GDP per capita in Canada was US$48,720 in 2022 compared with Australia's US$52,680. Canada has lagged Australia in “productivity performance” as well as in growth in living standards for years, according to an analysis by the Fraser Institute.
In fact, since 1990 Australia's per-person income growth has exceeded Canada's by half a percentage point (on average) while income growth has exceeded Canada's by 0.8 percentage points.
Canada is among the world's wealthiest countries in 2022. The country is also seen as a favoured destination for millionaires on the move. The latest Henley Global Citizens report provided an overview of the world's 10 wealthiest countries (W10) in terms of net inflows and outflows of millionaires projected for 2022.
Australia has plentiful supplies of natural resources, including the second largest accessible reserves of iron ore in the world, the fifth largest reserves of coal and significant gas resources.
Canada is a wealthy nation because it has a strong and diversified economy. A large part of its economy depends on the mining of natural resources, such as gold, zinc, copper, and nickel, which are used extensively around the world. Canada is also a large player in the oil business with many large oil companies.
You're rich! Australia is now home to 2.2 million millionaires, according to a new study. Half of all Australians in 2021 had more than $400,000 in wealth. It means we have the highest median wealth of all the countries studied.
Along with other factors cost of education plays an essential role in deciding where to study. Canada is much cheaper than Australia in terms of tuition fees. Students who wish to study abroad at an economical rate must consider it. The average tuition fee to study in Canada is USD 18,723, while that for USD 32,989.
Canada is 6.1% cheaper than Australia.
Canada is one of the best countries providing quality education with placement and other facilities, whereas Australia is also one of the most popular destinations for studying abroad. However, there are certain advantages of studying in Canada rather than Australia.
Currently Australia has the 12th biggest economy but it will overtake Canada, Russia, Brazil and Italy in 80 years' time, according to the University of Washington research.
Australia's average wealth is just 1.8 times our median wealth; by contrast the UK's is 2.2 times greater, while the US is second worst out of the top 50, at 6.7 times.
And it turns out Perth has the wealthiest neighbourhoods in the country. Residents of Cottesloe and Peppermint Grove in the Western Australian capital boast an average taxable income of $325,343 apiece.
half of the world's net wealth belongs to the top 1%, top 10% of adults hold 85%, while the bottom 90% hold the remaining 15% of the world's total wealth, top 30% of adults hold 97% of the total wealth.
Do you ever wonder how many millionaires live in Canada? According to a recent study, there are around 1,681,969 millionaires living in Canada. The nation's population is roughly 39 million which means approximately 4% of Canadians are millionaires.
About 3 million Canadian families have a total net worth of over one million dollars. These families make up 73% of Canada's total wealth. The main gains in global wealth distribution have increased from 1,436,000 in 2019 to 1,682,000 in 2020 among adults with wealth exceeding $1 million.
The country is the third largest in the world in land mass and has just over 36 million people. The three biggest virtues the Canadian society offers its new immigrants are – an excellent public health care system, high quality of living, and the lowest crime rates. These reasons make Canada your first choice.
One in four Australians, 25.1 per cent, are finding it difficult to get by on their current income, new analysis from The Australian National University (ANU) shows. This is the highest percentage of financial stress among Australians during the COVID-19 pandemic and almost as high as pre-pandemic levels.