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More millionaires in Saskatchewan than we think, business analyst

May 18, 2013 | 8:43 AM

There could be more millionaires in Saskatchewan than a British study suggests, according to a prominent business analyst.

A study by WealthInsight, a U.K. based financial analysis firm, recorded 8,000 millionaires living in the province but Paul Martin doesn't agree..

“I think that number is low,” said Martin.

“I think there are way more than 8,000 in the province.”

For the study, WealthInsight classified millionaires as individuals with net assets of US$1 million or more, excluding their primary residences.

According to the report, half of the millionaires in Saskatchewan reside in Saskatoon, while 31 per cent live in Regina.

Of Saskatchewan's millionaires, 22 per cent made their wealth through the oil and gas industry, 19 per cent from transport and logistics, and 16 per cent from financial services and investments.

The oil found in the Estevan region makes it another high income hot-spot, Martin said.

Increased farm land values may be another factor in Saskatchewan's rising millionaire population, Martin said.

It's important to remember $1 million isn't worth what it used to. Twenty years ago, $620,000 was the equivalent to $1 million today.

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