Real Wealth in Action: What Iceland Can Teach Us About Financial Peace of Mind

Kristin Ramlal, B. Comm (Hons.), PFP, CIM, FCSI, RWM, MFA-P, FDFS

As Chair of the Society of Real Wealth Managers, Kristin Ramlal, B. Comm (Hons.), PFP, CIM, FCSI, RWM™, MFA-P™, FDFS™ brings both a global perspective and a deep commitment to redefining financial success beyond numbers on a statement. In this reflection, she draws on insights from a recent visit to Iceland, where economic policies, social systems, and cultural values intersect to create a society with exceptional financial security and quality of life - to explore what Canadian financial professionals and policymakers can learn about fostering true real wealth for all.

By:  Kristin Ramlal, B. Comm (Hons.), PFP, CIM, FCSI, RWM™, MFA-P™, FDFS™

I recently returned from a trip to Iceland, breathtaking landscapes aside, what stood out most to me as a passionate Real Wealth Manager (RWM) was a subtle but powerful sense of financial security, social stability, and collective well-being.

Yes, the cost of living was high—groceries and meals often cost 30–50% more than in Canada, gas runs near $3 CAD per litre, and dining out starts at $30+ CAD per meal. Yet, despite these high costs, I saw no visible poverty or homelessness. Instead, there was strong community infrastructure, well-maintained public spaces, and a general sense of confidence in the future.

I've since discovered that this can be traced back to Iceland’s notable equitable financial and health systems, which includes:

• A cultural and policy that focus on community well-being over individual wealth accumulation—leading to equitable wealth distribution, low unemployment and minimal visible poverty despite high expenses.
•  Universal healthcare, free education, and generous family policies that create a safety net allowing people to focus on living well, not just surviving.
• A world-class three-pillar pension system combining public pensions, mandatory occupational plans, and voluntary savings—resulting in Icelanders receiving nearly 90% of their pre-retirement income after retiring, among the best replacement rates worldwide.

Proof of this model’s success can be seen personally in several key outcomes, such as:

• Median wealth per adult in Iceland is around $500K CAD—more than double Canada’s median of ~$191K CAD.
• Median personal income sits at ~$82K CAD per year, compared to Canada’s after-tax median of ~$74K CAD.
•  Life expectancy is about 83 years, among the highest in the world.
•  Iceland consistently ranks among the top five happiest countries in the world in the UN World Happiness Report, a reflection of its collective focus on well-being.

Takeaways for Financial Professionals & Policymakers in Canada:

1. Shift retirement advice from wealth accumulation to income replacement and wealth sustainability.

2. Incorporate community well-being and social factors into financial planning conversations.

3. Advocate for inclusive policies that centre on community well-being, promotes equity and long-term resilience, not just GDP growth; such as equitable access to housing and healthcare.

4. Redefine success with clients—not just portfolio value, but quality of life and peace of mind.

As a passionate wealth professional, this experience reinforced one essential truth:

Everybody deserves real wealth: sustainable, intergenerational financial security—after taxes, fees, and inflation—This ultimately creates thriving lives and collective financial peace of mind 

Mark your calendar now for the next Meeting of the Minds with the Society of Real Wealth Managers™ September 25 at 11am CST. Registration details coming soon!