2 richest businessmen hold same wealth as 11 million Canadians: finds Oxfam report

A Journal of People report

The two richest Canadians have the same amount of wealth as the poorest 30 per cent of the country combined, finds Oxfam’s newly released report.
The Oxfam report An Economy for the 99% said:
The wealth of billionaire businessmen David Thomson and Galen Weston Sr. equals that of about 11 million Canadians.
“This is not a report about the rich and the poor. It’s about the super-rich and the rest of us,” said Lauren Ravon, the director of policy and campaigns at Oxfam Canada.
Oxfam made its calculations about global wealth distribution based on the Credit Suisse Global Wealth Data book, and calculated the wealth of the world’s richest people using the annual billionaires list from Forbes Magazine, which was last published in March 2016.A media report said:
By lunchtime on January 3 the top CEOs in Canada already made more than the average Canadian does in a year.
Stephen Harris, a professor of public policy at Carleton University and the University of Ottawa, said wealthy business owners have more power to lobby the government than the majority of everyday Canadians, which contributes to inequality.
He said there are some things Canada can do to address the problem – such as policies for wealth redistribution used in Nordic countries, which tend to have less inequality – but they won’t work unless the population gets behind the changes.

 

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