Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > World Forums > Canada
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 07-01-2011, 08:27 PM
 
Location: Lethbridge, AB
1,132 posts, read 1,938,660 times
Reputation: 978

Advertisements

It's a bit of an odd list, in that it excludes people who own their own businesses (or more exactly, excludes wealth attributed to that business)
Reply With Quote Quick reply to this message

 
Old 07-01-2011, 08:38 PM
 
1,395 posts, read 2,524,628 times
Reputation: 1328
Quote:
Originally Posted by Stubblejumper View Post
It's a bit of an odd list, in that it excludes people who own their own businesses (or more exactly, excludes wealth attributed to that business)
They appear to have focused on more liquid measures of wealth -- how much dough you've got stowed, as it were.

Also, Canadians used to have a much higher savings rate once upon a time. They were salting away money a rainy day, insuring themselves out the wazoo, etc. Conservative people who lived modestly, paid their bills on time and didn't overextend themselves. That has changed more than a little bit now that Canadians have become much more willing to assume huge amounts of mortgage and consumer debt, but that isn't making millionaires out of them.
Reply With Quote Quick reply to this message
 
Old 07-01-2011, 08:48 PM
 
26,782 posts, read 22,534,034 times
Reputation: 10037
Quote:
Originally Posted by Hawknest View Post
USofA has more - no kidding! - Because they have 90% more people than Canada, a much lower cost of doing biz, lower labour costs in the SW, a cash based economy (illegals), higher intellectual technology.

But then Russia has almost as many multi-millionaires thanks to Putin's capitalism attempt and a vastly larger oil, coal and gas untapped reserves.

But then I digress.................
What do you mean "almost as many?"
Moscow has the biggest number of the billionaires in the world today - more than in New-York. And the majority of Russian millionaires live as well in or around Moscow. ( In 2010 their number was about...119,000 I believe.)
Taking all that in consideration, may be the fact that Canada has the lowest number of millionaires is a good thing.
Reply With Quote Quick reply to this message
 
Old 07-02-2011, 12:33 AM
 
1,395 posts, read 2,524,628 times
Reputation: 1328
Quote:
Originally Posted by maclock View Post
They were salting away money a rainy day ....
They were salting away money for a rainy day ....
Reply With Quote Quick reply to this message
 
Old 07-02-2011, 09:21 AM
 
Location: Oakville, ON
377 posts, read 1,695,554 times
Reputation: 435
Quote:
Originally Posted by maclock View Post
Yes, Canadian governments steal more money from hard-working people and they keep them under their collective thumb.

Also, Canadians are pretty risk averse people. The burning ambition of many of them is to get a civil service or other like job because while the money is not always top dollar, it is normally good relative to whatever job they wish to leave and they want one of those nice public sector/quasi-public sector pensions as well as job security.

Historically, it has also been more difficult to borrow money from banks in Canada than in the States if you are an entrepreneur. Given the current lending environment south of the border, I do not know if this still holds. America will bounce back, however, and it will likely revert to its former ways. America backs risk takers in a way that Canada does not.
This is pretty much it.

Ambitious and entrepreneurial Canadians are viewed with suspicion, whereas in America they are respected.

Alberta is different however. I believe Calgary has more billionaires per capita than any city in North America, and the prevailing attitude is driven by oil and gas and real estate barons, both of which have done extremely well over the past decade. The profile of wealthy Albertans closely mirrors the profile of wealthy Americans.

The wealthy in BC, Ontario etc. seem to be more professionals (doctors, lawyers, senior executives) that build a long term career, make savvy, yet conservative investments and retire with a large nest egg, mixed in with a few entrepreneurs.
Reply With Quote Quick reply to this message
 
Old 07-02-2011, 09:25 AM
 
Location: Staten Island, NY
6,476 posts, read 7,321,963 times
Reputation: 7026
Maybe it's because 'free' health care costs a fortune.
Reply With Quote Quick reply to this message
 
Old 07-02-2011, 10:21 AM
 
4,321 posts, read 6,280,585 times
Reputation: 6126
Its more of a socialistic country north of the border. I recently visited Quebec and between QST and GST, I was paying 13.5% sales tax on all purchases. That quickly put a crimp on my spendable income. That's not too mention the much higher income taxes in Canada. I know it takes a lot to pay for their national health care system and it is a better safety net for the poor than we have here in the US. However, the mentality here in the US is that I've worked hard for my money, don't let the government take it away (more of a darwinian view).

In addition, I believe the US is more about work, work, work to achieve the American Dream. In Canada, it is more about working to enjoy life. I think there's something to be said about this, but it'll definitely impact how many millionaires you will see. Conversely, you do not see the high number of poor people in Canada, as we have here in the US.
Reply With Quote Quick reply to this message
 
Old 07-02-2011, 09:44 PM
 
Location: Canada
4,865 posts, read 10,523,785 times
Reputation: 5504
Listen guys, stop talking about America. It's obvious why America has more millionaires than Canada. What's strange is that Canada's at the bottom of the list with those other countries. Why do European countries like the Netherlands (also socialistic) have so many more millionaires than Canada? Is it because of old money or other reasons?
Reply With Quote Quick reply to this message
 
Old 07-02-2011, 09:48 PM
 
4,321 posts, read 6,280,585 times
Reputation: 6126
Quote:
Originally Posted by BIMBAM View Post
Listen guys, stop talking about America. It's obvious why America has more billionaires than Canada. What's strange is that Canada's at the bottom of the list with those other countries. Why do European countries (also socialistic) have so many more millionaires than Canada?
Well, Switzerland for one is an overseas tax haven...
Reply With Quote Quick reply to this message
 
Old 07-03-2011, 07:03 AM
 
475 posts, read 814,532 times
Reputation: 312
Quote:
Originally Posted by radraja View Post
I was looking at this list (Top 20 Countries With Highest Proportion of Millionaires (http://communityad.blogspot.com/2011/06/top-20-countries-with-highest.html - broken link)) and I found it a bit perplexing. Why would Canada be at the bottom of the list? I was truly shocked by some of the countries that managed to come out ahead of Canada (Ireland, for example). And the US, perhaps the one country most similar to Canada, has three times as many millionaires (per capita). What a striking difference!

Does anyone have any insight as to why Canada doesn't seem to be turning out as many millionaires as other developed nations? Just curious. It seems a bit odd.

(I certainly don't mean this to be offensive, by the way. I'm just wondering what Canadian residents think.)
Since the Yankee buck is only worth 96 cents Canadian ..It throws the whole list out of whack. I suspect there are a lot fewer millionaires in the US then they claim to be.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > World Forums > Canada

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top