According to a new economic analysis suggestion, it shows that two billionaires from Canada own the same wealth as nearly one third of all the citizens of Canada.
When the analysis is accounted to the global level, the wealth held by the half of the world’s population is the same amount of wealth of only eight world’s richest men.
The reports were outlined in Oxfam’s annual report on the distribution of the global wealth which was released on Sunday.
The following report is based on 2016 data, from the ‘Credit Suisse Global Wealth Data book’ which included better information from India and China. The reports was made to paint a clear picture of world poverty and the systemic barriers facing the poor.
The two richest man in Canada are, David Thomson and Holt Renfrew with a total net worth accounting together about $33.1 billion, according to the figures collected by the Oxfarm. Which is equivalent to the net worth of 30 % of People in Canada. According to the Oxfam Canada’s director policy, women are among the poorest of the group.
Lauren Ravon told to a local news that they are looking particularly at single working mothers and indigenous women.
Ravon also said that growth in wages of the workers have steadily declined or stagnated in recent few years, while pays of CEOs have always raised.
Oxfam reported that between year 1988 and 2011, the income of 10 % poorest made 3 % of Canada’s total income growth, while the income of the 10 % richest made up to 29 %.
Gender discrimination is also one of the major fact. According to the statistics by the Oxfam, women are paid less than men in more than 90 % of jobs.
There is not a single solution to shrinking the gap of poverty in Canada.
As Canadian Prime Minister Justin Trudeau tours around the country speaking with ordinary citizens, Oxfam laid out several federal policy suggestions,which included:
Investment in social services, such as child care and services for First Nations;
Implementing federal pay equity legislation to pressure the provinces to increase minimum wage across Canada;
Continuing to crack down on tax evasion;
Discouraging tax policies, such as corporate tax breaks, that encourage inequality;
Following through on a gender analysis on the federal budget.
The eight richest Canadian businessmen, compiled by Oxfam via Forbes 2016 billionaires list in U.S. dollars, are:
1.David Thomson (net worth $23.8 billion)
2.Galen Weston, owner of Holt Renfrew (net worth $9.3 billion)
3.Garrett Camp, co-founder of UBER (net worth $6.2 billion)
4.James Irving, owner of Brunswick News and J. D. Irving Limited, a conglomerate with interests in forestry, pulp and paper, tissue, newsprint, building supplies, frozen food, transportation, shipping lines, and ship building (net worth $5.4 billion)
5.Bernard (Barry) Sherman, created Apotex, Canada's largest pharmaceutical company (net worth $4.9 billion)
6.Arthur Irving, owner of Irving Oil (net worth $4.7 billion)
7.Jim Pattison, CEO, chairman and sole owner of the Jim Pattison Group (net worth $4.5 billion)
8.Emanuele (Lino) Saputo, owner of Saputo Dairy (net worth $4.4 billion)
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