Canada is seeing a millionaire boom. In 2024, 11,000 Canadians joined the millionaire club, a 2.4% increase from 2023, according to the Capgemini World Wealth Report 2025.
That growth was fuelled by an 18.5% surge in the S&P/TSX Composite Index, its best performance since 2021. But it wasn’t just stocks making fortunes — alternative investments like real estate, gold and cryptocurrency also played a big role.
Here’s how ordinary Canadians are building wealth — and how you can start.
Real estate investing without buying a home
Real estate is a well known driver of high-net-worth individuals’ wealth. It remains one of the top ways Canadians build wealth. But with housing affordability at historic lows, many first-time buyers rely on family for help — 31% received financial support from relatives in 2024, up from 20% a decade ago, according to Fidelity.
For investors who can’t afford a down payment or don’t want landlord headaches, Real Estate Investment Trusts (REITs) offer an easier way in.
- REITs pool investor money to buy income-producing properties, from office towers to apartments.
- They provide monthly or quarterly dividend income and diversification across property types.
- By law, Canadian REITs must distribute 90% of taxable income to shareholders, creating steady cash flow.
With interest rates now trending down (the Bank of Canada cut its key rate to 4.25% in July 2025 from 5% earlier in the year), analysts say conditions are improving for REITs are particularly appealing for investors looking to grow their wealth and portfolio since they offer exposure to real estate without owning or managing physical properties.
You can buy and sell REITs on the stock market through a self-directed online trading platform like CIBC Investor’s Edge, where you’ll pay low commissions on trades and have no or minimal account maintenance charges, depending on the size of your portfolio.
Get 100 free online equity trades when you open a CIBC Investor’s Edge account using promo code EDGE100†. Offer ends September 30, 2025.
Gold as a hedge against uncertainty (and possibly your wealthy neighbour’s best-kept secret)
While it might not be the trendiest investment, gold still holds value in a properly diversified portfolio.
Over the past five years, from January 2020 to January 2025, gold has delivered a substantial return on investment (ROI). On January 1, 2020, gold was priced at approximately US$1,518 per ounce. By January 1, 2025, the price had risen to around US$2,624 per ounce.
This indicates that physical gold appreciated by approximately 72.77% over the five-year period. This growth reflects gold’s role as a hedge against inflation and economic uncertainty, factors that have influenced its price trajectory during this time. As a result, hedge fund managers like Ray Dalio are bullish on gold for this reason.
Getting precious metals into your investment portfolio is easy with a direct investment brokerage account. For instance, with CIBC Investor’s Edge, you have the opportunity to invest in precious metals like gold and silver without the worry of storing and protecting actual bars of them — or managing their mines.
CIBC Investor’s Edge offers these investments in the form of gold and silver e-certificates that you can use to top up your savings.
Crypto and Bitcoin ETFs
Once considered a fad, crypto is now dominating the alternative investment conversation, especially since the election of Donald Trump. In May 2025, Bitcoin hit a record high above US$110,000.
Investors may trade cryptocurrency for a variety of reasons. Some see it as a store of value, like gold, whose returns may be uncorrelated to the stock market. Others see it as a currency, albeit one that is decentralized from any government or central bank.
It’s too early to tell exactly how cryptocurrency behaves as an asset class. What’s clear is that its short history and volatile price movements make trading cryptocurrency a largely speculative endeavour.
For those looking to enter into this space while sidestepping some of the inherent risks of owning and purchasing crypto, Bitcoin ETFs — and crypto ETFs, in general — offer Canadians a straightforward way to gain exposure to price fluctuations.
Traded on stock exchanges, these crypto ETFs allow individuals to buy and sell shares — as you would with traditional stocks. These crypto ETFs can be held in unregistered, cash accounts, as well as in tax-advantaged accounts like TFSAs or RRSPs.
Bitcoin ETFs make crypto investment easier by eliminating the need for private wallets and technical knowledge, while also simplifying asset security. With Canadian regulatory oversight, these ETFs come with protections designed to reduce risks.
For investors, Bitcoin and crypto ETFs in Canada also offer a potentially diversified approach to entering the crypto market. Some crypto ETFs incorporate a mix of digital assets, helping spread risk across multiple cryptocurrencies, which may reduce exposure to individual asset volatility.
For those looking to include Bitcoin or crypto in their investment portfolio, consider using a crypto platform, such as Wealthsimple Crypto —Canada’s first regulated crypto platform. Wealthsimple Crypto is a beginner-friendly platform where you can trade 100 or more cryptocurrencies, stake coins for rewards, and swap crypto to save on fees.
Plus, you can get a $25 cash bonus when you open and fund your first Wealthsimple account through this page and fund with at least a $1 within 30 days. T&Cs apply.
Bottom line
Becoming a millionaire in Canada isn’t just about chasing hot stocks. The data shows wealthy Canadians are combining traditional investments like equities with alternative assets such as REITs, gold, and crypto.
If you want to follow their lead, consider diversifying across:
- Stocks (for long-term growth)
- REITs (for passive income and real estate exposure)
- Gold (for stability and inflation protection)
- Crypto ETFs (for higher-risk, higher-reward potential)
With careful planning — and by using tax-sheltered accounts like TFSAs and RRSPs — Canadians can build wealth steadily and join the country’s growing class of millionaires.
Sources
1. Capgemini: World Wealth Report 2025
2. Fidelity: A parents’ guide to home down payment gifts and loans, by Jason Heath (Sept 24, 2024)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
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