The statistic showed the finding released today by the Canadian Centre for Policy Alternatives.

So not only are they richer but they feel safe to keep their money within the family.

Wealth inequality is growing at an extreme extend and could be improved by progressive tax policies and amendment.

David Macdonald stated that Canada’s families are wealthier and have inherited properties and are lightly taxed  “Canada’s dynastic families have got it all – more wealth, more inheritance, and are as lightly taxed as they were the last time [they] looked in 2014.”

He further commented that Canada’s administration opposes concentration of wealth, federal policies actually favour it. “Canada is the only country in the G7 without an inheritance, state, or gift tax on tremendous family wealth,” he adds. “Instituting an estate tax and eliminating tax preferences for capital gains and dividend income could go a long way.”

The study also discovered the following facts:

• Canada’s Wealthy 87 viewed their net worth growing by an average of 37% from 2012 to 2016. Net worthy typically grew anywhere from $2.2 to $3 billion on average.
• The wealthy 87 now own 4,448 times as much wealth as the Canadian average and as much wealth as 12 million Canadians combined.
• The collective net worth of the Wealthy 87 ($259 billion) is just shy of what everyone in the province of Newfoundland and Labrador, New Brunswick, and Prince Edward Island collectively own ($269 billion).
• Not only do these families control vast amounts of wealth, but their members are also unsteadily likely to be among the highest-paid CEOs in Canada.

You can check the complete report from CCPA website.

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