It's Official, Canadians Now Make More Money Than Americans
The median Canadian household makes more than their southern neighbours.
As Canadians, we often have a lot of pride for our nation. From maple syrup to free health care, there are definitely a few things that set us apart from our American neighbors. However, it looks like life in Canada just got a little better, as a new study shows that most Canadians are now making more than Americans.
That's right, in a report released by the Centre for the Study of Living Standards, it shows that as of 2016, most Canadians have actually been making more than Americans when it comes to median household income.
Middle-class Canadians, who are in the bottom 56 percent of the income distribution are actually considered to be better off than those in America. In fact, it was reported that in 2016, the average median household income in Canada was around $70,675, while the average US income was only ranked at $58,849.
However, if you take into consideration the exchange rate, Canadians would be roughly making $59,438 US, which is roughly one percent higher than the American counterpart.
However, while the median household in Canada makes more than Americans, how much more a Canadian makes compared to Americans differs depending on the class of the family.
Canadians in the 1-5th deciles (or the lower to middle-class), actually make way more than their American counterparts, according to Bloomberg.
If all incomes were converted to American dollars, Canadians could be seen making an average of $3,000 US more a year than their southern neighbors.
Yet, with American being a growing commercialized country, Canadians start to fall behind when it comes to the higher class.
According to Bloomberg the average high-class household in Canada makes $212,500 US a year, while the average American household makes $284,100, a stark $70,000 difference.
This means, that while median households in Canada are making more than those in America, America is still seen as the richer country overall.