Canada adds 30,000 new millionaires – HNWI
Wealth firms cannot take them for granted
Capgemini report finds just 11% of Canadian wealthy clients describe their experience as seamless, the lowest of any market measured.
Canada’s millionaire population grew by 30,000 in 2025 as a surging stock market and rising commodity prices drove HNWI wealth higher.
But the country’s wealth management industry is falling further behind client expectations than almost anywhere else in the world, according to Capgemini’s World Wealth Report 2026.
The 30th annual edition of the report found that Canadian HNWI wealth climbed 8.2% over the year, with the population rising 6.7%. The TSX surged nearly 30%, its second-best performance since 2000, driven by strong mining returns as commodity prices moved sharply higher, alongside steady energy prices and support from Bank of Canada rate cuts.
Ultra-HNWIs, defined as those with $30 million or more in investable assets, outpaced every other wealth segment for the second consecutive year, posting 9.7% wealth growth and a 9.4% rise in population.
While global equity allocations rose three percentage points to 25%, Canadian HNWIs held equity allocations steady at 26% as of January 2026. The more notable shift was in real estate, where Canadian allocations climbed from 15% in January 2025 to 21% in January 2026, a move that may partly reflect HNWIs taking advantage of lower property prices in recent years.
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