Many Canadians who contemplate moving to Canada’s West Coast jokingly refer to B.C. as in “Bring Cash”, thanks to the outrageously priced real estate in Vancouver. Now the term “Bring Cash” seems all the more fitting.
According to a recent survey conducted by BMO Harris Private Banking, 67% of high net worth British Columbians were either born outside Canada or have at least one parent born outside the country. This figure compares with 48% nationally. A high net worth individual is defined as someone with investable assets of $1 million or more which include savings and retirement plans but exclude money in an employer’s retirement plan, insurance products and their home.
Three quarters of these high net worth British Columbians reported that their wealth was generated by themselves, while 21% said their wealth was partly inherited and partly self-made.
“A very high percentage of people in B.C. are from the Pacific Rim (and) a number of those people are attracted here to do business.” said John Bathurst, the company’s vice-president of trusts and investments.