The country’s wealth management sector stands to gain over the medium term from its solid financial and banking sectors, its political and fiscal stability, and its commodity wealth, the report says.

Ottawa has emerged as a top city for growth in high net worth individuals, with numbers there rising from around 9,000 in 2007 to over 10,000 last year, as it benefits from a thriving high-tech sector.

Meanwhile, Canada’s financial capital, Toronto, has seen its high net worth population rise by 4 per cent over that period – although the press statement on the report did not give a base figure.

Financial services were the main source of riches among ultra high net worth individuals, the report found, with around 15 per cent of these ultra-wealthy people attributing their wealth to this source. The retail and fashion industry was also found to be increasingly important, recording strong growth as a source of wealth over the period 2007-2012.