StatsCan reveals the richest 20% hoard over two-thirds of Canada's wealth while millions struggle to make ends meet.
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Record Income Inequality in Canada: A System Rigged for the Rich
An excerpt from the original article on October 10, 2024 at CBC Vancouver, by Darren Major.
Income inequality in Canada rises to the highest level ever recorded: Statistics Canada
Income inequality in Canada has hit the highest level ever recorded as wealth becomes increasingly concentrated in fewer hands, says Canada's statistics agency.
The gap in the share of disposable income between the richest two-fifths of Canadians and the bottom two-fifths grew to 47 percentage points in the second quarter of 2024, Statistics Canada reported Thursday.
That's the widest gap recorded since 1999, when Statistics Canada first started collecting such data.
The gap was driven by the top 20 per cent of income earners, who saw the largest increase in their share of disposable income, the report said. That increase was driven largely by investment gains, which the statistics agency attributed to high interest rates.
"While higher interest rates can lead to increased borrowing costs for households, they can also lead to higher yields on saving and investment accounts," the report said.
While those in the lowest 20 per cent saw a slight rise in their share of disposable income due to wage increases, the middle 60 per cent of Canadians saw a decrease in their share.
The Statistics Canada report said that in the second quarter, the top 20 per cent of Canadians held more than two-thirds of the country's wealth, averaging $3.4 million per household. By comparison, the bottom 40 per cent of Canadians accounted for only 2.8 per cent of Canada's wealth.
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