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Wealth Inequality maxresdefault (Statistics (Canadians with household…
Wealth Inequality 
What is it?
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It refers to the amount of assets (stocks) , minus liabilities (insurance) a person or a household holds
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Incomes come into wealth as well, Income is money coming into a family whereas wealth is a family’s assets- estates, savings etc.
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Statistics
Canadians with household incomes over 100k showcased to think that the wealthiest which are themselves own 61.0% of the wealth compared to people less than 50k-100k who sated 54.9% (The Wealth Gap: Perceptions and Misconceptions, 2014)
In Ontario, wealthiest 20% think 56.4% of wealth is controlled whereas poorest 20% think 2.9% of wealth belongs to them. (The Wealth Gap: Perceptions and Misconceptions, 2014)
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It depends on each individual as well, as the chart showcases how people with a household income between 50k-100k desire more equality in wealth compared to those with incomes over 100k
In Ontario, people believed wealthiest 20% should hold 30.5% and poorest 20% should hold 11.9%
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Measures
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Anti-Racism Strategy of Canada (2019-2022): a 45 million investment that will take on the combat of racism in which to change attitude and empower communities (Government of Canada, 2019)
Canada has unemployment insurance, old age security, child tax benefit, workers compensation, public education, osap are just few examples, yet more measures need to be taken
Minimum Wage will increase to $14.25 (Minimum Wage-Ontario, n.d.)
History/Progression
Dr. Lars Osberg, an economics professor studied inequality in Canada for many years (Dirks, 2018)
Between 1950’s and 1980’s, post war period- the top 20% took 10 times share compared to the bottom 20% (Dirks, 2018)
After World War II, Canada’s aim was to benefit its economic status for the next coming generations (Hennessy, 2013)
The earnings of the middle class was flatlined for 20 years, until 2000 where there was minimum growth
As stated, “In 2015, the richest 20 percent of Canadians now held more than 12 times the share of total incomes than the poorest 20 percent. The middle class was "disappearing" and the incomes of the poorest remained abysmal.” (Dirks, 2018)
Current State
a graph conducted in 2019 showcased the state of wealth share globally. People with under $10,000 had very little wealth share
those with over $1,000,000 were very few but had a grand amount of wealth share as globally shown
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