Wealth managers at Bank of Montreal kept hearing the same things from Canada’s richest families: Help me! My kids know nothing about money and will squander the family fortunes. Two years later, the one-day seminar aimed at the grown children of what the bank calls its “high net worth families” has a waiting list, and is taking to the road to teach heirs and heiresses across Canada how to manage their money.
Cars are another status symbol. From Lamborghinis roaring through downtown Toronto to Range Rovers cruising Vancouver’s scenic streets, these vehicles are more than just transportation — they’re a declaration of status. Many of these kids don’t think twice about upgrading their ride every year to keep up with the latest trends. Vacations are another highlight. A regular holiday might mean a trip to the Caribbean, but for Canada’s rich kids, that’s just the starting point. Think private ski chalets in Switzerland, safaris in Africa, and villas in Bali. And when they’re not flying halfway across the world, they’re spending summers at multi-million-dollar lakefront estates, turning Canadian cottage country into their own private playground.
