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Wealth inequality worse than Canadians think: report

Although the majority of Canadians are concerned about wealth inequality in Canada, a new report says they’re also underestimating the sizable gap between the rich and the poor.

The Broadbent Institute asked 3,000 Canadians how they think wealth should, ideally, be distributed in Canada and the results were fairly evenly allotted with the richest 20 per cent holding 30 per cent of the wealth. In that ideal, the poorest 20 per cent held about three times less (11.5 per cent) and those in the middle held roughly 60 per cent.

Those surveyed were well aware, however, that reality doesn’t reflect the ideal. When asked how they think wealth is actually distributed, Canadians thought the richest 20 per cent held 55.5 per cent of wealth, the poorest had 5.8 per cent, or about 10 times less. The middle class, while holding less, is still holding on to a sizable chunk.

The reality is even less rosy.

READ MORE: http://o.canada.com/news/wealth-inequality-worse-then-canadians-think-562694