Mar 5, 2026
While we adhere to strict editorial guidelines, partners on this page may provide us earnings.
The millionaire next door doesn't always make headlines or bask in an elevated public profile. More than likely, they built their fortune in a mundane way and live an equally understated lifestyle.
These millionaires are what some call the "stealthy wealthy" — Canadians who built their financial empire one brick at a time. Their habits hold powerful lessons for anyone serious about financial freedom. This is key in the current economy, where simply "hiding" your money isn't enough; you must actively defend it against inflation and taxes.
To help, here are the top seven habits of the stealthy wealthy that you can replicate — use these habits to boost your financial position or peace of mind.
CIBC Investor's Edge
Build your own investment portfolio and enjoy low commissions
Motley Fool Stock Advisor
Get expert investment advice and 2 new stock picks per month
1. Avoid status symbols
The cardinal rule of the stealthy wealthy is to conceal your fortune so you can enjoy it in privacy. This means avoiding flashy toys or glamorous symbols that call attention to your wealth.
While a quietly rich person may buy a Saint Laurent belt or Hermès Birkin bag, the real revenue drivers for status symbol luxury are the middle-class consumers. Turns out middle-class shoppers account for more than half of global luxury brand sales, according to the Wall Street Journal (1).
While quietly wealthy Canadians definitely buy expensive items, they tend to focus on quality and durability, not status.
Put simply, you don’t need to prove your wealth to anyone if you already have plenty of it. Avoid the status symbols and shop based on value and durability instead
2. Drive modest cars
Contrary to the stereotype, millionaires and multimillionaires are not all driving around in Aston Martins or Bugattis. In fact, Dave Ramsey’s survey of millionaires across America found that the top three most popular brands were Toyota, Honda and Ford (2).
Picking a practical and relatively inexpensive car is perhaps the best way to retain your fortune rather than burning it off through a sports car’s tailpipe.
For Canadians, buying a used vehicle can be one of the smartest moves, because pre-owned cars often cost significantly less than new models. Plus, certified pre-owned vehicles offer added peace of mind, because they typically undergo thorough inspections, include extended warranties and often include roadside assistance.
Using online platforms, such as CarGurus, makes the process of buying a used car simple. CarGurus compares thousands of listings from licensed Canadian dealers so you can quickly see which cars are fairly priced and which may be overvalued. You can filter by make, model, year, mileage, budget, and even features like fuel efficiency or safety ratings. The CarGurus’ “Instant Market Value” tool gives you a clear snapshot of what a car should cost in your area, helping you negotiate with confidence.
3. Multiple streams of cash flow
A single full-time job is rarely enough to build wealth in today's economy. To reach the top, you need a diversified pool of income. This includes side gigs and passive income like real estate or dividend stocks.
Platforms like CIBC Investor’s Edge make it easy to invest in dividend stocks and ETFs while enjoying low commissions and no or minimal account maintenance charges, depending on the size of your portfolio.
Along with access to thousands of ETFs and stocks, a CIBC Investor's Edge account gives investors access to a library of information to help you make more informed investing decisions.
Get 100 free trades when you open a CIBC Investor’s Edge account using promo code EDGE2526. Plus, get $150 or more cash back.† Offer ends March 31, 2026.
CIBC Investor's Edge
Build your own investment portfolio and enjoy low commissions
4. Track and direct every dollar
Intentionality is the divider between the wealthy and the general public. A Northwestern Mutual survey found that 84% of wealthy individuals have a financial plan, compared to just 52% of the general public (3).
Adopting a proactive approach means telling your money what to do through consistent budgeting rather than reacting to a low balance.
Take control of your money with a smarter budgeting tool. Try YNAB free for 34 days — no credit card required. Just powerful insights for less than the price of your daily coffee.
5. Focus on privacy
Stealth wealth is rooted in a deep respect for privacy. By keeping finances discreet, you protect yourself from fraud and financial crime. Furthermore, it helps avoid tension in personal relationships because people won't expect you to foot the bill just because they think you can afford it.
6. Avoid the hype cycle
Successful investors often make fortunes in overlooked, mundane niches like industrial maintenance or commercial cleaning (4). They avoid chasing the latest tech hype and focus on lucrative, always-on industries with sparse competition. If you want to build wealth, stop trying to find the next billion-dollar artificial intelligence startup and look at what's already working.
Put simply, most successful financial plan don’t rely on chasing the latest hype cycle and are instead focused on lucrative, always-on industries with sparse competition. If you’re trying to build wealth too, stop trying to design a billion-dollar AI tech startup and focus on something more practical and mundane using Motley Fool's Stock Advisor Canada.
The platform is tailored for Canadian investors, providing monthly stock recommendations from both the Toronto Stock Exchange (TSX) and U.S. markets. The service emphasizes a long-term, buy-and-hold investment strategy, advising subscribers to hold stocks for at least five years.
Join 30,000 investors and get unlimited access to Motley Fool's library of expert stock recommendations for a special offer of $99/year — that’s just $1.90 a week. Or even better, grab a two-year subscription for just $149, which is less than $1.50 a week.
You can try it for the first 30 days and then cancel for a full refund of the membership fee if you're unsatisfied.
Motley Fool Stock Advisor
Get expert investment advice and 2 new stock picks per month
7. Maximize tax efficiency
Wealthy people retain their fortunes by making tax-efficient decisions. Even if you aren't at a seven-figure net worth yet, neglecting tax planning is a mistake you can't afford.
Start by using tools like the Tax-Free Savings Account (TFSA) and Registered Retirement Savings Plan (RRSP) as these tax-efficient registered accounts help you keep more of what you earn. Then consider how your investments are taxed and how you can be more efficient. Keep in mind if you do opt to focus on tax-efficiency, it’s worth it to hire accountants and tax planners to help you minimize your liabilities.
To get started, open a no-fee RRSP high-interest savings account with EQ Bank. Earn 2.75% interest on every dollar deposited into your EQ Bank RRSP account (terms and conditions apply).
— with files from Em Norton
Article sources
We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.
Wall Street Journal (1, 4); Dave Ramsey (2); Northwestern Mutual (3)
Vishesh Raisinghani is a financial journalist covering personal finance, investing and the global economy. He is the founder of Sharpe Ascension Inc., a content marketing agency focused on investment firms His work has appeared in Money.ca, Moneywise, Yahoo Finance!, Motley Fool, Seeking Alpha, Mergers & Acquisitions Magazine, National Post, Financial Post and Piggybank. He frequently covers subjects ranging from retirement planning and stock market strategy to private credit and real estate, blending data-driven insights with practical advice for individuals and families.
