More millionaires are considering exiting Canada now than during last election cycle, survey finds

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Cole said many wealthy Canadians are looking beyond finances and are not currently considering the U.S.

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On the other hand, Kris Rossignoli, a New York-based senior private wealth manager at Cardinal Point Wealth Management, said he has worked with many Canadian millionaires moving to the U.S. and other countries who are motivated by the prospect of lower taxes.

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While Canadian income tax revenue goes toward supporting key programs and services, such as health care, Rossignoli said many high-net worth Canadians end up paying more in taxes in Canada than they would for quality health care in the U.S.

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“It obviously depends on how much you make, but certainly wealthier Canadians are looking at that math and saying, ‘We’re going to be saving tens or hundreds of thousands of dollars a year by moving to the U.S. and we’re going to get significantly better health care.’”

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In other cases, Rossignoli has seen wealthy young Canadians move to the U.S. for jobs with higher salaries.

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He said clients looking for a more relaxed lifestyle have considered countries with golden visa programs, such as Portugal and Italy. These programs offer residency rights to affluent immigrants in exchange for a minimum investment.

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Some millionaires surveyed are thinking about the state of the economy as well.

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Canada’s productivity performance, which has plunged dramatically since the COVID-19 pandemic, poses significant problems.

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Toronto-Dominion Bank economists wrote in a report last year that worsening productivity growth may lead to stagnating wages and higher taxes or reduced public services.

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This is especially concerning for millionaires who own businesses, said Tina Tehranchian, an Etobicoke-based senior wealth adviser and certified financial planner at Assante Capital Management Ltd.

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“You need more incentives for hard work and entrepreneurial spirit in this country, and I think that will improve the standard of living and the economy and lift everybody up,” she said.

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Tehranchian said wealthy entrepreneurs want to see stimulus measures for Canadian businesses, such as reduced taxes, and increased investments in infrastructure to improve living conditions.

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However, Cole said the economic outlook may pose more of a concern for wealthy Canadians with less than $50 million, but less so for higher-net worth individuals, particularly those who may own operating entities in other parts of the world.

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“The economic outlook in Canada is not necessarily their focus because wealth can be created anywhere,” Cole said.

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Canada is not necessarily set to lose more millionaires than it is gaining. The country’s population of those with net worth of more than US$1 million is expected to balloon to more than 2.4 million by 2028 (21 per cent growth), according to a September report by Swiss financial services firm UBS Group AG.