NEW YORK (PRWEB) June 04, 2020
Wealth-X, the leader in applied wealth intelligence, has announced another significant expansion of the company’s proprietary global database today, creating and/or updating over 5,600 records of wealthy Canadian individuals. These new records and wealth category upgrades have increased Wealth-X’s UHNW Canadian data by over 15% and VHNW Canadian data by 25%.
In an effort led by Wealth-X’s Data Strategy team, these new data assets uncover individuals who are very high net worth (VHNW, $5 - $30 million), ultra high net worth (UHNW, $30 million+) or who are likely wealthy and currently being researched further to confirm their wealth tier.
This new data was derived through two primary sources, yacht ownership and private foundations. By scrutinizing charitable donations and charitable funding given by private foundations, the Data Strategy team added over 100,000 Canadian philanthropic donations worth a total of over $13 billion to Wealth-X Database records.
Canadian Yacht Ownership
Wealth-X obtained boat registration records for the province of British Columbia, to identify the owners of close to 600 high-value yachts registered in Canada – yachts worth $210 million in total, or an average of $400,000 per yacht. These yacht assets were added to existing Wealth-X Database records that matched the ownership records, while new records for the newly identified high-value yacht owners were also created. In total, 780 records were created or updated with yacht ownership information. Data points were added to a larger number of records than the number of yachts that fit the parameters because some yachts are co-owned by multiple partners or family members.
Canadian Private Foundations
The Wealth-X Data Strategy team analyzed regulatory disclosures by Canadian charities and private philanthropic foundations to the Canadian Revenue Agency. From this research, the team was able to identify and create new profiles on over 1,000 VHNW and UHNW Canadians who are either founders, executives or board members of private philanthropic foundations. In addition, nearly 1,200 pre-existing Wealth-X records on wealthy Canadians were updated with this information, which resulted in the recategorization of 126 uncategorized records to VHNW, as well as moving 271 existing VHNW profiles to the UHNW tier. Additionally, new records were created for 2,675 wealthy Canadian founders, executives or board members of private foundations, but additional information is being mined to properly classify by wealth tier. In addition to the numerous data points added or updated across multiple sections of each affected record, contact information, total assets, total income and total charitable giving figures were updated for more than 1,300 private foundations.
This data expansion is the most recent in a series of significant additions to Wealth-X’s global proprietary database. Since August 2019 alone, Wealth-X has added over 400,000 new records of wealthy individuals from around the world including mainland China, Latin America, the US, Western Europe and Russia, to name a few.
The Wealth-X Data Strategy team is currently working on similar projects for retired NBA and NFL players which will be incorporated into the Wealth-X Global Database in the coming weeks.
The Wealth-X Database is the world’s largest contextual dataset of records on wealthy individuals available today, focusing on the VHNW and UHNW wealth tiers. This unique data empowers organizations in the financial services, luxury, not-for-profit and higher education sectors to better understand, engage and do business with wealthy clients and donors.
For more information on the Wealth-X Database and how to gain access, please visit: https://www.wealthx.com/solutions/database-access/
The global leader in wealth information and insight, Wealth-X partners with prestige brands across the financial services, luxury, nonprofit and higher-education industries to fuel strategic decision-making in sales, marketing and compliance. Wealth-X has developed the world’s largest collection of records on wealthy individuals and produces unparalleled data analysis to help organizations uncover, understand, and engage their target audience, as well as mitigate risk. Founded in 2010, with staff across North America, Europe and Asia, Wealth-X provides unique data, analysis, and counsel to a growing roster of over 500 clients worldwide.