A recent UBS Global Wealth Report caught my eye. It showed that median wealth per adult in Canada jumped nearly 10% in 2024, with our country adding 117,000 new U.S.-dollar millionaires in a single year. That brings Canada’s total to roughly 2.1 million. Globally, wealth rose 4.6% last year—continuing a steady climb we’ve seen for over two decades.
At a glance, this sounds like good news—and in some ways, it is. But if you dig beneath the headline numbers, the real story is a lot more layered.
1. Wealth is growing, but it’s also being redefined.
A million dollars used to mean financial independence. Now, especially in cities like Toronto or Vancouver, it might just mean owning a modest home and a half-funded retirement plan. Between asset inflation and rising costs of living, having $1M in net worth today doesn’t feel like “rich” to most people I know. It feels… stable, maybe. Secure, if you’re lucky. But not “wealthy” in the traditional sense.
UBS calls these folks “everyday millionaires.” There are now more than 52 million globally—up 4x since 2000. Most of this growth, not surprisingly, has come from real estate appreciation and stock market gains. But this also means your wealth is often illiquid, tied up in your home or long-term positions—not exactly the same as having millions sitting in a cash account.
2. Canada is punching above its weight.
Canada accounts for 2.5% of global personal wealth, despite having less than 0.5% of the world’s population. We now rank 9th globally in median wealth per adult and 11th in average wealth. That’s significant. And it’s largely thanks to a few tailwinds:
- A resilient financial sector
- Strong real estate performance
- A stable, diversified economy that continues to attract immigration and investment
But again, averages can be misleading. The distribution is uneven, and much of this new wealth is still concentrated among boomers.
3. The great wealth transfer is just beginning.
UBS estimates that $83 trillion will change hands globally over the next two decades—most of it in North America. This will be one of the most significant shifts in economic history.
Here in Canada, I expect to see:
- More intergenerational real estate sales (and conflict)
- Increased demand for estate planning, trusts, and private investment vehicles
- A growing appetite for entrepreneurship among inheritors who don’t want to follow traditional career paths
But there’s a wildcard: younger Canadians, particularly millennials and Gen Z, are investing differently. They lean toward private business ownership, tangible assets, and values-driven investing. Many are less interested in stock portfolios than in purpose-built side hustles or building equity through ownership and control.
4. Past performance ≠ future dominance.
North America—especially the U.S.—has led the global wealth charge over the past 15 years, thanks to the performance of the S&P 500 and big tech. But history tells us no market leads forever. Valuations are stretched, interest rates remain high, and the global balance of power is shifting. It’s naïve to assume the next 15 years will mirror the last.
If you’re building wealth today, you have to think globally, diversify meaningfully, and stay agile. That might mean holding fewer traditional index funds and looking harder at sectors like AI, clean tech, and second-tier cities that haven’t yet peaked.
Final thought:
The quantity of millionaires is rising—but the quality of wealth is what really matters now. Liquidity, resilience, purpose, and flexibility will define the next generation of “wealthy.”
Let’s not just chase dollar signs. Let’s build wealth that lasts—and means something.