Saturday, May 7, 2011

Will you retire as a Millionaire?

A New Survey out from Deloitte says that the number of Millionaires in Canada will increase to be one in twenty Canadians by 2020. Will you be among them?

A new study suggests that Canada's millionaire club is going to have a lot more members over the next decade.

The study, released by the Deloitte Center for Financial Services, predicts the number of Canada's millionaires will surge to more than 2.5 million by 2020 — up by more than 32 per cent from the current 1.7 million.

The study also says the assets of those millionaires will reach $6.77 trillion, up from $3.35 trillion today.

The surge in wealth is partly due to Canada's strong economy, particularly in the resource sector. During that time, Canada's GDP is forecast to grow by more than three per cent per year, while the inflation rate is expected to stay around 2.5 per cent. At the same time, the report expects Canada's population to grow by less than one per cent.

The transfer of wealth that our Zoomer Generation will see is staggering yet even that pales in comparison with other Resource Rich countries. We are down the list in Global standards.

One response from the readers while 32% more millionaires by 2020 "If I am not a Millionaire How will I buy Happiness?

I can only advocate forward planning to make sure you have enough house and cash to suit your living expenses and not a grandiose place where you are hiding from the calls of collectors but have the pride of ownership.

Being a Millionaire is what you keep, Not what you spend. What do you think?

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