If you compare the relative wealth differences between the two, you will realize that the median wealth of Canadian-born families back in 1999 grew 1.03 times higher than the immigrant families, which slowed down by 3.25 times. Consequently, earnings of an average immigrant are likely to develop faster for new entrants than those who have stayed in the country.
Between 1999 and 2016, the average wealth for families that have been in existence less than ten years rose to 146 percent as opposed to two-decade-old families at 70 percent. Keep in mind that the growth rate of new immigrants was less than half of the total percentage.
What could have contributed to all these recent developments? You see, the Canadian Housing Department has ensured all of its citizens get access to decent housing regardless of their current statuses. Furthermore, it has allocated pension value for registered pension plan assets hence contributing to a 17 percent increase in wealth. It means wealth was measured using different assets that both Canadian-born and immigrant families owned from 1999 to 2016. Therefore, both the housing wealth and the value of RPP assets played a huge role in wealth growth of both parties. Still, immigrant families can attest to the fact that owning houses led to their enormous wealth growth and not the RPP assets.
The study may have been biased in specific ways, but this information will encourage both parties to work hard to meet both their short-term and end-term goals. Whether the trend will continue or a new twist of events will be experienced, immigrant and Canadian-born citizens are here to stay.
