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83-527: As of December 2023, it was estimated that there are just over 16 million HNWIs in the world, according to the World's Wealthiest Cities Report 2024 by Henley & Partners . The United States had the highest number of HNWIs (5.5 million) of any country, with California , Texas , New York , Florida , and Illinois domiciling the majority stateside. New York City is the wealthiest and most populous city, with 349,500 HNWIs. UHNWIs constitute only 0.003% of

166-752: A 1.5% increase of their total combined wealth to $ 27 trillion." The 2018 World Wealth Report was jointly produced by Capgemini and RBC Wealth Management and included, for the first time, the Global HNW Insights Survey produced in collaboration with Scorpio Partnership. The inaugural survey represented one of the largest and most in-depth surveys of HNWIs ever conducted, surveying more than 4,400 across 21 major wealth markets in North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa. The World Wealth Report has estimated

249-603: A European Parliament delegation that was investigating the rule of law in Malta, "The point of the email was to ask the government if they would be ok with a legal action H&P was planning to take (which can have political repercussions). In 2021, thousands of the firm's emails and documents were leaked. It revealed how some applicants to the Maltese scheme claimed to be resident of the country by renting apartments but leaving them unoccupied. In an undercover video shot as part of

332-474: A bank-owned investment vehicle set up in 2006 to invest on behalf of the St. Kitts and Nevis population. The St. Kitts and Nevis government outsourced its escrow services and application processing to Henley, as well as paid the company to promote the country's program internationally. The country gave the company "a wide range of powers and discretion." Henley was paid a 10% commission ($ 25,000) for every donation to

415-942: A blue shield. RBC sponsors cultural events including the Toronto International Film Festival . It also sponsors the RBC Taylor Prize , a literary award for non-fiction writing in Canada, and hosts a yearly Canadian Women Entrepreneur Award. In July 2013, the RBC Foundation partnered with the University of Toronto to revive the Siminovitch Prize in Theatre , given to recognize achievement in Canadian theatre. RBC

498-417: A competing firm, filed a judicial protest, appealing the decision to award the contract to its competitor, claiming that Henley & Partners provided consultation to the government on a similar program before. Arton Capital settled out of court in 2015. The citizenship-by-investment program and the relationship between Henley and the Malta government was criticized at the time. Critics in Malta argued that

581-521: A government mandate. In 2017, the Government of Thailand appointed Henley & Partners to handle the international marketing of the country's residence program. As part of its services, Henley provides domestic public relations services to governments that enter into passport sales programs, helping government parties to deal with opposition parties. Henley has also lobbied at the EU level. In 2006,

664-549: A household definition of UHNW, which places only those with more than $ 100 million liquid financial wealth into the UHNW-category, more than the usual $ 30 million, with which the ultra-category had been created in 2007. They control 5.5% of global financial wealth. 5,000 of them live in the US, followed by China, Britain and Germany. BCG expects the trend toward more concentrated wealth to continue unabated. While financial wealth of

747-410: A private client immigration consultancy and a corporate and family services company. In the late 1990s and through the 2000s, the firm advised wealthy businesspeople and individuals move their businesses and families around the world, largely through the acquisition of residence and citizenship from Austria, Canada, Hong Kong, US, Switzerland, and St. Kitts and Nevis. Early on, the company's focus

830-602: A registered member with the Canada Deposit Insurance Corporation , a federal agency insuring deposits at all of Canada's chartered banks. It is also a member of: The office of Chairman of the Board was created in October 1949 for outgoing president Sydney Dobson. Until 2001, the chairmanship was given to the current or former president. After John Cleghorn's retirement in 2001, the chairmanship

913-479: A report known as Form ADV. Form ADV requires each investment adviser to state how many of their clients are "high-net-worth individuals", among other details; its Glossary of Terms explains that a "high-net-worth individual" is a person who is either a "qualified client" under rule 205-3 of the Advisers Act (currently a person with at least $ 1,100,000 managed by the reporting investment adviser, or whose net worth

