From ‘Millionaire nation: Canada tops G7 rich list’, Financial Post, 6 May 2011 -
“For every 100 households in Canada, 12.6 [have total assets of] at least US$1-million. The United States, in contrast, suffers with only 8.9 millionaire families per 100 households. Germany is dead last with 8.7 millionaire households per 100.”
“…the Deloitte figures have produced an army of Canadian paper millionaires because they include home equity…”
“There’s a much greater concentration of wealth in a tangible asset, like a house, in Canada,” Stefane Marion [economist with National Bank Financial] said. “You may own the property as an asset, but there’s no cash flow.”
And with 40% of Canadian homeowners owning their home outright with no mortgage, it is no surprise that there is substantial wealth locked into property, he added.
“Look, unless you want to live in a cave, or move to another country, you can’t really spend any of that wealth,” said Avery Shenfeld, chief economist with CIBC World Markets.
[The article ends with caveats about methodology.]
The Canadian ‘Millionaires’ cannot realize their wealth; there is nobody for them to sell to. If 8% of them tried, the markets would crash. The US bubble has burst, Germany never had a bubble, the Canadian bubble will be bursting and thus rectifying the above statistical anomalies. – vreaa