Instead of importing millionaires, Canada needs to produce more of them

When British Chancellor Jeremy Hunt announced the end of a two-century-old tax break that mostly benefits rich foreigners in his March budget, critics immediately charged the move would spark an exodus of wealthy individuals and hurt the country’s once-world-leading financial sector.

Since 2013, London has seen a 10-per-cent decline in high-net-worth individuals, even though the overall number of them has exploded globally since then., London was still home to 227,000 resident individuals with liquid investable wealth of at least US$1-million at the end of 2023. But it has been falling further behind New York, with its 349,500 millionaires, up 48 per cent since 2013, the San Francisco Bay Area and Singapore .

yield meaningful data on the economic status of these cities and the countries in which they are located over time? The Quebec Immigrant Investor Program was suspended in 2019. It had long been criticized for its lax residency requirements – as many as 90 per cent of the wealthy immigrants who came to Canada under the program ended up living outside Quebec. The QIIP was relaunched this year with stricter residency and French-language requirements. Applicants must agree to live in Quebec for at least two years after obtaining a work permit.

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