Richest 25 Canadians have more wealth than poorest 14 million
Canadian Business just released their list of the richest Canadians, and it won’t surprise anyone to find the billionaire class getting even richer.
North99 compared Canadian Business’ net worth estimates against the latest Statistics Canada data and discovered a truly shocking fact.
The richest 25 Canadians have more wealth than the poorest 14 million — 40% of the population — combined.
The total net worth (assets minus debts) of the richest 25 Canadians totalled $195.21 billion this year, while the combined net worth of the poorest 40% of Canadians (around 14.06 million people) was just $181.3 billion.
That means just 0.0000711% of people in Canada control more wealth than nearly half of the population.
Economists and researchers have documented the harmful effects of inequality on growth, happiness, and even democracy. And the levels of inequality are nearing crisis-levels. But to this day, most don’t realize the extent of the problem. If you think it’s wrong that 25 Canadians own more than 14 million of us, please share this article and spread the word.