Yes, it’s true. For the first time, we are poorer than our cousins to the north. According to Time Magazine.
“So for the the first time in history, Canadians are wealthier than Americans — by more than $40,000, on average. In 2011, the average net worth of a Canadian household was $363,202, compared to $319,970 in the U.S., according to Environics Analytics WealthScapes data published in the Globe and Mail. [http://www.theglobeandmail.com/commentary/canadians-are-richer-than-they-think/article4380634/] (‘Average net worth’ measures the total combined value of a household’s liquid and real estate assets, minus debt.)”
It comes as no surprise to those of us who live close to Canada and have traveled there over the last few years, suffering with the mild humiliation of having our devalued dollar worth less than the Canadian version.
To blame for this reversal of fortune is the 2008 recession that kicked our collective American butt. That coupled with our stuck unemployment rate, which is a full percentage point higher than Canada and our plummeting real estate prices all translate into a lower than average net worth.
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