Social Capital Partners releases new report on wealth inequality in Canada – concludes that official statistics significantly underestimate the problem

TORONTO, Apr. 4, 2024 –Social Capital Partners (SCP) today released a new report documenting how wealth inequality in Canada is far closer to the inequality that exists in the United States than official statistics claim.

The report, entitled “Billionaire Blindspot: How official data understates the severity of Canadian wealth inequality”, critically analyzes Canada’s flagship wealth survey, the Survey of Financial Security (SFS), and outlines how its methodological shortcomings lead to significant underreporting of wealth inequality.

“Wealth concentration is getting worse in Canada, just like in the U.S. The difference is that Americans have the data they need to accurately understand, discuss, and propose solutions,” explains the report’s author and SCP’s policy director, Dan Skilleter. “StatsCan has already acknowledged the need for better data, and we hope that this report will encourage them to act on our recommendations, ensuring a more accurate understanding of wealth inequality in Canada.”