Monday, December 5, 2011

Are you concerned about Canada's growing income gap?

The gap in earnings between rich and poor in Canada is the widest it's been in 30 years, the Organization for Economic Co-operation and Development says.

In a report released Monday, the OECD said the average income of the richest 10 per cent in its 34 member nations is nine times the average income of the poorest 10 per cent. That 9-to-1 ratio is the largest gap in a generation, the agency says.

The gap in Canada is even wider: 10 to 1. The average income of the top 10 per cent of Canadians in 2008 was $103,500 -- 10 times higher than that of the lowest 10 per cent, who earned an average of $10,260. The ratio was 8 to 1 in the early 1990s.

The gap is also 10 to 1 in Italy, Japan, Korea and the United Kingdom. In Israel, Turkey and the United States, it's 14 to 1.



Wealth gap widens to 30-year high



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