The concentration of wealth among Canada’s richest 1% is deeper than previously believed, according to a federal government report based on a new modelling approach.
The top 1% of Canada’s families hold about 25.6% of the wealth — roughly $3 trillion — up from 13.7% estimated under previous methodology, says the report from the Office of the Parliamentary Budget Officer.
“The distribution of wealth among households is heavily skewed toward the wealthiest families,” the report notes.
“In Canada, a small proportion of families at the top of the distribution possess net worth that is orders of magnitude higher than the country’s median net worth.”
Source: Canadian Government