thumb-2019-11-04
thumb-2019-11-04 This article is more than 3 years old
News

45 Richest Canadians Are Now Wealthier Than The Economies of Half of Canada’s Provinces and Territories

Canada’s billionaire class sees its pile of money grow even bigger

Canada’s billionaires now control more wealth than the economies of four Canadian provinces and three territories combined.

According to an annual “billionaires insights” report from Swiss wealth management firm UBS, Canada’s 45 billionaires saw their wealth rise to $153.1 billion in 2018 — that’s up 3% from 148.5 billion in 2017.

To put those numbers into context, figures from Statistics Canada show Canada’s 45 billionaires have a pile of wealth that’s bigger than the GDP of New Brunswick, Prince Edward Island, Nova Scotia and Newfoundland and Labrador combined ($112.2 billion).

That’s also bigger than the GDP of Nunavut, Yukon and the Northwest Territories combined ($10.5 billion).

Even the economies of Manitoba ($67.4 billion) and Saskatchewan ($86.6 billion) pale in comparison to the collective wealth Canada’s 45 richest people.

Although the raw number of Canadian billionaires dropped from 46 to 45 in 2018 due to the passing of mining baron Peter Munk, Canada’s billionaire class nonetheless saw its collective wealth increase by $4.6 billion.

Many Canadian workers were not so fortunate during the same period.

Although Canadian billionaires saw their collective wealth rise 3% between 2017 and 2018, Canadian workers saw their collective wages rise only 1.9%, although a closer look at those numbers suggest regional factors are at play — Calgary and Edmonton saw wages increased between 0.6% and o.7% during the same period.

According to Canada’s Parliamentary Budget Officer, a 1% tax on net wealth above $20 million alone would generate nearly $70 billion in new revenue over 10 years.

Experts note that revenues at that scale would be enough to cover the costs of major programs like pharmacare, postsecondary education, affordable housing and other investments that would further reduce the costs of living for working Canadians.

 

Our journalism is powered by readers like you.

We’re an award-winning non-profit news organization that covers topics like social and economic inequality, big business and labour, and right-wing extremism.

Help us build so we can bring to light stories that don’t get the attention they deserve from Canada’s big corporate media outlets.

 

Donate
PressProgress
PressProgress is an award-winning non-profit news organization focused on uncovering and unpacking the news through original investigative and explanatory journalism.

Most Shared

3906strike

Doug Ford is Looking to Cut Costs in Healthcare Staffing, Documents Show

Related Stories

News

Far-Right Group Opposed to 2SLGBTQ+ Resources in Schools Protested BC Drag Queen Story Time Event

View the post
News

Vancouver Police Tried to Gift Toy Guns to Elementary School Students, Teacher Alleges During Public Forum

View the post
News

Doug Ford Wants to Track the Performance of Social Assistance Programs. He’s Not Tracking Poverty.

View the post

Explainers

Human rights & inclusion

Amira Elghawaby

Here’s The Problem With Hoping Corporations Will Be Socially and Environmentally Responsible On Their Own

View the post
Politics & strategy

Jeremy Appel

The battle of the PACs in Calgary’s municipal election

View the post
Politics & strategy

Jeremy Appel

27 Different Candidates are Vying to be Calgary’s Mayor. Here Are the Biggest Issues at Stake.

View the post
Newspapers always have a business section – why not a labour section? We’ve launched a free newsletter covering labour issues in Canada.
Get Canadian Labour News You Won't Find in Corporate Newspapers.
We’ve launched a free newsletter covering labour issues in Canada.
Get Canadian Labour News You Won't Find in Corporate Newspapers