There’s a study out there that says the net worth of Canadians is now higher than that of Americans.
The study is impenetrably absurd, and so are the pundits touting it.
The study from Environics Analytics of Toronto says the average Canadian household had a net worth of $363,202 at the end of last year, versus $319,970 for the average American household. The average Canadian household now looks to be more than $44,000 richer than the average American household, the study says.
Set aside the oversights, including that it appears the study uses U.S. government statistics that leave out Americans’ massive 401(k) accounts as Americans are not required to report these retirement accounts on tax returns. The study attempted to use estimates here, but the disclosures are poor.
Similar, too, is the fact that the study ignores Canada’s microscopic defense spending, which amounts to a fraction of the U.S. military budget. For decades, Canada has relied on the U.S. for its own defense and protection, and instead blows its money on a flawed single-payer health system that is growing more expensive and whose long wait times for exams and doctor or hospital visits has Canadians flying down to the U.S. for health care.
