On July 1, Canada Day, Canadians awoke to a startling, if pleasant, piece of news: For the first time in recent history, the average Canadian is richer than the average American.
According to data from Environics Analytics WealthScapes published in the Globe and Mail, the net worth of the average Canadian household in 2011 was $363,202, while the average American household’s net worth was $319,970.
A few days later, Canada and the U.S. both released the latest job figures. Canada’s unemployment rate fell, again, to 7.2 percent, and America’s was a stagnant 8.2 percent. Canada continues to thrive while the U.S. struggles to find its way out of an intractable economic crisis and a political sine curve of hope and despair.
The difference grows starker by the month: The Canadian system is working; the American system is not. And it’s not just Canadians who are noticing. As Iceland considers switching to a currency other than the krona, its leaders’ primary focus of interest is the loonie -- the Canadian dollar.
Waitaminute!
While we're busy trying not to lose our shirt in the Great Recession, those
sneaky Canadians managed to get richer than us Yanks. But how did it happen?
Newest 5 Comments
I admit my knowledge of how economies and currencies work (or don't work) is not too strong, however, after what happened to Iceland and all the fishermen-turned-financial wizards, I don't think I want them anywhere near our loonies!
Abusive comment hidden.
(Show it anyway.)
We may be richer but our prices are much higher than in the United States. Our cost of living is much higher.
Abusive comment hidden.
(Show it anyway.)
PS that's a picture of a toonie. The loonie is all one colour, usually with a loon on it. Of course, our brilliant minds came up with calling the 2 dollar coin a mixture of two and loonie...sigh.
Abusive comment hidden.
(Show it anyway.)
No mystery here; we had the good sense to plant plenty of oil 50 million years ago.
Abusive comment hidden.
(Show it anyway.)
Edwin, don't forget Canada also has a monopoly on fresh water too ;-)
Abusive comment hidden.
(Show it anyway.)