Drop in numbers of super rich Canadians
It's a first-world problem, but still an interesting one. It turns out that the number of ultra-rich Canadians, people who have a net worth of $30 million, is shrinking, according to a recent study done by UBS and Wealth-X.
The number of super wealthy dropped to 4,980 in 2013 from 5,015 in 2012, according to the study. While there's been a 0.7 per cent drop between the numbers, it turns out that the ultra rich still account for a large amount of wealth, $595 billion US. Now that's a lot of dough between a small group of people.
But the drop in numbers stands out among the other developed countries. Our friendly neighbours down south saw their number of super wealthy jump up to 65,505 and their elite have a wealth of $9 trillion US. Meanwhile, the number of wealthy individuals around the world rose to 199,235, a record high, with a combined wealth of $27.8 trillion US.
The bump in super rich is thanks to wealthy individuals in United States and Europe rather than China and Brazil, which actually saw a drop due to economic downturns. But what's happening in Canada? It turns out that the slowdown in Asia is affecting our commodities and the wealth of the super rich, according to the Huffington Post.
It's tricky to compare data from the 2006 census data and the recently released National Household Survey since there's been a change in how the data was collected. But the recent data shows us that be to a part of Canada's top one per cent, you'd need to earn an annual income of $191,000, while the median national household income sits at $27,800. Some of the richest Canadians earn a whopping seven times than many Canadians.
Income inequality is a hot topic in the United States, but maybe it's time that we take a look at fixing it here. One suggestion made by the Ontario Chamber of Commerce is to tie the province's minimum wage to inflation.
How do you think Canada can fix income inequality?
By Josephine Lim, MSN Money
Posted by: John Bergeron | Sep 20, 2021 7:05:50 AM
Income inequality is not the problem. While we strive for personal wealth, many Canadians wish to settle for the confirt of public sector employment with security and well funded early retirement. Refer to Mike duffy and others in the senate.
The youthful NDP MPs in Québec. to many Québec NDP MP, being elected by default is like winning the lottery.
Talks by our représentatives at both Federal and Provincial levels, of guaranteed minimum incomes and extravagent minimum wages are not motivational, but rather an acceptance of a diminished expectation by our Young men and women.
The trip to peesonal wealth should not be from casino or lottery winnings.
Posted by: Brian Landon | Sep 20, 2021 7:57:54 AM
Agreed John! and a fact is that there are less poor now than there were 20 years ago. Income has risen. But to those who think minimum wage is a career, then you've got that wrong. If you hate the situation you're in, do something about it. Don't expect everyone else in society to pay for your own shortcomings. Upgrade your education, your linguistic skills, etc whatever it takes.
Its interesting though that Justin Trudeau has brought in a Canadian journalist to represent Toronto Centre with NO academic credentials in economics to tell us that the big liberal socialists Americans know best?
And she wants to tax the rich 75% much like they did in Great Britain decades ago driving out wealth and jobs in that country.
And when I see public sector union workers on the sunshine list more and more and more (including professors from Ryerson, U of T, Univ of Ottawa, etc) all with the best perks and benefits and no accountablity, it irks me as a Canadian and as a taxpayer. I'm all for helping the most vulnerable but they do get most of the subisidies and pay really no tax now. But the NDP and Liberals in this country only pretend to care for the poor because what they really want to do is reward their political friends with 200k per year jobs(kathleen Wynne's spouse!!) and give little to the poor.
Posted by: mike | Sep 20, 2021 12:16:58 PM
The issue in Canada is that Rich folks are leaving to relocate to lower tax jurisdictions.
We just gave Celine Dion the order of Canada but she is a tax resident of the USA?
Bottom line it is the rich who pay most of the bills, we need them to cover the middle class and lower who do not pay enough to cover their costs. Rich people send their kids to private schools do not use public healthcare and over pay on property tax. they costs us almost nothing, but they pay a ton of cash in taxes.
Well, countries around the world have figured this out and are actively trying to lure them to come to their country. As a bonus they also create jobs.
Posted by: Jack | Sep 21, 2021 6:37:38 PM
@mike... sorry to say, but people like me, who are filthy rich cannot pay enough tax to cover the middle class... NOT EVEN CLOSE! Even if my income group paid zero tax or 100% tax, you wouldn't even notice.