Canadian millionaires eyeing exit amid economic worries, survey shows

Investing.com -- A new survey of Canadian millionaires reveals that more than a quarter (28%) are now more likely to leave Canada than they were during the last federal election, with concerns over declining quality of life and economic pessimism driving the shift.

The Affluence&Elections Survey, released by investor migration consultancy Arton Capital, comes just days before Canadians head to the polls. The results show that among high-net-worth individuals (HNWIs), the Liberal Party holds a 7-point lead over the Conservatives, 46% to 39%, suggesting wealthier voters may be resistant to the Conservative campaign’s economic messaging.

When asked why they were considering leaving, respondents most often cited a decline in quality of life (56%) and a negative economic outlook (45%). The dissatisfaction is driving increased interest in alternative residency options, with 56% of surveyed millionaires expressing interest in so-called “Golden Visas” — programs that offer residency or citizenship in exchange for investment.

Australia emerged as the top destination of choice among wealthy Canadians (31%), followed by the United States (26%), the UK (17%), and Portugal (13%). A notable 10% named Singapore as a preferred destination, underlining growing interest in East Asia’s stability and market access.

While existing polling shows a wide spectrum of political preferences among HNWIs, the desire to leave was more pronounced among those who previously voted Conservative, with 34% indicating they are more likely to leave Canada now, compared to 23% of respondents who previously voted Liberal.

Respondents ranked political stability and access to healthcare and social services as top factors when choosing a destination abroad, ahead of traditional concerns like tax burden and cultural affinity.

“Rich Canadians are feeling unsatisfied with the status quo and are now increasingly looking abroad for a longer-term solution,” said Armand Arton, CEO of Arton Capital. “Given the tension between the Trump administration and the Canadian government, it’s unsurprising to see that political stability is a prime concern amongst wealthy Canadians.”