With its GDP valued at US$1.7 trillion, Canada boasts over 422,000 HNWIs who hold 26% of the country’s total individual wealth. The global private banking industry was estimated to have AuM of just over US$19.3 trillion at the end of 2012 and the Canadian wealth management sector accounted for approximately 3.1% of it.
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Ontario is the largest state for Canadian HNWIs (47%). Canada’s largest city, Toronto, accounts for 28% of the country’s total HNWIs, but interestingly, Ottawa is the top performing city for HNWIs, showing an 11% rise in numbers between 2007 and 2012, assisted by a strong growth in the hi-tech sector, according to Timetric.
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