If you’ve tuned into my podcast I’m a Millionaire! So Now What? (listen & subscribe here), you know it’s a place where you, I and my expert guests celebrate wealth, unapologetically. Self-made millionaires and wealthy families have a unique set of plans, demands, questions, and ambitions that deserve to be addressed! I focus my weekly interviews and articles on celebrating what you bring to your community and the world when you share your wisdom and your wealth.
AND (if you’ve been tuning in/reading up) you’ll know that I just went public with a big, bold promise: to double the number of Canadian millionaires by 2030! If you want the full scoop, check out I’m a Millionaire! So Now What? January 1 episode, and/or read my January 2nd post here.
To recap, Canada represents 3% of the world's millionaires. According to Credit Suisse in their global wealth report for 2018, we had 1,289,000 confirmed millionaires in Canada. Credit Suisse is projecting the number to increase by 57% (bringing Canada’s millionaires to 1,992,000) by 2023. I want to see an increase from 1.3 million to 2.6 million by 2030. Yes, it's a pretty big bold promise.
How do we put more Canadians in a position of real riches and freedom? One way is to shift how we think about, earn and measure our wealth.
So let’s look at some more – very interesting – numbers.
- There are 42million millionaire-households worldwide. 90% of those millionaires worldwide have a net worth between 1 million and 5 million, representing 40% of worldwide wealth.
- Of those 42 million millionaires worldwide, approximately 11% have inherited their wealth. 68% are selfmade millionaires, and 22% are a combination of having inherited and having created wealth of their own accord
- Of the ultrahigh net worth individuals, (those are the folks with hundreds of millions of dollars, billions of dollars) only 6 to 7% of their net worth is held in real estate and luxury goods.
- Canadians have closer to 50% of their net worth in real estate.
- Also, Canadian and worldwide stock markets have been on quite a tear over the past decade (yes, with the exception of the last 12 months or so!). Since the last bear market bottom in 2009, a fully invested individual would have seen their portfolio grow.
What I see happening is that Canadians are prospering, but that prosperity has come from PASSIVE GROWTH from strong real estate and stock markets.
The problem is, those real estate and stock markets aren’t within anyone’s control. Both markets will go through cycles up and down. These investments are important aspects of growing net worth; however, it’s much more desirable to be in the driver’s seat building wealth, rather than the passenger seat hoping the road stays smooth.
With evidence that stock markets worldwide are starting to dip, and knowing real estate increases can’t climb forever, being in the passenger seat of your own wealth creation makes for a pretty stressful ride!
Add to that the average Canadian’s heavy debt-load and over-dependence on borrowing against home equity. Interest rates inching higher is another variable we don’t control.
For the sake of our own security, sustainable wealth generation and peace of mind, we need to become MORE ACTIVE in growing wealth. This is where having a clear intention and a straightforward roadmap comes into play. And where I can help impact that number of Canadian Millionaires as promised – by encouraging you to follow a Real Riches Roadmap.
I'm going to share my Real Riches Roadmap with you over the coming months. This is a practical checklist and accompanying strategies that address things like creating a conscious spending plan, getting rid of consumer debts, building savings, protecting your wealth and sharing that wealth.
That’s my ultimate Modus Operandi: to help you spend, save and share wealth optimally.
Now, what if I told you that you could – with a bit of intention and planning – DOUBLE your net worth by 2030? Intention, mindset, conscious spending – it’s all part of an ACTIVE wealth building plan. And we saw the statistics that show most Canadians aren’t actively building their wealth!
What about YOU? Do you dare to be different? I’ve cleared 7 x 1-hour spots in my January-February schedule for some rare, daring Action-Takers. Here’s the catch: you need to show me you’re committed! Send me an email and I’ll send you a questionnaire to complete before we set up our session.
Fortune favours the bold. Keep tuning in to I'm a millionaire! So now what? (listen & subscribe here). Or get in touch directly with O'Connell-Campbell Wealth Management for strategized financial plans that optimize how you spend, save and share your wealth.