Canada’s billionaires continue to get richer, report on wealth inequality shows

VANCOUVER (NEWS 1130) – One of the many problems made worse by the COVID-19 pandemic has been global wealth inequality — and Canada is not immune.

Using data from Forbes Magazine, the Canadian Centre for Policy Alternatives found this country’s billionaires saw their wealth expand by $78 billion since March of 2020.

“Such extreme inequality is not only outrageous in itself, but leads to worse overall health and social outcomes and puts a drag on economic growth,” said CCPA economist Alex Hemingway, pointing the blame at policy.

“A range of policy tools are available to rein in extreme inequality while simultaneously raising revenue for sustained, long-term public investment in much-needed areas after the pandemic such as seniors and child care, affordable housing and climate change,” he added.

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Among the top earners is B.C. philanthropist and business magnate Jim Pattison, who got $7.2 billion richer over the past year. He is joined by David Thompson and family and Tobi Lutke of Shopify.

According to the CCPA, 47 Canadian billionaires control $270 billion in total wealth.

Meanwhile, about 5.5 million Canadians lost their jobs or were impacted by cuts to work hours at the height of the pandemic.

Hemingway argues a wealth tax is one way to address this inequality, but only if it’s designed and enforced effectively. He proposes a one per cent tax on wealth over $20 million could help raise revenue.

“The tax system can’t solve all our problems, but it’s an important tool,” he said.