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996-807: A strong presence in the Prairies and opened the first bank in the Northwest Territories at Fort Smith in 1921. In 1935, RBC merged with Crown Savings and Loan Co. merged with Industrial Mortgage & Trust Co. RoyWest Banking Corporation was formed in Nassau, Bahamas in 1965, to undertake medium-term lending and trustee business in the British West Indies . Majority owned by seven firms, including RBC and Westminster Bank , sole ownership transferred to National Westminster Bank in 1987. RBC installed its first computer in 1961,

1079-430: A very-high-net-worth individual (VHNWI), refers to someone with a net worth of at least US$ 5 million. An ultra-high-net-worth individual (UHNWI) holds at least US$ 30 million in investable assets ( adjusted for inflation ). In 2013, there were 211,275 UHNWIs in the world, with a total combined net worth of US$ 29.7 trillion. Billionaires are a special category of UHNWI, having net worth in excess of US$ 1 billion. According to

1162-548: A visa from 22 November 2014, due to concerns about “identity management practices within its Citizenship by Investment program.” Following the announcement, the government of St. Kitts and Nevis initiated a recall on all biometric passports issued between January 2012 and July 2014, and replaced them with new passports which showed the holder's place of birth as well as any previous name changes. Canada subsequently reinstated visa-free travel by air for eligible St. Kitts and Nevis citizens. Observers have had persistent concerns about

1245-642: Is 003. In November 2017, RBC was added to the Financial Stability Board 's list of global systemically important banks . In Canada, the bank's personal and commercial banking operations are branded as RBC Royal Bank in English and RBC Banque Royale in French and serves approximately 11 million clients through its network of 1,284 branches. RBC Bank is a US banking subsidiary which formerly operated 439 branches across six states in

1328-429: Is 62 years old, and 89% of the world's billionaires are male. Approximately 68% of them have a bachelor's degree or higher levels of education. UHNWIs are notable players in the field of philanthropy; many have their own private foundations and support a variety of causes, from education to poverty relief. Financial institutions are known for their targeting of UHNWIs, having specific parts of their bank designed to manage

1411-595: Is a huge proportion considering this population is only 0.003% of the world's population. The following table shows the countries with the highest net inflows of HNWIs in 2024 according to the annual Henley & Partners Wealth Migration Report (figures have been rounded to the nearest 100): Henley %26 Partners Henley & Partners is a British investment migration consultancy based in London. The company offers services to individuals and consults governments on residence and citizenship programs . In some cases,

1494-642: Is evidence that Henley CEO Christian Kälin helped to finance the successful 2010 re-election campaign of Denzil Douglas , the St. Kitts and Nevis prime minister. At the same time, Henley entered into at least three agreements with the SCL Group or its affiliated companies to help each other in the Caribbean region. Henley has denied financing the Douglas campaign. However, Douglas stated in an unpublished 2018 interview that Henley did fund his campaign and that

1577-438: Is female, and of these, only 33% are self-made, as opposed to 70% of male UHNW. According to the same 2013 report, twenty-two percent of self-made UHNW individuals have derived their wealth from finance, banking and investment. Almost 15% of individuals with inherited wealth are engaged in non-profit and social organisations. As of 2014, Asia's growth was expected to continue, and this change in demographics has significant impact on

1660-467: Is known to have friendly libel laws. In September 2020, her son, journalist Matthew Caruana Galizia, gave a Maltese court of inquiry her notes, call logs, and the leaked emails. In May 2018, English PEN released a public statement about concerns around the libels cases, from senior government officials of Malta and Henley & Partners, faced by Caruana Galizia’s family and The Shift News , an independent media outlet. The company representatives told

1743-652: Is one of Canada's largest sponsors of amateur sports and is the longest-running Canadian sponsor of the Olympic Games . It employs dozens of top-tier amateur athletes as part-time spokespeople through the RBC Olympians program. RBC is a former premier sponsor of Hockey Canada and previously owned the naming rights to the National Junior A Championship , then called the Royal Bank Cup (later

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1826-616: The CBC reported that the Royal Bank of Canada was indirectly hiring temporary foreign workers to replace 45 Canadian information technology workers. The CBC reported on May 7, 2013 that, during Question Period in Parliament, the NDP leveled accusations against the government and then Prime Minister Stephen Harper . Harper responded that the government has been working on problems with

