U.S. News & World Report
July 18, 2012
While Americans might enjoy throwing politically-charged barbs at their neighbors to the north, Canadians now have at least one reason to be smug.
For the first time in recent history, the average Canadian is richer than the average American, according to a report cited in Toronto’s Globe and Mail.
And not just by a little. Currently, the average Canadian household is more than $40,000 richer than the average American household. The net worth of the average Canadian household in 2011 was $363,202, compared to around $320,000 for Americans.
Besides a strengthening currency and a better labor market, experts credit the particularly savage fallout from the financial crisis on the U.S. economy and housing market, which torpedoed home values and gutted household wealth. According to the report, real estate held by Canadians is worth more than $140,000 more on average and they have almost four times as much equity in their real estate investments.
Full story here.
This article was posted: Wednesday, July 18, 2012 at 3:39 pm