James Alexander Michie: Canada’s ultra-wealthy increases its capital rapidly | CBC News

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Ultra Wealthy Canada James Alexander Michie

Canada's ultra-wealthy getting richer faster than the rest of us, report shows

Author: James Alexander Michie

Before the nations of the United States, Japan, China and Germany were the only ones in possessing more people called as ultra-rich, but now comes a new wealth study which includes Canada.

Likewise, a new wealth study has emerged which states that Canada ranks fifth in the world with respect to the number of people living in a nation with a net capital of at least $ 30 million, established in the same way that this has overtaken Switzerland and Hong Kong.

The New York, Wealth X, the research firm says that Canada owned about 10,840 residents worth $ 30 million or more, including its investable assets in 2017. The $ 30 million figure is not random, that’s what that Wealth-X says it takes to be considered a very high net worth individual.

Similarly, as already mentioned, only the US nations. The US, Japan, China, and Germany had a greater number of individuals with at least that amount of money than Canada.

Meanwhile, according to Ricardo Tranjan, who is a principal investigator of the Canadian Center for Policy Alternatives (CCPA), an investigation conducted by CCPA suggests that “the rich are really getting ahead” of the average Canadian, leaving the middle class be left behind, in other words, the rich of Canada get richer more quickly than the rest of the other Canadians.

On the other hand, the researcher also added “One of our recent studies and the research carried out by the French economist Thomas Piketty and his colleagues have shown that the inheritance tax is a key mechanism for the distribution of wealth”, and He also said “Canada does not have that tax, while most European countries do.”

Take a read: https://www.cbc.ca/news/business/canada-wealth-high-net-worthy-1.4814907

Source: Rajeshni Naidu-Ghelani | CBC News

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