"Richest 1% income shares at historic high
December 1, 2010
TORONTO – Canada’s richest 1% are taking more of the gains from economic growth than ever before in recorded history, says a report by the Canadian Centre for Policy Alternatives (CCPA).
The Rise of Canada’s Richest 1% looks at income trends over the past 90 years and reveals the 46,000 privileged few who rank among the country’s richest 1% took almost a third (32%) of all growth in incomes between 1997 and 2007.
“That's a bigger piece of the action than any other generation of rich Canadians has taken,” says Armine Yalnizyan, CCPA senior economist and the report’s author.
“The last time Canada’s elite held so much of the nation’s income in their hands was in the 1920s. Even then, their incomes didn’t soar as fast as they are today. It’s a first in Canadian history and it underscores a dramatic reversal of long-term trends.”
Post-war, Canada became more equal with the rise of the middle class but by 2007, the richest 1% reversed equality trends, amassing incomes gains reminiscent of the 1920s." Read more here....
Download complete report here....