Canada not as wealthy as we think?
I guess I have been naive but I always thought that Canada was 2nd or 3rd on the list of wealthiest countries. But this study shows that Canada, at least measured by net worth, is well down on the list.
After adjusting for purchasing power parity, Canada ranks 12th in terms of household net worth (behind Spain, Italy, Australia, etc.). That’s the bad news.
The good news is that Canada ranks second in GDP per capita and in personal disposible income per capita. But this disposible income and strong GDP position doesn’t seem to be translating into personal net worth.
This actually a much broader study looking at income distribution but I don’t have time to analyze this for you. For example, the study finds that the richest 2% of adults in the world own more than half of global household wealth.
Yeah, averages have a way of looking like that. The reality is that like all nations, Canada’s rich are getting richer and its poor are getting poorer, and it translates into an ‘average’ that looks far more presentable than it really is. Combine that with the fact that numerous industries and companies simply see the ‘wealth’ heading to the states where the owners are.