thumb_cash-duckiemonster-by2.0-1.jpg
thumb_cash-duckiemonster-by2.0-1.jpg This article is more than 10 years old

Canada’s mammoth wealth gap in 3 easy charts

Canada’s wealthiest 86 residents hold the same amount of wealth as the poorest 11.4 million Canadians combined, a new study has found. Outrageous Fortune: Documenting Canada’s Wealth Gap, released Thursday by the Canadian Centre for Policy Alternatives, shows the country’s wealth gap is even larger than its income gap. That means the lucky 86, making […]

Canada’s wealthiest 86 residents hold the same amount of wealth as the poorest 11.4 million Canadians combined, a new study has found.

Outrageous Fortune: Documenting Canada’s Wealth Gap, released Thursday by the Canadian Centre for Policy Alternatives, shows the country’s wealth gap is even larger than its income gap.

That means the lucky 86, making up just 0.002% of the population, have so much net wealth ($178 billion), they could buy everything (EVERYTHING!) owned by every single person in New Brunswick, and still have billions to spare.

Here are three highlights from the report:

1. Between 1999 and 2012, the greatest dollar gains in wealth acquisition went to Canada’s wealthiest 20%. Specifically, 66% of the increase in wealth went to the top quintile, while the poorest fifth of Canadians remained in a net debt position:

CCPA-wealth-1

 

2. When you look at the proportion of wealth held by each quintile, it shows the poorest three quintiles (the lower class, the lower middle class, and the middle class) were largely unchanged in the proportion of wealth held since 1999:

CCPA-wealth-2

 

3. When you compare the income gap and wealth gap, it shows the richest 20% of Canadian families capture almost 50% of all income while holding almost 70% of all net worth. Meanwhile, “even the poorest of families have a measurable share of income (thanks to Canada’s tax and transfer system), but they have no measurable share of wealth.”

CCPA-wealth-3

Photo: duckiemonsterUsed under a Creative Commons BY 2.0 licence.

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

thumb-2024-02-05-freeland-capital-gains Analysis

Take Back Alberta Leaders are Training ‘Scrutineers’ to Infiltrate Campaigns and Act as ‘Security’ on Voting Day

Related Stories

Analysis

The Federal Government Says Budget 2024 Makes The Wealthy Pay Their ‘Fair Share’. Economists Say The Rich Could Be Paying More.

View the post
News

Right-Wing Media Personality Goes Viral After Posting ‘Weird’ and ‘Creepy’ Video Recorded Inside Airport Washroom

View the post
News

Intelligence Report Says Bots and Fake Accounts Linked to India’s Governing Party are Harassing Canadians

View the post
Our free email newsletter delivers award-winning journalism directly to your inbox.
Get Canadian Investigative News You Won't Find in Corporate Newspapers.
Our free email newsletter delivers award-winning journalism to your inbox.
Get Canadian Investigative News You Won't Find in Corporate Newspapers.