Average Wealth of Canadians

Average Wealth of Canadians

According to the 2006 data,

The average Canadian is worth $142,900 — on paper, at least — as rising real estate values offset a rise in personal debt and last spring's stock market correction, Statistics Canada said Friday.

In its regular report on the national balance sheet, Statistics Canada said the nation was worth $4.7 trillion at the end of the second quarter, or $142,900 per person.

Here also the wealthiest 10% people own almost 90% of the total wealth and rest of the people share just 10% of the total wealth. This kind of un even distribution is every where. This is known as the 80/20 Principle of the Wealth means 20% people of this world own 80% of the total wealth of the world and the rest of 80% people share just 20% of the world’s total wealth.

According to the economists, the money is concentrated in fewer hands because of the compound interest. Because of the compound interest, the rich are getting richer and poor are getting poorer. Once you save & invest your money in some asset, the compound interest will start working for you and make you richer and richer day by day.

But you never save and invest your money, the compound interest will never work for you and you can never be rich. The wealthiest people own Assets like Businesses, Investments & Real Estate since generations and they pass on their assets to their following generations and that’s why they are getting richer and richer.

So now just tell me that, what is your average net worth? Is your net worth more or less than the average standards? But start acquiring assets as early as possible in your life to get rich.