Report: For first time, Canadians are richer than Americans
TORONTO — The average Canadian household is currently more than $40,000 richer than the average American household, according to a new report.
Citing Environics Analytics WealthScapes data, the Toronto Globe & Mail is reporting that the average household net worth in Canada was $363,202 in 2011. In the United States, the average household pulled in $319,970 a year ago.
These numbers aren’t affected much by the exchange rate, either. The two countries’ currency were more or less equal in 2011.
The financial advancements of our neighbors to the north don’t end there.
Canadians are reportedly dealing with less debt. Public sector — or government — debt that will eventually have to be dealt with by each country is higher in the U.S. as a percentage of GDP than it is in Canada.
Canadians’ homes are reportedly worth more. According to the report, real estate held by Canadians is worth more than $140,000 more on average than real estate held by Americans. Canadians also reportedly have almost four times as much equity built up in their real estate investments.
And to top it all off, Canadians are also more likely to be employed than Americans. The unemployment rate in Canada is at 7.2 percent. And unlike the statistic in the U.S., which appears stuck at 8.2 percent, there are signs Canada’s unemployment rate is dropping.