Canada's millionaires self-made
OTTAWA -A new report shows that Canada's rich didn't get there the old-fashioned way through inheritance, they earned it.
The study by BMO Harris Private Banking finds that 94 per cent of Canadians with over $1 million in investable assets are self-made.
Only six per cent say they owe the majority of their wealth to inheritance.
As well, the survey of 459 Canadian millionaires finds that 80 per cent are wealthier than their parents were, and 77 per cent say they are better off today than they were before the 2008 recession.
The bank said in a release the findings suggest that Canada's entrepreneurial environment is healthy and that the Canadian system rewards drive and determination.