Inequality worsening as wealth gap widens to highest since 2015: TD Bank report [Financial Post (Toronto, Ontario, Canada)]
Toronto Dominion Bank (The) (TD)
Last toronto dominion bank (the) earnings: 2/27 06:30 am
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Source: Financial Post
TORONTO — The gap between the highest earners and lowest income groups last year was at its widest since 2015 as the wealthiest households saw income grow much faster than lower-income Canadians. Higher interest rates are pushing middle- and lower-income households to spend more conservatively, which means consumer spending by the top earners will play a critical role in keeping the broader economy going. Article content As the national household net worth rebounded to 4.5 per cent last year, from a 6.5 per cent decline in 2022, the gains were not evenly distributed across income levels, the report said. Article content “Higher-income households benefited relatively more due to their larger holdings of financial assets, which were the main wealth drivers last year,” said Maria Solovieva, an economist with TD Bank, in her report. Household income in the top category was average of $197,909 in 2023 — up 6 per cent from the previous year. Meanwhile, middle- and low-income ho
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