1909-809: The Canadian Imperial Bank of Commerce . Both mergers were examined by the Competition Bureau of Canada, and ultimately rejected by Paul Martin , at the time the Finance Minister of Canada, and future Prime Minister . In 2000, RBC merged merchant credit/debit card acquiring business with the Bank of Montreal 's to form Moneris Solutions. In 2013, RBC completed the acquisition of the Canadian subsidiary of Ally Financial . An RBC branch in The Glebe neighbourhood of Ottawa

1992-616: The IBM 1401 , the first to do so in Canadian banking. In the 1960s, RBC Insurance was created. In 1968, it merged with Ontario Loan and Debenture Company (formerly Ontario Savings and Investment Society). RBC Insurance is the largest Canadian bank-owned insurance organization, with services to over five million people. It provides life, health, travel, home and auto and reinsurance products as well as creditor and business insurance services. The completion of Royal Bank Plaza in Toronto in 1976 saw

2075-559: The Sierra Club and Rainforest Action Network found that RBC was the fifth largest funder of fossil fuels in the world, and largest in Canada, investing over US$ 160 billion on fossil fuel projects since the Paris Agreement in 2015. This sparked criticism from environmental groups and climate activists. A more recent 2023 report from a coalition of environmental group places RBC as the largest financier of fossil fuel in

2158-514: The Southeastern United States , but now only offers cross-border banking services to Canadian travellers and expats. RBC's other Los Angeles -based US subsidiary City National Bank operates 79 branches across 11 US states. RBC also has 127 branches across seventeen countries in the Caribbean, which serve more than 16 million clients. RBC Capital Markets is RBC's worldwide investment and corporate banking subsidiary, while

2241-743: The Union Bank of Halifax . In the same year it built a bank branch in Winnipeg , Manitoba, designed by Carrère and Hastings , in beaux-arts classicism proclaiming the financial dominance of Winnipeg in the prairies. To improve its position in Ontario , RBC merged with Traders Bank of Canada in 1912 and in 1917 RBC merged with Quebec Bank , which was founded in 1818 and chartered in 1822 in Quebec City . RBC's presence in Manitoba and Saskatchewan

2324-419: The 2019 World Ultra Wealth Report published by Wealth-X: There are three different sources compiling these statistics for cities: the most recent data is from Altrata, which found that the four cities with the highest number of ultra-high net worth individuals, as of 2023, were New York City (16,630), Hong Kong (12,546), Los Angeles (8,955), and Tokyo (6,445). Below are previous rankings from Wealth-X and

2407-472: The Billionaire Census 2014, there were 2,325 billionaires in the world, with a combined net worth of US$ 7.3 trillion. In 2014, they represented just over 1% of the world's UHNW population and 24% of the world's UHNW total wealth. The June 27, 2017 "World Ultra Wealth Report" analysed the state of the world's ultra-high-net-worth (UHNW) population, or those with $ 30m or more in net worth. In 2017,

2490-845: The IIP in 2014 drew criticism from opposition officials, who claimed the program could open a back door into Europe for criminals. It was reported at the time that officials believed the screening process would be compromised because Malta had outsourced the vetting of citizenship applicants to a single company. In May 2017, Maltese journalist Daphne Caruana Galizia accused Kälin and other Maltese politicians of collusion to sue her, opposition MP Jason Azzopardi and three media houses over their coverage. She published leaked email exchanges between Kälin, Malta prime minister Joseph Muscat , Justice Minister Owen Bonnici and IIP CEO Jonathan Cardona planning threats of financially ruinous SLAPP lawsuits in UK courts, which

2573-596: The Knight Frank Wealth Report: The World Ultra Wealth Report 2013 was co-published by Wealth-X and UBS . The fifth edition of the report was published on June 27, 2017. Previous World Ultra Wealth Reports were published independently by Wealth-X, in 2011 and 2012 respectively: The Boston Consulting Group (BCG) 2014 Global Wealth Report shows that liquid wealth of the super-rich, referenced as Ultra-High-Net-Worth households, had increased by 20% in 2013. BCG uses

