Wealth Inequality in Canada: Visualized for 2024 (Shocking)
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- Опубліковано 6 жов 2024
- In this video, we speak about the wealth inequality in Canada, visualized for 2023 with charts and graphs. Enjoy!
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In this video, we speak about the wealth inequality in Canada, visualized for 2023 with charts and graphs. Enjoy!
✅ Get $50 & Commission-Free Trades on Wealthsimple Trade: wealthsimple.sjv.io/yxYA3
✅ Open a High-Interest Savings Account with NEO & get 3.5% Interest at all times!: bit.ly/neo-hisa
► My FREE Stock Market Investing Course: skl.sh/3ODk1tN
-Griffin
Great video!!
Thank Sophie! @@SophieAnnaston
Can you provide a list of all the references you used in the video? It would be a lot easier to find them and cross-reference the work that way.
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Needing $7.3M to be in the top 1% is a bit of a surprise, I would have thought lower. Also, 20% of all Canadian families are Millionaires? I dunno... Credit Swiss estimate only 7.3% of Canadians are millionaires. Anyway, these are best guess reports and the variance is likely high.
Would you please define "Middle Class". Its a term often used by govetnment, but never defined.
Thats what happens when the country focus way to much on being like America 2.0 instead of building its economic and wealthare systems like Europe and Asia.
How does the wealth divide include foreign entities holding CAD?
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Perhaps out of your area of expertise, but what (in your opinion) is an economic policy solution to this?
Not op, but I think the best way to think about solutions is to first look at how we got to this point. Imo, the biggest drivers of wealth inequality in Canada are:
1. Property values.
2. An economy with a heavy focus on natural resource extraction.
3. Too many large corporations and not enough competition.
All three of these factors tend to reinforce the idea that we have a rentier economy - that is, an economy where everything of value is owned by a small group of people and the rest of us pay rent to get what we need from them. The solution on a macro level is to more evenly distribute ownership of the things of value, although how that translates into policy is the root of all political disagreements.
But I think it's somewhat non-controversial to attack wealth inequality by addressing the main points above. In other words:
1. Find some way to cool down the property market without collapsing it, so rent and mortgage payments are less of a burden on the majority of households.
2. Grow the economy in sectors that aren't dependent on natural resource extraction. To do this we might have to rethink the way business loans and venture capital tend to work in this country.
3. Break up the biggest companies and encourage more overall competition. This one is easy to say, but finding politicians who would do it will be extremely difficult.
Fantastic & well thought out response. I agree with the renter economy point, as over 75% of Canadian wealth is tied to property, this creates a massive gap between the haves and have nots in this country, especially with recent events... Although not a Federal mandate at its core, Investment in municipal efficiencies when it comes to working with developpers to expedite project construction and permit issuance, along with a heavy emphasis on rezoning most of our large metropolitain areas to allow for densification would be a great start to move towards more affordable housing (over the long term).
The values highlighted in the video are definitely shocking in terms of the top 1% and above (sure), but what really needs improve is the wealth allocation in the middle 40%, as this is most of working class Canada... To Kevin's point, among many other factors, obtaining a business loan in Canada is SUPER difficult when starting out with little to show for, which doesn't help the entrepreneurial spirit and developping businesses.... which is what creates economic propserity in the first place. Canada is not a great place to start a business outside of construction. (trust me, I've had dozens)...
And for the record, Billionaires are mainly created through company IPOs and then further compounding of that capital, which is why they're mostly all old men...
At the end of the day, the top 1% are mostly business owners and highly educated professionals, though, all of which we need to provide jobs and make the economy move forward. It's now the inability for the everyday working person to get ahead that's the real challenge that needs tackling, not focusing on taxing the top 1%, which politicians love to throw around.
... @@Kevin_Street
Eat the rich.
I’m being facetious here, but a massive increase to corporate taxes is a good start. Funding social programs so that even the lowest income earners have their basic human rights met (food and housing). In Ontario (fall 2023) we have 19% of the population classified as food insecure.
Ultimately the most important reform is getting money out of politics. As long as politicians are beholden to large donors to fund their election campaigns, democracy is functionally meaningless.
PIE CHART PLEASE!
The Canadian dollar is currently worth only $.73 to the USD, so Canadians should either demand much higher
wages to the US or much lower prices, for any comparison! Frankly, the average Canadian is simply too nice
& too polite to demand that their Govt. properly share their country's vast natural resource wealth, with every
citizen! Like Alaskans, who annually receive a check from their state's oil wealth, so should Canadians!
THEY DON'T KNOW HOW TO DRAW PIE CHART. TOP 20% OWN 67.1% 2.8% FOR BOTTOM 20%/////