Tag: Maahier

The 86 richest Canadians have amassed as much wealth as the countrys

OTTAWA — While politicians in Ottawa still can’t decide who is in the middle class, a new analysis suggests wealth is increasingly gravitating to the very top.The report by the left-leaning Canadian Centre for Policy Alternatives shows that the country’s 86 richest individuals and families — or 0.002% of the total population — are getting exponentially richer and now have accumulated as much wealth as the country’s poorest 11.4 million.[np_storybar title=”How Canada’s middle class is getting richer, a lot richer” link=”https://business.financialpost.com/2014/02/25/canada-middle-class-statscan-net-worth/”%5D Canadian politicians have been trying to make the middle class out to be a poor huddled mass of declining fortunes, but a landmark study from Statistics Canada paints very much the opposite picture. Keep reading. [/np_storybar]That’s more than in 1999, when the richest 86 had as much money as the poorest 10.1 million and enough to buy up everything in New Brunswick and still have about $40 billion left over, according to the report, to be released Thursday.The point of the exercise, says economist and author David Macdonald, who used Statistics Canada data and research from Canadian Business magazine, is to show that if income inequality is a policy and social justice concern — wealth inequality is worse.In fact, the super-rich list of Canadian residents has little to do with income in the traditional sense, he said. None of the 86 are company CEOs — often the poster children of the Occupy crowd for their unseemly salaries and bonuses. Instead, the ones on the list are there by virtue of being company founders or related to company founders.The super-rich have gotten there by creating and trading assets, whether companies, real estate or securities.“We often focus on income inequality but that’s a socialist paradise compared to wealth inequality,” said Macdonald.“The top 20% only get half of all the income, but in terms of wealth inequality, the top 20% have 70% of all wealth. It’s much more extreme and the concern is as you accumulate all this wealth, this wealth starts to buy you political power.”Inequality, whether in income or wealth, increasingly looks like it will become a key issue in the upcoming federal election, with Liberal Leader Justin Trudeau and NDP Leader Thomas Mulcair seeking to make the case that Conservative policies have left the middle class behind — with little job security, higher in debt, and in many instances, living paycheque to paycheque.The government has pointed to the growth in net worth most recently reported by Statistics Canada in February as an indicator their policies are working for everyone.“After-tax disposable income has increased by 10% across all income brackets,” noted Employment Minister Jason Kenney at the time.But Statistics Canada also showed wealth gravitating to the top. While median income rose almost 80% since 1999 to $243,800 per family unit, the top 40% possessed 88.9% of total net worth, leaving the bottom 60% with a mere 11.1% of the pie.Eye-opening was the data that showed the poorest 20% of family units had more debts than assets.The issue flared again Wednesday after Trudeau asked Prime Minister Stephen Harper if he thought that the problem of the middle class was a myth. Harper chided Trudeau for his inability to define the middle class.But the issue is not going away. The NDP has been especially critical of the government’s decision to severely cut corporate tax rates, even in the middle of a recession, and getting little job creation or business investment in return.Some economists have also argued that nations with high levels of inequality tend to underperform more egalitarian countries in terms of overall economic growth.The latest CCPA analysis also suggests that once someone gets to the top of the wealth ladder, they likely stay there.The richest individuals and families in 2013 were pretty much the same people who made the list in 2005 and in 1999 — well-known family names like Thomson, Weston, Irving, Desmarais and Pattison.Between 1999 and 2013, the report shows that the wealthiest 86 Canadians had enlarged their pot of gold from $118 billion to $178 billion on real non-inflationary terms.Macdonald says a reason wealth growth is increasingly becoming concentrated is that it is taxed differently from income. “If one Canadian makes $100,000 a year selling a company (or shares) while another makes $100,000 a year working at a job, the worker will pay twice the tax of the business seller,” he said.“A combination of a higher inclusion rate (for capital gains) and higher income taxes at the top of the income scale could go part way to offset the flood of wealth that is accumulating in the pockets of Canada’s wealthiest and ensure some benefits are returned to the majority of Canadians.” read more

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SMMT Award for Automotive Innovation 2012 – broad interest shown as entries

SMMT’s Award for Automotive Innovation, sponsored by GKN Driveline and supported by The Times, is already collecting entries from a broad cross-section of applicants, little more than a month since the competition launched for its third successive year.Highlighting UK automotive’s current capability at the forefront of global low-carbon research and development, the Award recognises innovations within manufacturing, design and engineering, acknowledging ideas that have already benefitted, or have the potential to deliver excellence in the sector.Companies, teams and individuals from across UK automotive are invited to participate in the competition, which will be judged by a panel of industry experts including Paul Everitt, SMMT Chief Executive; Dave Salt, GKN Driveline Chief Engineer; Ian Downing, Business Growth Fund Investment Director; Rob Llewellyn, TV presenter and automotive enthusiast, and Robert Lea, Industrial Editor, The Times.“This Award recognises the exceptional strength of UK automotive innovation, design and engineering. By celebrating success and showcasing talent we can help fast track new ideas and business opportunities,” said Paul Everitt, SMMT Chief Executive. “There is no doubting the high calibre of automotive talent; the Award for Automotive Innovation 2012 calls for cutting-edge entries that demonstrate technical strength and ingenuity from across the UK.”Jaguar Land Rover scooped last year’s Award for the Land Rover Range_e, an affordable plug-in hybrid 4×4 concept. In 2010, the Award was won by Gordon Murray Design for its iStream manufacturing process.The Award for Automotive Innovation 2012 is free to enter and the winner will be announced at SMMT’s 96th Annual Dinner on 27 November 2012 at Grosvenor House, Park Lane. To book tickets for the SMMT Annual Dinner, click here.  For more details on the Award for Automotive Innovation 2012, click here.Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window) read more

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