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2656-468: The Maltese government over the programme before, the leaks were seen as strengthening the EU's case against it. Jho Low , a businessman involved in the 1Malaysia Development Berhad scandal and international fugitive, was believed to be a client of Henley & Partners. Media reported that Low obtained a Cypriot passport by investing €5 million in a transaction facilitated by the firm. Henley & Partners denied these allegations, asserting that Low

2739-478: The Merchants Bank expanded to Newfoundland on January 31, 1895. As the bank grew, executives changed its name to reflect its growth and western expansion. In 1901, the Merchants Bank of Halifax changed its name to the Royal Bank of Canada (RBC). The centre of the Canadian financial industry had moved from Halifax to Montreal , so the Merchants Bank relocated its head office there. In 1910, RBC merged with

2822-742: The Merchants Bank of Halifax was founded in Halifax, Nova Scotia , as a commercial bank that financed the fishing and timber industries and the European and Caribbean import/export businesses. By 1869 the Merchants' Bank was officially incorporated and received its federal charter in the same year. During the 1870s and 1880s, the bank expanded into the other Maritime Provinces . When both the Newfoundland Commercial Bank and Union Bank of Newfoundland collapsed on December 10, 1894,

2905-776: The RBC Cup). In addition, it supports Canadian hockey at the grassroots level through the RBC Play Hockey program. RBC owns naming rights to the RBC Centre , RBC Convention Centre Winnipeg , RBC Canadian Open , and RBC Heritage (formerly the Heritage Classic). From 2002 to 2012, RBC previously held the naming rights to what is now the PNC Arena in Raleigh, North Carolina . RBC has owned naming rights for

2988-518: The Royal Bank of Canada fired several traders in its corporate bond business, after another trader accused them of mismarking bonds the bank held by overpricing them, and marked down the values of the bonds and recognized $ 13 million of trading losses relating to the bonds. The bank said it investigated the accusations, and took remedial action. The Globe and Mail noted: "traders might have an incentive to boost [the bonds'] prices because it could have an impact on their bonuses." In April 2013,

3071-571: The SCL Group was hired to manage the campaign. Henley responded by calling Douglas a liar. In 2013, Henley & Partners participated in a public tender and won the right to design and globally promote Malta's citizenship-by-investment program, the Malta Individual Investor Programme (IIP), which raised over $ 1 billion within 18 months of its launch. However, the public tender was not competitive. Arton Capital,

3154-585: The SIDF. The contract between Henley & Partners and St. Kitts and Nevis ended in 2013. The same year, the company set up a similar program in neighboring country Antigua and Barbuda . The firm reportedly earned $ 250 million from its contract with St. Kitts and Nevis. The company also earned professional fees that it charged clients applying for citizenship; the fee for each file could exceed $ 100,000. According to London School of Economics Professor Kristin Surak,

3237-517: The St. Kitts and Nevis population. It was later revealed that some of the SIDF's investments had failed. SIDF invested a part of its money into a failed resort business and a company owned by a Henley associate with ties to chairman Christian Kälin . In 2017, the St Kitts and Nevis government stopped allowing passport applicants to pay into the SIDF. According to 2022 reporting by the OCCRP, there

3320-632: The Temporary Foreign Worker Program for more than a year. On December 29, 2022, the Supreme Court of Ontario certified a class action lawsuit permitting employees of RBC Dominion Securities to seek $ 800 million in damages, over alleged unpaid wages for holidays and other vacation days. RBC is a member of the Canadian Bankers Association which includes Canada's Big Five banks, and is

3403-636: The Top 25 Canadian Immigrants Award, presented annually by Canadian Immigrant , since 2013. The head office for the institution was initially located at the Merchants' Bank of Halifax Building, on Bedford Row, Halifax , Nova Scotia . The building served as the head office for the bank from 1864 to 1907. In 1907, the RBC relocated its head office to the Four Pillars Building, at 147 Saint Jacques Street (renumbered 221 in 1928), Montreal. The building

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3486-478: The US dollar payment system to limit terrorism and money laundering after the September 11, 2001, attacks . RBC replied that compliance with such laws does not represent an endorsement by the bank and on January 17, clarified its position on the application of the US laws, specifying that "with some exceptions" it does open accounts for dual citizens of the sanctioned countries. There have also been reports that

