The average Canadian citizen is now richer than the average American citizen, according to the Environics Analytics WealthScapes. According to their study, an average Canadian now has over $360,000 in total assets. This is in contrast to the average American who only has a little less than $320,000 in total net worth.
In addition to being wealthier than most Americans, more Canadians are also employed compared to their neighbors to the south. The northern country’s employment rate continues to fall, with the latest figure at 7.2 percent. The US on the other hand still hasn’t moved from its 8.2 percent unemployment figure.
Canada’s edge over America seems to derive from many factors, one of which is its rich oil reserves. In fact, Canada is the biggest supplier of fuel to the US. The maple leaf country also has extensive supplies of lumber and other natural reserves.
Aside from its natural resources, Canada’s socialist policies have also been touted as being a model for sustainable growth and government accountability. Stricter regulations in the banking sector has helped the country avoid much of the windfall of the 2008 financial crisis. Still, there are others who say it is Canada’s culture of fair-mindedness which is the real reason why Canadians as a whole are now wealthier. Whichever the real reason is, America is now paying attention and looking to learn from its northern neighbor.
Leave a Reply