Thanks to a sturdy housing market and sound banking regulations, Canada’s wealth is on the rise from 2007 levels, according to a new report released by Credit Suisse. The study, which looks at countries around the world, found that wealth in Canada is up 3 per cent from pre-recession levels. Contrast that with the situation in the United States, where the nation’s riches are down 8 per cent. Canada ranks eighth in the world for collective household wealth, and 13th when in comes to wealth per head. The average adult Canadian is worth U.S.$245,000, compared with $248,000 for the average American. That’s a dramatic change from 2000, when Canadian adults had an average wealth that was 56 per cent of the U.S. figure. The Canadian section of the report, however, does not look at household debt levels, which have been swelling for years.
Wealth in Canada on the rise: report
Up 3 per cent since 2007
FILED UNDER: Canadian economy