Analysis also shows significant regional variations
OTTAWA, Sept. 11, 2014 /CNW/ - Wealth in Canada is concentrated heavily
in the top 10% - with the bottom 50% combined accounting for less than
6% of all wealth, a new study by the Broadbent Institute has found.
The report, titled Haves and Have-Nots, is based on custom Statistics
Canada data from the agency's Survey of Financial Security, a snapshot
of the distribution of assets, debts and net worth of Canadians. The
data provided to the Institute allows for a more detailed analysis
using 10% slices of the population called deciles.
"With much of the public debate focused on the growing problem of income
inequality, wealth inequality has been less scrutinized," said
Broadbent Institute Executive Director Rick Smith.
"Contrary to rosy reports of rising net worth and a post-recession
recovery, these new numbers sound the alarm on Canada's wealth
Key findings include:
The top 10% of Canadians accounted for almost half (47.9%) of all wealth
The bottom 30% of Canadians accounted for less than 1% of all wealth.
The median net worth of the top 10% rose by 41.9% since 2005 (to $2.1
million) compared to a 150% drop in the median net worth of the bottom
10% (to negative $5,100).
The top 10% held almost $6 in every $10 (59.6%) of financial assets
excluding pensions - more than the bottom 90% combined.
The concentration of wealth for the top 10% was highest in British
Columbia at 56.2% and lowest in Atlantic Canada (31.7%) and Quebec
"There are so many people being left behind - and there's simply no
excuse for this kind of deep and persistent wealth inequality in
Canada," said Smith.
"On inequality, politics and the political choices we make matter. It's
time the federal government tackles Canada's inequality problem."
Haves and Have-Nots: deep and persistent wealth inequality in Canada is
available online at www.broadbentinstitute.ca.
SOURCE: Broadbent Institute
For further information:
Mike Fancie, Broadbent Institute
613-866-3606 or firstname.lastname@example.org