in the second quarter, the top 20 per cent of Canadians held more than two-thirds of the country’s wealth, averaging $3.4 million per household. By comparison, the bottom 40 per cent of Canadians accounted for only 2.8 per cent of Canada’s wealth.
I’d love to see that broken down further. I’m guessing there’s a bunch of really rich households at the top that skew the average.
Without diving into the data behind this, I’m willing to bet that there’s a plateau around the $1 million mark, caused by simply owning a detached home in certain markets.
It’s a good thought, but I’d take that bet with you. Houses can be remortgaged, or alternately converted to a rental while you get a second place. I suspect any bump is pretty small because people just continue to accumulate if they can.
I’d love to see that broken down further. I’m guessing there’s a bunch of really rich households at the top that skew the average.
Without diving into the data behind this, I’m willing to bet that there’s a plateau around the $1 million mark, caused by simply owning a detached home in certain markets.
It’s a good thought, but I’d take that bet with you. Houses can be remortgaged, or alternately converted to a rental while you get a second place. I suspect any bump is pretty small because people just continue to accumulate if they can.
You can always find a smaller and vastly wealthier subset, right until you’re down to the single digits of people.
There’s no dividing line like some people imagine, though; it’s a continuous distribution that we’re all somewhere (lower) on. Probably because it’s produced by a random walk.