Recently, average household net worth for Canadians hit $363,202 while American households had $319,970. One theory on how Canadians became richer than Americans is that for the last 20 years, “Canada has pursued a hardheaded (even ruthless), fiscally conservative form of socialism,” said Paul Martin, former prime minister of Canada. The second theory is that American families lost nearly 40% of their median net worth between 2007 and 2010. The third theory is that Canada resisted the urge to reduce regulations on its banking system while other G8 countries were. From a distance, Canada watched as U.S. banks dissolved the wall between commercial and investment banking. The fourth theory has to do with Canada’s natural resources—softwood lumber, potash, various metals and the Alberta tar sands—are fetching top price.
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