A new report by the Parliamentary Budget Office has revealed that 25 percent of Canada's net worth is controlled by a few ultra-rich families, according to Politico.
The report stated that around 150,000 families have an average wealth of $6 million. These families are Canada's one percent, according to the report that was released on Thursday.
The wealth these families possess has steadily increased since 1999. In 2019, for instance, they controlled $3 billion. Close to 2 percent of Canada's wealth is controlled by the bottom 40 percent.
"Families are struggling to afford groceries, rent, and heat for their homes, but the very wealthiest keep getting richer," said NDP leader Jagmeet Singh after this report was published.
"Justin Trudeau pretends to care about inequality," added Singh. "In the midst of a pandemic, he ends [benefits] for 900 thousand people and cuts benefits for seniors and families in need.”
The poorest Canadians have also felt squeezed by inflation. Canada's inflation rate is expected to reach 5 percent.
On top of this, Canadians in a family of four are looking at a hefty increase in food prices for 2022, Canada's Food Price Report said on Thursday.
According to the report, those in a family of four will pay an extra $966 in food in 2022.
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