Widening gap between rich and poor in Atlantic Canada: report

There are 77,000 households in Atlantic Canada whose debts exceed their assets, a sign of the growing gap between the rich and poor, says a new report by GPI Atlantic.

'Even while wealth has been increasing, we've seen increasing financial distress.'— Ron Colman, GPI Atlantic

Report co-author Ron Colman says that there are growing numbers of people who could not pay off their debts even if they sold everything they owned.

"This is true across the country," said Colman.

"The poorest 20 per cent of Canadians went deeper into debt during the past decade, but it's during a period of apparent prosperity. It's during a financial boom period. So even while wealth has been increasing, we've seen increasing financial distress."

The GPI study also found the rate of bankruptcy in Atlantic Canada is higher than in other parts of Canada. But Colman said the region also has 11,000 millionaires, and even some billionaires.

He called on politicians to work on ways to ensure a more equitable distribution of wealth in the region.

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