Sept. 15: BEST FROM THE BLOGOSPHERE

September 15, 2025

Who wants to be a millionaire, but not feel rich?

Years ago, we joked that while we might never be millionaires, we could at least claim to be thousandaires.

But these days, reports The Globe and Mail, there are way more millionaires than ever before. Why, the article asks, do so many of them not feel rich?

Take the example, the article begins, of Martin Alderwick, 76, of Guelph. “The couple brings in about $7,500 a month in retirement income and own a townhouse that makes up nearly 40 per cent of their total assets. Their net worth crosses the seven-figure threshold,” the article notes.

All good, then?

“Mr. Alderwick doesn’t identify with the millionaire title. `I live comfortably,’ he said. `But I still look for bargains and where I can save,’” the article notes.

“His unease reflects a growing reality in Canada: A rising number of people technically qualify as millionaires, but don’t feel, or function, like it,” the Globe reports.

The article, citing the UBS 2025 Globe Wealth Report, notes that the number of millionaires globally has quadrupled since the start of the century. The report suggests there are 52 million people worldwide with wealth between “$1 and $5 million, U.S.”

Much of the growth in personal assets comes via real estate, the Globe reports. “As home values surged in major cities and even mid-sized markets, many middle-class homeowners became millionaires without doing anything beyond staying put,” the article explains.

However, having a million in assets these days may not be as big a deal as it used to be, the article continues.

“Many of these individuals are likely confronting an uncomfortable truth that having a million-dollar net worth doesn’t necessarily mean you are financially ready for retirement,” the article adds.

“We still have this notion of a millionaire as someone on a yacht or a private jet,” said Brenda O’Connor Juanas, a financial adviser at UBS, tells the Globe. “The makeup of what this millionaire looks like is quite different,” she states in the article.

Incredibly, by last year, the “average Canadian household net worth reached $1,026,205, a 30 per cent jump from 2019, according to Statistics Canada,” the article notes. Gen Xers had the “greatest average real-estate wealth, at $666,146 per household,” the Globe adds, followed by Boomers, at $550,994 per household.

The article makes the point that your real estate holdings – i.e., the family home – isn’t really something that counts towards retirement savings.

“If your $1-million net worth includes a $900,000 house and just $100,000 in liquid savings, you’re likely well short of the mark of what you may feel like you need in order to comfortably retire,” the Globe tells us, citing data from Fidelity Canada’s 2025 Retirement Report.

Fidelity’s Michelle Munro tells the Globe that while “the sale of a home can be a way to fund long-term care, it’s a good idea to have assets that are more easily accessible.” She recommends “having a portion of liquid assets in accounts such as a high-interest savings account for short-term goals,” and “investing in the stock market can offer growth over a longer period” for longer-term goals. She stresses the importance of having a savings plan, “not just a number,” the Globe article concludes.

Lots to digest here, but the takeaway seems to be that even a valuable home may not be enough to fund a long period of retirement, particularly if you or your partner needs long-term care.

If you are saving for the long term – to generate income when you are no longer working – be sure to join your workplace retirement program and contribute to the max. If there is no such program, or you want to augment the one you have, consider the Saskatchewan Pension Plan. Open to any Canadian with registered retirement savings plan room, SPP will take your contributions (you decide how much to save) and grow them in a professionally managed, low-cost pooled fund.

At retirement, your SPP income options include a lifetime monthly annuity payment, or the more flexible Variable Benefit.

Check out SPP today!

Join the Wealthcare Revolution – follow SPP on Facebook!

The Globe and Mail

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