According to the most recent numbers in 2019 from
Credit Suisse's annual global wealth report, Canadians’ middle class or median wealth of $106,342 outranked the same median income figure of $61,670 for Americans.
Several factors have allowed Canada to pass the U.S. in middle-class prosperity. First, American educational attainment has dropped precipitously in comparison to other developed countries. While Americans over 55 are highly educated and literate compared to their Canadian and European counterparts, the same cannot be said for those in the 16- to 24-year-old age bracket, who rank near the bottom for all rich countries in educational attainment.
Additionally, the private sector
wage gap between high-level executives and entry-level workers is massive in the U.S., especially when compared to Canada and developed European countries. T
his is why economic indicators such as GDP can be misleading when trying to discern which country's citizens are doing the best economically. The U.S. boasts impressive economic numbers, but a large number of its citizens do not benefit from them.