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1.7 Million Millionaires in Canada

Rockslinger

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Apr 24, 2005
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According to a Deloitte study, there are currently over 1.7 million millionaires in Canada. I'm sure ther are many on this Board:p. Hee, hee, hee.
 

Nickelodeon

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Apr 13, 2003
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If your over 50 and on this board, there is a good chance you're a millionaire. Take your $600k house, $400k in RRSP's and other assets and you're there.
 

hinz

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Nov 27, 2006
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If your over 50 and on this board, there is a good chance you're a millionaire. Take your $600k house, $400k in RRSP's and other assets and you're there.
Doubtful that would qualify since the $1 million mentioned here is investable asset like cash, stocks and bonds, not including principal residence. :rolleyes:
 

hinz

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Nov 27, 2006
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According to a Deloitte study, there are currently over 1.7 million millionaires in Canada. I'm sure ther are many on this Board. Hee, hee, hee.
7 figure does not really mean much nowadays, unless we are talking about $1 million liquid asset in real term. The value of the principle residence does not count. :rolleyes:
 

afterhours

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Jul 14, 2009
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So basically everyone who owns a home in Vancouver would be included.
the funny thing is: a million would buy you about $40,000 in annuities, which in turn would buy you a happy life somewhere in latin America

but instead people continue going to work until they drop dead from a heart attack
 

Brill

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Jun 29, 2008
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I'm too old to learn Latin, afterhours.

Do you have an English speaking country that would be nice and cheap for retirement?
 

nottyboi

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May 14, 2008
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the funny thing is: a million would buy you about $40,000 in annuities, which in turn would buy you a happy life somewhere in latin America

but instead people continue going to work until they drop dead from a heart attack
It is enticing to think of that, but that 40K is not really inflation protected.. so.. buy the time you are in your 60's it will be at best around 18K.. and you will still have about 15-30 years to live and pay for. What one needs is to generate some inflation protected income (i.e real estate rent for example) and when you are old and your dick has fallen off from banging hot latin babes at least you will have a relatively inflation protected asset to fall back on.
 

Rockslinger

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Apr 24, 2005
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7 figure does not really mean much nowadays, unless we are talking about $1 million liquid asset in real term.
Back in the days when a millionaire was really a rich man, the price of a Toronto house was $30,000 so I guess an inflation adjusted number to-day would be around $11million to be equivalent. A single digit millionaire to-day is probably just upper middle classe or lower upper class.
 

nottyboi

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I'm too old to learn Latin, afterhours.

Do you have an English speaking country that would be nice and cheap for retirement?
Phillipines.. just replace your 'f's' with 'p's' and you'll be just fine lol.
 

Nickelodeon

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Here's a number that will ensure you are "comfortable".

$2.5 Million in liquid assets before your house. If you live on 4% annually ($100,000) there is a low probability of running out of money...ever. Well invested you might make up the inflation adjustment and actually make money, and $100K annual living expenses is a good number.
 

Rockslinger

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Apr 24, 2005
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If you live on 4% annually ($100,000) there is a low probability of running out of money...ever.
My 44 year old Italian friend who doesn't work lives on $9,000 annually. Also, when you are 75 years old it is unlikely that you will spend $30,000 a year on SP's.
 

nottyboi

Well-known member
May 14, 2008
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Here's a number that will ensure you are "comfortable".

$2.5 Million in liquid assets before your house. If you live on 4% annually ($100,000) there is a low probability of running out of money...ever. Well invested you might make up the inflation adjustment and actually make money, and $100K annual living expenses is a good number.
True, but for many people that 2.5 will go to paying for some shitty nursing home and healthcare to prolong the agony of old age.....or to their heirs.
 

theycallmebruce

Active member
Nov 17, 2002
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Here's a number that will ensure you are "comfortable".

$2.5 Million in liquid assets before your house. If you live on 4% annually ($100,000) there is a low probability of running out of money...ever. Well invested you might make up the inflation adjustment and actually make money, and $100K annual living expenses is a good number.
The key to protecting your capital is by investing in blue chip dividend growth stocks. This is also a great way to adjust for inflation by the dividend growth. For example, bank stocks ( outside of the past few years ) have always increased their dividends. Royal Bank is currently trading at around $59 and pays a .50 cent dividend ( or $2.00 annually ). Buy Dividend paying stocks and you will never ever run out of money and also be inflation protected.
Happy Investing
 

Rockslinger

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Apr 24, 2005
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There was a bizarre column in yesterday's (May 17th) Toronto Star written by Richard Gwyn (who is kind of weird anyway). He said that according to the Deloitte study, there are more millionaires per capita in Canada than in the U.S. Hence, this makes Canada less moral than the U.S. What is poor Richard smoking?

BTW: A Canadian millionaire is actually worth US$1,040,000. Hee, hee, hee. Our millionaires are richer than U.S. millionaires.
 

hinz

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Nov 27, 2006
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There was a bizarre column in yesterday's (May 17th) Toronto Star written by Richard Gwyn (who is kind of weird anyway). He said that according to the Deloitte study, there are more millionaires per capita in Canada than in the U.S. Hence, this makes Canada less moral than the U.S.
Funny to notice that Deloitte is one of the big four Auditors facing Probe lately, for anti-trust issue.

In other words, I would take those bean counters study with a grain of salt.

What is poor Richard smoking?
Doesn't matter much as long as he's smoking something I could profit from hand over fist. :thumb:

BTW: A Canadian millionaire is actually worth US$1,040,000. Hee, hee, hee. Our millionaires are richer than U.S. millionaires.
Maybe but not going to be surprised the local millionaires start complaining the affordability of investable real estates in Hongcouver, aka Vancouver is deteriorating fast compared to NYC.
 
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