Economic inequality in Canada

Economic inequality in Canada

In The pursuit of economic growth, Canada has some work to do. Economic inequality in Canada is very real. Canadians though, seem to be oblivious to the extent of the economic inequality. A recent study asked Canadians how wealth should be distributed and the chart looked pretty much equal all across the board. The middle class of 60% of the population owning about 60% of the wealth. The richest population of about 20% only owning about 3 times more than the poorest group in the bottom 20%. When Canadians were asked how wealth was actually distributed in Canada, the numbers looked much more unequal as you might expect. Canadians think that the richest 20% of the population own 10 times more wealth than the bottom 20% of the population. They also think that the richest 20% own more than 50% of the country’s wealth and that the bottom 20% own just over 5% of the total wealth. Based on that, the 60% of the middle class is still very healthy. Canadians underestimate the actual economic inequality in Canada. In 2012, the richest 20% actually owned nearly 70% of all the wealth in Canada. The poorest 20% in Canada only owned about 1% of the total wealth. And the bottom 10% have more debts than assets. Even more shocking, the bottom 50% of all Canadians own 6% or less of all wealth. Canada’s CEO’s income was also 200 times higher than their average worker.

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