Too bad I went to Canada
- Thread starter danmand
- Start date
Is that cash or property and cash totaled?AVERAGE WEALTH PER ADULT IN 2024
Switzerland: $696,604
Luxembourg: $657,564
US: $579,051
Hong Kong: $552,930
Australia: $550,110
New Zealand: $472,153
Iceland: $457,795
Denmark: $426,494
Canada: $409,297
Netherlands: $400,828
No Norway?AVERAGE WEALTH PER ADULT IN 2024
Guess they are not including the sovereign wealth fund.
As of March 2024, it had over US$1.62 trillion in assets, and held on average 1.5% of all of the world's listed companies, making it the world's largest single sovereign wealth fund in terms of total assets under management. This translates to over US$295,000 per Norwegian citizen.
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Canadians have the highest debt per person. That doesn't include mortgage debt.
You have to take into consideration the cost living, quality of life, safety and security.
Its mostly because our tax rates are far too high which has caused a massive exodus of high net worth people in the past decade. Here are the top marginal income tax rates by province and the level of income that they kick in at
Alberta 48% on income over $355K
British Columbia 53.5% on income over $253K
Manitoba 50.4% on income over $247K
New Brunswick 52.5% on income over $247K
Newfoundland 54.8% on income over $1.1 million (52.8% on income over $247K)
Nova Scotia 54% on income over $247K
Ontario 53.5% on income over $247K
Price Edward Island 51.75% on income over $247K
Quebec 58.75% on income over $247K
Saskatchewan 47.5% on income over $247K
With the exception of Alberta and Saskatchewan every province is taking over 50% on a relatively small amount of income (usually $247K). Quebec is the worst at 58.75%. That is theft!
In comparison, the US top federal rate doesn't kick in until $609K.
Alberta 48% on income over $355K
British Columbia 53.5% on income over $253K
Manitoba 50.4% on income over $247K
New Brunswick 52.5% on income over $247K
Newfoundland 54.8% on income over $1.1 million (52.8% on income over $247K)
Nova Scotia 54% on income over $247K
Ontario 53.5% on income over $247K
Price Edward Island 51.75% on income over $247K
Quebec 58.75% on income over $247K
Saskatchewan 47.5% on income over $247K
With the exception of Alberta and Saskatchewan every province is taking over 50% on a relatively small amount of income (usually $247K). Quebec is the worst at 58.75%. That is theft!
In comparison, the US top federal rate doesn't kick in until $609K.
When someone complains about Canada and a better life elsewhere, I always say "You're free to leave." My Grandfather escaped communism to build a better life for my Dad and I in Canada and I never take that for granted.
It would be amazing if we had a government that proactive and visionary wouldn't it. We are blessed with arguably the most natural resources on the planet after all.
And many have been taking advantage of that. Perhaps myself if things don't drastically change under the next regime(s)
How massive was this exodus of high net-worth people in the past decade that you state was caused by our tax rates being far too high?
You're mad because you ended up in a top ten nation? Talk about only living with first world problems.
Its the $15k more in assets that he would have had staying in Denmark that must really make him feel like he wasted his life.
Anyone who wants to move to the USA and is a senior and has no private health plan, think again, in 2021 more seniors in the U.S had to sell their home and declare bankruptcy than in any previous year . Also, medicare and Medicade have many restrictions. I know a person who had to go to a hospital for heart surgery overnight, cost $50,000. Also know of Canadians living there that have open airline tickets to come back if they have a sudden illness. Be careful what you wish for.
