Canada’s richest families are more than 4,400 times richer than the average Canadian family.
That statistic is just one of the findings in a study released earlier today by the Canadian Centre for Policy Alternatives.
Not only are the wealthier families that much richer, but they’re much more likely to keep that money within the family than they were two decades ago.
The published report is called Born to Win: Wealth concentration in Canada since 1999. The work compares the net worth of Canada’s 87 wealthiest resident families to the wealth of average families over the past 17 years.
Among other statistics, the bottom line reveals that wealth inequality is extreme and growing in Canada, but suggests that such could be corrected with progressive tax reforms.
David Macdonald, senior economist and study author, explains that “Canada’s dynastic families have got it all – more wealth, more inheritance, and are as lightly taxed as they were the last time [they] looked in 2014.”
Macdonald comments that while you’d expect Canada’s tax regime to try and counteract this concentration of wealth, federal policies actually encourage it.
“Canada is the only country in the G7 without an inheritance, state, or gift tax on tremendous family wealth,” he adds. “Instituting an estate tax and eliminating tax preferences for capital gains and dividend income could go a long way.”
The study also discovered the following facts:
You can download and read the full report on the CCPA website.