3569-590: The bank had closed the accounts of some Iranian-Canadian citizens. According to a report by Rainforest Action Network , RBC's financing of oil sands bitumen extraction and expansion amounted to "more than $ 2.3 billion in loans and financing [of] more than $ 6.9 billion in [corporate] debt between 2003 and 2007 for 13 companies including: Encana , Husky Energy , OPTI Canada , Delphi Energy, Canadian Oil Sands Trust , Northwest Upgrading, Suncor , TotalEnergies , Connacher Oil and Gas , InterPipeline and Enbridge ". A 2020 report on fossil fuel finance by

3652-657: The closure of the sugar industry in 2005. Following the restructuring of the St. Kitts and Nevis citizenship program , Henley & Partners began to aggressively promote the new scheme. Henley organized large-scale conferences where it promoted its services and connected buyers of passports to sellers. The company has advised the governments of Antigua and Barbuda , Grenada , and Cyprus on how to develop their own investment migration programs, and has since that time worked for and been mandated by several other governments. In 2012, Henley & Partners designed Antigua and Barbuda’s Citizenship-by-Investment Programme (CIP) under

3735-413: The company even runs the programs on behalf of governments. The company has pioneered the industry of selling citizenship and passports. It has been criticised for its core business model, which detractors believe to threaten the fight against cross-border corruption and crime. Henley's immigrant investor programs in Malta and in St. Kitts and Nevis have stirred controversy. Led by Christian Kälin,

3818-832: The company hosts an annual Global Citizenship Conference. The firm is a 2014 founding member of the Investment Migration Council , a non-profit association for investor immigration and citizenship-by-investment. RBC Wealth Management Royal Bank of Canada ( RBC ; French : Banque Royale du Canada ) is a Canadian multinational financial services company and the largest bank in Canada by market capitalization . The bank serves over 20 million clients and has more than 100,000 employees worldwide. Founded in 1864 in Halifax, Nova Scotia , it maintains its corporate headquarters in Toronto and its head office in Montreal . RBC's institution number

3901-1175: The company's services. Publications include the Henley Passport Index, the Quality of Nationality Index, the Henley Residence Index, the Henley Citizenship Index, the Henley Wealth Migration Dashboard, the Africa Wealth Report, the Global Mobility Report, the Global Citizens Report and the Best Investment Migration Real Estate Index. In 2023, the company published the USA Wealth Report. Since 2006,

3984-577: The concessions to Henley were overly lucrative and may have entailed conflicts of interest. Henley received 4% of each donation, which meant €26,000 per application for citizenship. In the first two years of the program, Henley earned €14 million from 564 applications. The program provides citizenship to foreign individuals and their families who are believed to contribute to the country's economic development. The country later introduced more stringent conditions for acquiring citizenship, such as proof of residence in Malta for at least 12 months. The launch of

4067-601: The country's GDP and generated 40 percent of government revenue. In May 2014, the Financial Crimes Enforcement Network issued a warning that St. Kitts and Nevis had granted passports to foreign individuals who had abused the Citizenship-by-Investment program sponsored "for the purpose of engaging in illicit financial activity." In November 2014, Canada announced it was requiring St. Kitts and Nevis citizens to obtain

4150-467: The coverage following the leaks, an employee of the firm advised prospective applicants to only "do the bare minimum" in satisfying the scheme's criteria. The documents also showed that Henley & Partners knew of government's plans to launch a citizenship-by-investment programme two months before the public tender for a company to operate it was announced. As the European Union had clashed with

4233-500: The definitions used in the financial and banking trade, the SEC's definition of HNWI includes the value of a person's verifiable non-financial assets, such as a primary residence or art collection. The World Wealth Report was co-published by Merrill Lynch and Capgemini , previously known as Cap Gemini Ernst & Young who worked together since 1993, investigating the "needs of high-net-worth individuals" to "successfully serve this market segment". Their first annual World Wealth Report

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4316-407: The firm is, as of 2020, the world's largest investment migration consultancy. It has 55 offices worldwide. Henley & Partners publishes rankings and reports on global mobility, investment and wealth migration trends including the Henley Passport Index and the Quality of Nationality Index . Originally founded in the 1970s, Henley & Partners was re-formed in 1997 through the combination of

