TORONTO, ONTARIO — (Marketwired) — 06/13/13 — According to a study released today by BMO Harris Private Banking, the high-net worth segment in Ontario (defined as those with investible assets of $1 million or more) are diverse and well-educated. The study is the first in a series over the next year that will examine trends among the wealthy.
The inaugural study found that 45 per cent of high-net worth Ontarians were either born outside of Canada or are first generation Canadians (with at least one parent born outside the country).
“Ontario has the proud reputation of being a multicultural society and, according to our study, this extends to the province-s affluent as well,” said Ryan McNally, Regional Vice President and Managing Director, Greater Toronto Area, BMO Harris Private Banking. “It-s clear that wealth can be acquired in various ways, regardless of gender or birthplace. Today-s high-net worth Ontarians affirm that hard work and an entrepreneurial spirit can result in success.”
The study also found that:
Mr. McNally noted the challenges that Ontario-s private banking industry faces with having an increasingly diverse clientele. “We need to understand that today-s high-net worth clients are a diverse group, whether determined by place of birth, gender, education level or age, so there-s an opportunity for us to re-assess and anticipate the needs of the individuals and families with whom we work.”
Key National Findings:
On a national level, the study found the following:
Regional Breakdown:
The online survey was conducted by Pollara between March 28th and April 11th, 2013 with a sample of 305 Canadian adults who have $1M+ in investable assets (including a sub-sample of 121 Ontarians). The margin of error for a probability sample of this size is +/- 5.6%, 19 times out of 20.
About BMO Harris Private Banking
Backed by the stability and resources of BMO Financial Group, professionals at BMO Harris Private Banking are responsible for the successful management of wealth by providing expert advice and highly personalized services in banking, investment management, estate, trust, succession planning and philanthropic services – all with a coordinated and confident approach. With 34 offices across Canada, including Halifax, Montreal, Toronto, Calgary and Vancouver, BMO Harris Private Banking is able to service clients in a variety of languages.
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Contacts:
Media contacts:
Amanda Robinson, Toronto
416-867-3996
Valerie Doucet, Montreal
514-877-8224