Nearly two-thirds of high-net worth British Columbians feel they are better off financially than they were before the 2008 recession, according to a BMO Harris Private Banking study released October 3.
The study found that 64% of B.C.’s affluent – defined as those with investible assets of $1 million or more – feel they have bounced back stronger than before.
This is a full 10 percentage points above the national average of 54%.
“British Columbia’s affluent have proven their resiliency despite tough economic times,” said Jennifer Muench, vice-president and managing director, British Columbia, BMO Harris Private Banking.
“They are more confident than ever, as evidenced by their spending habits and strategic investing. This is good news and bodes well for a bright economic future for our province.”
The study also found that high-net worth individuals in B.C.:
- expect stocks (64%), real estate (38%) and bonds (19%) to yield excellent or good returns over the next five years;
- are optimistic about the energy (77%), financial (70%) and technology (64%) sectors;
- are spending the same or more on entertainment and leisure (96%), travel and vacations (92%), collections and hobbies (83%) and club memberships (83%) than before the recession.
