Haves and Have-Nots: Deep and Persistent Wealth Inequality in Canada by the Broadbent Institute, September 11, 2014.
Wealth in Canada is concentrated heavily in the top 10% – with the bottom 50% combined accounting for less than 6% of all wealth. This report sheds more light on the dynamics of wealth concentration and distribution, particularly the gap between the wealthiest and poorest 10% of Canadian family units.
Key Findings include:
– The top 10% of Canadians accounted for almost half (47.9%) of all wealth in 2012
– The bottom 30% of Canadians accounted for less than 1% of all wealth
– The median net worth of the top 10% rose by 41.9% since 2005 (to $2.1 million) compared to a 150% drop in the median net worth of the bottom 10% (to negative $5,100)
– The top 10% held almost $6 in every $10 (59.6%) of financial assets excluding pensions – more than the bottom 90% combined
– The concentration of wealth for the top 10% was highest in British Columbia at 56.2% and lowest in Atlantic Canada (31.7%) and Quebec (43.4%)
Full report available at: https://www.broadbentinstitute.ca/sites/default/files/have-havenots.pdf
Above from SPARmonitor – Oct 1, 2014 – Issue 139
Can we afford this?