4399-427: The firm restructured St. Kitts and Nevis's citizenship-by-investment program , and obtained exclusive rights to market St. Kitts & Nevis worldwide. The company gave the country's government a $ 20,000 fee for every successful applicant for its passport program. Applicants for passports could either invest $ 400,000 in real state on the islands or donate $ 250,000 to the Sugar Industry Diversification Foundation (SIDF),

4482-490: The greater loss, losing 24.6% in population and 23.9% in accumulated wealth. The report revised its 2007 projections that HNWI financial wealth would reach US$ 59.1 trillion by 2012 and revised this downward to a 2013 HNWI wealth valued at $ 48.5 trillion advancing at an annual rate of 8.1%. The "World Ultra Wealth Report", on UHNW populations—those with "$ 30m or more in net worth"—which was published on June 27, 2017, "this year revealed global growth of 3.5% to 226,450 individuals and

4565-456: The investment adviser reasonably believes exceeds $ 2,200,000 without counting their primary residence) or who is a "qualified purchaser" as defined in section 2(a)(51)(A) of the Investment Company Act of 1940 ). The Dodd-Frank Wall Street Reform Act mandates that the definition of a qualified client be reviewed every five years and adjusted for inflation. For SEC purposes, a person's net worth may include assets held jointly with their spouse. Unlike

4648-471: The investment brokerage firm is known as RBC Dominion Securities . Investment banking services are also provided through RBC Bank and the focus is on middle market clients. In 2011, RBC was the largest Canadian company by revenue and market capitalization. In 2023, the company was ranked 38th in the Forbes Global 2000 . The company has operations in Canada and 36 other countries, and had CA$ 1.01 trillion of assets under management in 2021. In 1864,

4731-411: The lack of transparency about SIDF, which was set up by Henley & Partners. The IMF said in 2014 that the SIDF needs to make "substantial improvement in its reporting to enhance the transparency of its operations." The U.S. State Department said in 2017 that there was a "lack of financial oversight" of the SIDF. Transparency International said it was unclear whether the SIDF used its money to benefit

4814-443: The latter receiving preferential treatment including a promotion and compensation increases. On January 15, 2007, CBC Radio reported RBC was "refusing" to open US dollar accounts for people of certain nationalities. Canadian citizens with dual citizenship in Cuba, Iran, Iraq, Myanmar, North Korea or Sudan (mostly countries with US sanctions) were affected. The US Treasury Department restricts certain foreign nationals from using

4897-424: The luxury industry's troubled year with China's luxury spenders, luxury industry experts continued to be optimistic for their long-term performance, especially from UHNWIs. According to Savills and Wealth-X, in 2014, UHNWIs are particularly relevant to the real estate sector, with the total UHNW population's real estate holdings accounting for over US$ 5 trillion by 2014, or 3% of the world's real estate holdings. This

4980-469: The majority of its critical head-office functions from Montreal to Toronto. The Royal Bank of Canada presently operates two headquarters, with its corporate headquarters at Royal Bank Plaza and its head office based at Place Ville-Marie. Most of its management operations are based in Toronto. On April 5, 2024, RBC terminated CFO Nadine Ahn and Ken Mason (vice president and head of capital and term funding) over an undisclosed personal relationship that led to

5063-548: The middle-class, purchases have trended towards intangible products such as education. In the United States, concierge medicine is an emerging trend as of 2017. Most global banks, such as Santander , Barclays , BNP Paribas , Citibank , Credit Suisse , Deutsche Bank , HSBC , JPMorgan Chase , and UBS , have a separate business unit with designated teams consisting of client advisors and product specialists exclusively for UHNWI. These clients are often considered to have characteristics similar to institutional investors because

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5146-463: The number and combined investable wealth of high-net-worth individuals as follows (using the United States Consumer Price Index (CPI) Inflation Calculator): Certain products cater to the wealthy, whose conspicuous consumption of luxury goods and services includes, for example: mansions , yachts , first-class airline tickets and private jets , and personal umbrella insurance . As economic growth has made historically expensive items affordable for

