Canada ranks 5th on list of millionaires

Canada moved up to fifth last year on a list of countries with the most millionaire households, according to a c report that shows the United States was again at No. 1.

There were 485,000 millionaire households in Canada in 2016 and 385,000 in 2015, when Canada ranked eighth, according to the report on global wealth. Those millionaire households represented 3.5 per cent all Canadian households and held 32.5 per cent of the wealth in 2016, says the seventh annual report released this week.

In addition, overall household wealth in Canada is projected to grow from $5 trillion last year to $5.9 trillion in five years.