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BMO Harris Private Banking

June 13, 2013 11:00 ET

REPEAT-BMO Harris Private Banking Changing Face of Wealth Study: More Than 90 Per Cent of Affluent Quebecers Have a University Education

- Ninety-two per cent of high-net worth individuals in Quebec have completed a graduate, professional or undergraduate degree, compared to 80 per cent nationally

- Nearly two-thirds of millionaires in Quebec are self-made

- Forty-four per cent were either born outside of Canada or are first generation Canadian

MONTREAL, QUEBEC--(Marketwired - June 13, 2013) - According to a study released today by BMO Harris Private Banking, the wealthy of Quebec (those who have investible assets of $1 million or more) are a group of very well educated individuals with 92 per cent having an university education, including 58 per cent holding a professional or graduate level degree. Only 2 per cent have a high school education or less. The study is the first in a series being released by BMO Harris Private Banking over the next year that examines trends among the wealthy across North America.

"Affluent Quebecers see the value in investing in education and higher learning," said Alan Desnoyers, Vice-President and Managing Director, BMO Harris Private Banking, Quebec. "The link between education and wealth really drives home how critical it is for parents to emphasize to their kids the important role school can play helping them achieve future financial success."

Additional regional highlights from the inaugural study include:

  • Sixty-four per cent of Quebecers are self-made, generating the majority of their wealth themselves.
  • Forty-four per cent of the wealthy in Quebec are "new Canadians" having either immigrated to Canada themselves or having at least one parent born outside of the country.
  • One quarter (24 per cent) of the province's affluent are female.

Key National Findings:

On a national level, the study found the following:

  • Two-thirds (67 per cent) of high-net worth Canadians are self-made millionaires, making their wealth on their own. Only one-in-five (20 per cent) attribute at least part of their wealth to an inheritance.
  • Women make up one-third of Canada's affluent, up from 21 per cent three years ago.
  • Almost half (48 per cent) are either immigrants to Canada (24 per cent), or describe themselves as first generation Canadians with at least one parent born outside of Canada (24 per cent).
  • Education is a big indicator of wealth with 80 per cent of high-net worth Canadians possessing at least a university degree and 46 per cent a graduate or professional degree; 10 per cent have a technical, trade or apprenticeship degree and just 9 per cent hold only a high school diploma or less.

Regional Breakdown:

Region Percentage
who are
self-made
millionaires
Percentage
who are new
Canadian
millionaires
Percentage
who are women
millionaires
National 67 48 32
Atlantic 83 46 37
Quebec 64 44 24
Ontario 64 45 36
Alberta 72 44 36
British Columbia 74 68 26

The online survey was conducted by Pollara between March 28th and April 11th, 2013 with a sample of 305 Canadian adults who have $1M+ in investable assets (including a sub-sample of 50 Quebecers). The margin of error for a probability sample of this size is ± 5.6%, 19 times out of 20.

About BMO Harris Private Banking

Backed by the stability and resources of BMO Financial Group, professionals at BMO Harris Private Banking are responsible for the successful management of wealth by providing expert advice and highly personalized services in banking, investment management, estate, trust, succession planning and philanthropic services - all with a coordinated and confident approach. With 34 offices across Canada, including Halifax, Montreal, Toronto, Calgary and Vancouver, BMO Harris Private Banking is able to service clients in a variety of languages.

For more information on BMO Harris Private Banking, please visit http://www.bmo.com/harrisprivatebanking.

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