5229-531: The number of UHNWIs globally grew 3.5% to 226,450. Their combined total wealth increased by 1.5% to $ 27 trillion. According to Credit Suisse, there were 264,200 UHNWIs with net worth above US$ 50 million at the end of 2021. According to The Knight Frank Wealth Report, HNWI can refer to someone with a net worth of at least US$ 1 million, while UHNWI can refer to someone with a net worth of at least US$ 30 million. The U.S. Securities and Exchange Commission requires all SEC-registered investment advisers to periodically file

5312-556: The precise dynamics between Henley and St. Kitts and Nevis are murky, as "there are virtually no accessible records of the negotiations, and those involved in the development of the program offer few details when asked." The program was lucrative for St. Kitts and Nevis. According to a 2015 report by the International Monetary Fund , the program helped St. Kitts and Nevis get out of a four-year recession, along with "supporting economic recovery, improving macroeconomic balances and boosting bank liquidity." It also contributed to 13 percent of

5395-431: The relocation of many critical head-office functions from Montreal, with Toronto serving as RBC's corporate headquarters ever since. In 1993, RBC merged with Royal Trust . In 1998, RBC acquired Security First Network Bank in Atlanta—the first pure Internet bank. In the same year, the Royal Bank of Canada proposed to merge with the Bank of Montreal , at the same time as the Toronto-Dominion Bank proposed to merge with

5478-417: The sub-millionaires is expected to increase by 3.7% annually until 2019, the expected growth rate for the super-rich is 9.1%. By 2013, 65% of the world's UHNW population was self-made, as opposed to 19% who had inherited their fortune and 16% who had inherited and grown their wealth. These proportions change dramatically by gender. In the 2013 report, it was revealed that only 12% of the world's UHNW population

5561-578: The transaction is expected by late 2023, subject to regulatory approvals. In December 2023, RBC received approval from Finance Minister Chrystia Freeland to take over HSBC Bank in a deal. Conditions for the deal include that none of HSBC Canada's 4,000 employees will be laid off within six months of the closing date or two years for direct staff, and banking services will be provided at 33 HSBC branches for at least another four years. RBC will also provide $ 7 billion in financing for affordable housing developments in Canada . The bank's first modern identity

5644-400: The various organizations that target UHNW individuals, such as luxury companies, financial institutions, charities and universities. The following is a list of the countries with the most Ultra high-net-worth individuals (UHNWI) as of 2023 as per the 2024 Knight Frank's Wealth Report: The Billionaire Census is a co-publication of Wealth-X and UBS. In 2013 for example, the average net worth of

5727-403: The vast majority of their net worth and current income is derived from passive sources rather than labor . By 2006, asset managers working for HNW individuals invested more than £300 billion on behalf of their clients. These wealth managers are bankers who in 2006, earned multimillion-pound salaries and owned their own companies and equity funds. In 2006, a list of the 50 top investment bankers

5810-459: The wealth of their UHNW clients. In addition, research on the UHNW is particularly important with upcoming intergenerational wealth transfers in the UHNW population. For example, as of 2014, luxury companies typically target UHNW as a separate segment of their clientele. Daily Finance in 2014, projected that growth in Asia's UHNW population looked promising for the future of the luxury industry. The India's Economic Times said in 2014 that, despite

5893-425: The world in 2022, investing US$ 42 billion in fossil fuel projects in that year alone. RBC invested in SCO Group during the series of court cases seeking to collect royalties from the users of Linux . In 2014, the Commodity Futures Trading Commission fined RBC $ 35,000,000 for engaging in more than 1,000 wash sales, fictitious sales, and other non-competitive practices over a three year period. In 2007,

5976-426: The world's billionaire is US$ 3 billion, with a liquidity on average of 18% of net worth. 60% of the world's billionaires are self-made, 20% have inherited their fortune and 20% have both inherited and grown their wealth. 18% of the world's billionaires have derived their wealth from finance, banking and investment; as opposed to 9% from industrial conglomerates and 7% from the real estate industry. The average billionaire

6059-427: The world's population and hold 13% of the world's total wealth. In 2017, 226,450 people were designated as UHNWI, with their combined total wealth increasing to $ 27 trillion. High-net-worth individual (HNWI) refers to people who maintain assets at or above a certain threshold. Typically, they are defined as holding financial assets (excluding their primary residence ) with a value over US$ 1 million . A secondary level,

