That's even more that previously thought.
The concentration of wealth among Canada’s richest one per cent is deeper than previously believed, according to a federal government report based on a new modelling approach.
“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.”The amount of money held by Canadian families would total $11.7 trillion if they liquidated all assets and paid off all liabilities, about five times larger than Canada’s annual gross domestic product, the report notes.
It was expected that the numbers would rise because the previous estimates were clearly too low, but the magnitude of the increase was surprising, said Parliamentary Budget Officer Yves Giroux in an interview. The new database calculation incorporates information from Canadian Business magazine’s 2017 Richest People List, with figures from Statistics Canada’s 2016 net worth survey and its fourth-quarter 2016 National Balance Sheet Accounts report.
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