NEW MAGAZINE TARGETS CANADA'S RICHEST
By Adnews Staff
Nuvo Magazine Ltd. of Vancouver will launch a national quarterly magazine in October targeting wealthy Canadians. Called Nuvo, the publication will cover topics such as the arts, fashion, travel, finance, business and government. The focus will be both Canadian and international. Initially, Nuvo will have a controlled circulation of 50,000. They will be distributed to wealthy individuals, private clubs, five star hotels, resorts, exclusive shops and first class cabins of airlines and cruise ships. Beginning with the July 1999 issue, circulation will increase to 220,000 and subscriptions will be available. Nuvo is the flagship magazine for the company. It plans to develop a group of publications focusing on Canadian business and lifestyles. According to Ernst & Young of Toronto, there are 220,000 millionaires in Canada. Canadians are becoming millionaires at an earlier age. While 60% are over the age of 60, 30% are aged 40 to 60 and 10% are under 40 years-of-age. Ontario has 45% of Canadian millionaires, while Quebec comes in second with 20%, British Columbia with 15% and Alberta with 10.5%. The collective net worth of Canada's 50 richest individuals was $39 billion in 1996, approximately 1% of the country's total wealth.