6142-415: The world. UHNW individuals "have, on average, eight cars and three or four homes. Three-quarters own a jet aircraft and most have a yacht." As of December 2022, New York is the wealthiest city in the world with 340,000 HNWIs according to the World's Wealthiest Cities Report 2023 by Henley & Partners : The following list is a list of the cities with the most $ US millionaires as of December 2018 per

6225-595: Was designed by firm Lippincott & Margulies , and was introduced in January 1962. From this point forward the bank's logo has contained the same basic element of a stylized lion clutching a globe, becoming more simplified with each iteration. Alongside promotion of the Royal Bank Plaza , a tweaked version of the mark by Montreal design consultancy Gottschalk + Ash silently debuted in June 1979. The same basic form

6308-494: Was firebombed in May 2010. The party responsible later identified themselves on Independent Media Center and threatened to make their presence at the upcoming 2010 G20 Toronto summit . In November 2022, RBC and HSBC Canada announced a deal which would see RBC acquiring 100% of the common shares of HSBC Canada for an all-cash purchase price of $ 13.5 billion, a multiple of 9.4 times HSBC Canada's estimated 2024 earnings. Completion of

6391-519: Was never a client and was specifically rejected as such in 2015. Leaked documents in 2021 revealed that Henley referred Low to a third-party agency in Cyprus. Henley received €710,000 indirectly as a result of a subsequent real estate transaction involving Low. Henley & Partners publishes books and reports. The company publishes indices that enable potential clients to choose where to apply for passports, as well as glossy magazines that advertise

6474-402: Was on advising wealthy people how they could lower their taxes by acquiring residence in countries such as Switzerland. In 2006, the firm partnered with St. Kitts and Nevis, trailblazing sales of citizenship and passports. The firm restructured St. Kitts and Nevis's citizenship-by-investment program , incorporating donations to support the country's transition to tourism and services following

6557-665: Was published by the Spear's Wealth Management Survey . Certain magazines, such as Monocle , Robb Report , and Worth , are designed for a high net worth audience. By 2012, according to Reuters , the UHNW individuals held $ 32 trillion in offshore havens, representing $ 280 billion in lost income tax revenues. Brands in various sectors, such as Bentley , Maybach , and Rolls-Royce actively target UHNWI and HNWI to sell their products. In 2006, Rolls-Royce researchers suggested there were 80,000 people in ultra-high-net-worth category around

6640-444: Was published in 1996. The World Wealth Report defines HNWIs as those who hold at least US$ 1 million in assets excluding primary residence and UHNWIs as those who hold at least US$ 30 million in assets excluding primary residence. The report states that in 2008 there were 8.6 million HNWIs worldwide, a decline of 14.9% from 2007. The total HNWI wealth worldwide totaled US$ 32.8 trillion, a 19.5% decrease from 2007. The UHNWIs experienced

6723-515: Was retained, however many lines were thickened and details simplified to facilitate printing at small sizes. The total brand overhaul and shortening of the Royal Bank name to RBC in August 2001 coincided with their expansion into the United States market. The direction of the lion, now further simplified, was reversed, the crown above omitted, and both the symbol and wordmark were placed within

6806-745: Was strengthened through a 1918 merger with Northern Crown Bank, the product of the 1908 merger of Northern Bank (established in 1905 in Winnipeg) and Crown Bank of Canada (1904), based in Ontario . RBC's presence in the Canadian Prairie was further expanded by the 1925 merger with the Union Bank of Canada , which had begun in Quebec City in 1865 as the Union Bank of Lower Canada, but changed its name in 1886. The Union Bank of Canada had moved its headquarters to Winnipeg in 1912, and had built

6889-521: Was used as RBC's head office until 1928. The Four Pillars Building was later demolished, with only its facade remaining. In 1928, RBC moved its head office to the Old Royal Bank Building , at 360 Saint Jacques Street , Montreal. In 1962, RBC moved its head office to Place Ville-Marie , at University Street and René-Lévesque Boulevard in Montreal . In 1976, RBC completed Royal Bank Plaza , at 200 Bay Street , Toronto, and shifted

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