Canada has a pretty big divide between the rich and the poor. On one hand you have people talking about their cabins up north and their Florida retreats, while the other half struggle to pay rent and are forced to ride the bus. It’s a big split, and one that the rich don’t even see.
However a new report from well-known bank brand, Royal Bank of Canada, has found that Canada is actually one of the harder developed countries to become rich in. The RBC Wealth Management conducted a study that aimed to rank the top 15 countries in which you can become rich.
Hardly surprising then, that the United States ranked number one on the list. Therefore proving that the American dream is still alive and well. Perhaps surprisingly, the rest of the top five is made up of mainland China, Singapore, India, and Hong Kong. The next two spots are occupied by Australia and then Canada.
So that puts Canada at the seventh most opportunistic country in which to gain wealth. Considering how many countries there are in the world, that’s not a bad position to hold, however we’d like to be far higher amongst the developed countries. Great opportunities to gain wealth means more people are likely to come to Canada and thrive.
As it stands, the best way to earn wealth in Canada, based on RBC’s ranking system, is through buying and selling properties. Turning over houses, condo’s, etc., is the best way to move into the middle/upper class, though buying your first property is almost impossible if you don’t have a lot of money to begin with. So it’s something of a vicious circle. Meanwhile the area where Canada fared the worst was business innovation and initiative, meaning Canadians are taking less risks and making less strides in the business sphere.
Ultimately though, we have to look at Canada’s ranking in the list as a positive. Taking into account that fact that we consider Canada to be little more than 150 years old, the country is developing at a rapid clip. Meaning ten, twenty years from now we could be definitely in the top five.