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Call It the ‘Great Wealthy North’ — Canadians Are Richer Than Americans

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S. Badz, Getty Images

When President Obama’s healthcare law was upheld by the Supreme Court, some infuriated people had a rather amusing response: they vowed to move to Canada, a country where socialized medicine is the law of the land.

But it’s perhaps thanks to that and other “socialist” policies that Canadians are now richer than Americans.

According to data from Environics Analytics WealthScapes, the net worth of the average Canadian household last year was $363,000, while the average net worth of a US household was just $320,000. What’s more, Canada’s unemployment rate recently fell to 7.2 percent, compared to America’s 8.2 percent.

Experts credit a blend of “fiscally conservative” socialism for the successes of our neighbors to the north, which included the work of former prime minister Paul Martin, who once served as the country’s finance minister.

During his time on the job, Martin “resisted the siren call of deregulation” and insisted banks tighten their requirements. He also refused to allow Canadian banks to merge, even though their CEOs said they couldn’t be globally competitive unless they did.

The result? Stability within Canadian banks and a resulting stability in the housing market — factors analysts say provide the clearest explanation for why Canadians are now richer than their American counterparts.

[Bloomberg]

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