New study shows deep and persistent wealth inequality in Canada
Data reinforce need to grow the Canada Pension Plan
September 11th, 2014 - 7:21pm
A new study based on Stats Canada data paints a troubling portrait of a deeply unequal Canada in which wealth is concentrated heavily in the top 10%, while the bottom 10% are underwater, holding more debts than assets.
The data show that the top 10% of Canadians account for almost half of all wealth in our nation, while the bottom third of Canadians together account for less than 1%. And, perhaps most worryingly, this wealth gap is largest of all in British Columbia.
One important finding of the new study is that the majority of Canadians own almost no financial assets besides their pensions. To me, these new data underline the critical importance of pensions to working Canadians, and the need to expand the Canada Pension Plan to ensure retirement security for all.
Read the full study at http://www.pressprogress.ca/en/post/3-graphs-show-canadas-deep-and-persistent-wealth-inequality
And learn more about my work to grow the Canada Pension Plan at http://murrayrankin.ndp.ca/retirement-security-for-all