting firm, says Canadians become millionaires through a variety of ways, not all involve starting or selling a business. They include investments, cashing in on stock options from work, sales of real estate, or working in a high-paying profession for many years.
The BMO findings are in line with his own firm’s research, he said, although he believes the proportion of inherited wealth is higher, in the 10-15 per cent range.
“I do agree that the bulk of high net worth households do create their wealth on their own, it is not inherited,” Sjogren said.
Sjogren said one limit on wealth creation in Canada is relatively high income taxes, particularly compared with the United States.
For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html
About Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Headquartered in Downtown Vancouver, British Columbia. We’re expanding in Q2, 2011 to Calgary and Edmonton, Alberta! In Q3, 2011 we are expanding in Toronto, Ontario! Dominion Lending Centres Clearlease services clients from Coast to Coast. Our Residential Group has a team of Licensed Mortgage Brokers offering our clients the best terms and rates available in the current market. Our Commercial Funding/Mortgage Group is active across Canada Funding Mortgages in cities such as Toronto, Edmonton, Calgary, Vancouver and Victoria.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. A. Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 177
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
###