Top 10% own 50% of Canada's wealth
In a report out Thursday, the Broadbent Institute looked at the most recent Statistics Canada data on wealth levels of Canadians. The data agency typically divides the country into five groups of 20% of the population, known as "quintiles" but the Broadbent Institute divided the number into deciles — 10 groups, each making up 10% of the population — for a new look at the data.
Under that analysis, income looks to be distributed even more unevenly than previously thought.
The report found that the top 10% of Canadians owned almost half — 47.9% — of all the assets in the country.
The bottom half of the population, on the other hand, shares a total of 6% of the wealth. And the majority of Canadians own no financial assets at all, except any pensions they may have access to.
Similar reports have made the claim that while the rich are, in fact, getting richer, the average person is also benefiting from wealth gains — albeit less extravagant ones. Statistics Canada's own data shows that the richest 20% of Canadians saw their net worth increase by 40.6% between 2005 and 2012 — more than any other group — while the net worth of the poorest 20 per cent was unchanged.
The report adds fuel to the income inequality fire, noting that since 1999, all four of the poorest deciles in Canada (in other words, the poorest 40% of the country) have seen their share of total wealth decline.
The share of total wealth for the fifth through the ninth deciles (the richest 40% to 90% of Canada) all saw their share of total wealth increase, by about one per cent each over the last decade and a half.
The report also found that the wealth gap changes significantly across the country. The concentration of wealth for the top decile is highest in British Columbia at 56.2% and lowest in Atlantic Canada at 31.7%.
And In all regions except Atlantic Canada, the bottom half of the population held less than 10% of all wealth.
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