Comment 116687

By Ryan (registered) - website | Posted March 01, 2016 at 11:46:04 in reply to Comment 116686

The fine print:

David Macdonald, a think-tank economist with the Canadian Centre for Policy Alternatives, says the finding of greater wealth among all youth is accurate — but much of that asset accumulation is happening only among the already wealthy.

"You need to be very careful of which youth are driving this trend," he said after reviewing the Finance Department report and comparing it with his own study from last June.

"As with other inequality trends, it's the high end that's driving up net worth for those in their 20s or 30s. The dramatic increase in net worth across almost all age groups since 1999 has been incredible for the top 10 per cent in those groups but a disaster for wealth inequality compared to say middle-class youth."

"Of all the wealth held by those in their 20s, 70 per cent is held by the top 10 per cent and the bottom 70 per cent hold one per cent of that wealth."

The Finance Canada report does acknowledge that younger wealth appears to be distributed unequally, with "stronger wealth gains at the top of the income distribution."

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