Gap between Canada’s rich and poor widens

Tough call: Trudeau (in red tie) and his wife Sophie-Gregoire (in red dress) at an event at LeBreton Flats in Ottawa, Ontario. The Prime Minister pledged to reduce inequality only to see it grow due to a rapid rise in house prices spawned by the pandemic. — Bloomberg

OTTAWA: Inflation, high interest rates and declining real estate values are worsening wealth inequality in Canada, with younger households bearing the brunt of the financial pain.

The richest 20% of households controlled 67.8% of net worth in the country in the first quarter, while the bottom groups accounted for 2.7%, Statistics Canada reported on Tuesday.