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An Occupy Toronto protester.
An Occupy Toronto protester.
(KEVIN VAN PAASSEN/THE GLOBE AND MAIL)

ANDREW JACKSON

Canadian wealth gap getting harder to close

In his now famous book, Capital in the Twenty-First Century, Thomas Piketty argues that there is a strong tendency for wealth to become concentrated in ever fewer hands unless the economic forces promoting greater inequality are countered by deliberate political choices.

In the case of Canada, Mr. Piketty has supplied data that show that the stock of accumulated wealth has been growing relative to annual national income, from 247 per cent in 1970 to 264 per cent in 1980, to 294 per cent in 1990, then more rapidly to 365 per cent in 2000, and to 416 per cent in 2010. Thus the total stock of wealth is now more than four times as much as annual GDP.