Canada's wealthy outpacing everyone else

Jan. 28, 2013 at 4:50 PM   |   0 comments

OTTAWA, Jan. 28 (UPI) -- The gap between Canada's wealthiest 1 percent and everybody else has been spreading over the past 18 years, Statistics Canada said.

The Canadian Broadcasting Corp. reported Monday the median income among Canada's wealthiest 1 percent was $191,600 in 1982, seven times the median income of the bottom 99 percent, which was $28,000.

Eighteen years later, in 2010, the median income among the top 1 percent was $283,400, a 47 percent jump. The median income among everyone else had climbed to $28,400 by 2010, a mere 1.4 percent increase, which made the median income among the top 1 percent 10 times the median income of everyone else.

To be counted among the top 1 percent in Canada in 1982 required an income of $147,500. To be counted in 2010, it took an income of $201,400, a gain of 37 percent or more than 26 times the rate of the median income gain experienced by the lower 99 percent.

Measuring the gap between Canada's elite class and the masses in a different manner, Statistics Canada said the wealthiest 1 percent in 1982 earned 7 percent of all the income in Canada. By 2010, that had risen to 10.6 percent, CBC reported.

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