Did you know that Canadian immigrants are better-off than their Canadian-born counterparts? According to a study titled, The Wealth of Immigrant Families in Canada that was launched by Statistics Canada on Tuesday, April 2019, most immigrant families falling between the age of 45 and 64 have contributed significantly to the country’s economy thanks to their more than two decades existence. Those who have been born and bred in Canada are only worth nearly $980,000 compared to their immigrant earners who are worth an average of $1.06 million.
The study further revealed that foreign citizens who have stayed in Canada are likely to beat their counterparts on wealth. Take a look at immigrants aged between 35 and 64 who have lived and worked in the country for two decades, for instance. You will realize that they contribute up to 134 percent of the country’s economy since they are worth more than $575,695 while Canadian-born citizens stand at $658,607.
Since 1999, Canadian-borns have shown an incredible twist of events as they climbed a notch higher at 87 percent. Interestingly, new foreigners between age 25 and 44 made up to $271,935 while Canadian-born stood at $347,577. What does this indicate? It means new entrants will witness steady growth by 146 percent as opposed to Canadian-born equivalents who are at 70 percent.
For a long time, precedent studies have chosen to ignore the wealth status of immigrants. Instead, they have focused on matters affecting their financial stability, including low income and labor market results. Researchers for this article have made use of Surveys of Financial Security carried out between 1999 and 2016. Their primary source of inspiration was the gradual growth of wealth for both foreigners and Canadian-born families.
