Ottawa the capital of Canada and home to RIM the company that created the blackberry, one of Canada's biggest tech employers.

A Statistics Canada report that was released on the 23rd of June 2008 reported that surging real estate values and a strong economy helped drive up the number of millionaire families in Canada to a staggering 1.1 million in 2005.

Families with a net worth of a million dollars or more rose to nine percent in 2005 from five percent in 1999. If you were not sure as to what net worth means remember that net worth is your Total Assets minus your Total Liabilities.

Stats Canada also noted that it is taking less time for the major income recipient in a family to reach the dream mark of millionaire status. The average millionaire family held 10 times more wealth than non millionaires. In simple terms a millionaire family held $2.1 million versus $222,000 of a non- millionaire. Are you wondering as to where your $222,000 is?

It is reported that non-millionaires derived most of their wealth from home equity and an employer pension plan. Home equity means; the current value of your house minus what you owe the bank in way of a mortgage.

In contrast Millionaires’ wealth came mostly from net financial assets, followed by business and home equity. An example of financial assets would be bank accounts, stocks, mutual funds, bonds, RRSP, etc.

So, if you are wondering as to how you can reach millionaire status, the report released by the federal agency will serve as a beacon of hope. It will take a lot of hard work and a lot of risk taking. As the above comparison between the millionaires and the non millionaires points out clearly, that millionaires were engaged in far more risk taking ventures than the non- millionaires.

Millionaires were found to be engaged in businesses and investments in the financial sector. There is a considerable amount of risk that you take although with proper planning and a lot of hard work you could be the next Canadian Millionaire.

If you were having an idea of venturing into a new project, study the industry carefully and try to meet with people in the same field to better understand the Canadian market place. Don’t be afraid to take calculative risks and remember, it is way better than working for somebody else who hardly appreciates what you do. There is a millionaire in you and it starts with believing in yourself.

Talk to your financial advisor, accountant or a successful businessman / business woman and kick start your venture to be the next millionaire!

By Romesh Angunawela : Financial Advisor/Motivational Speaker