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Canada is a country famous for the growth of the national wealth, its transformation into financial and economic, and political leader of the capitalist world. Canada uses any opportunity to take control over new markets, to increase the production and export products and investments. Canada has become a country many people want to invest in; “people follow stability and strength, and so there's people investing in Canada like they used to invest in England, the United States and German. The world feels our affluence” (Serving Up the City to the Super-Rich 2007). Investment is an integral part of the country’s policy and making investments in an economically strong and stable country like Canada often guarantees the development and preservation of the company’s well-being. Therefore, there is tremendous amount of cash influx from foreign economies into Canada, making more investments in Canadian economy, -like this case of construction of 14 hyper-luxury condos- accompanied by buying lots of Canadian dollars, thus rising demand for it and making the value of Canadian currency grow. “There is a stealth influx of foreign capital changing the face of downtown Toronto from the waterfront to Yorkville” (Serving Up the City to the Super-Rich 2007).
In Canada today, the middle class is shrinking, while the percent of the rich and the poor continues to grow. The average work hours of Canadian working individuals in April 2009 were 36.2 hours per week, but very large percentage of 9.2% of Canadians still falls in the category of low income. Yet, the number of millionaires and billionaires is growing. In 2002, the number of persons with income of $250,000 and over were 94,020 but in 2006, the number has increased to 144,830 (Statistics Canada). As one of the results of increased number of these rich people, we can now even witness a gigantic project like this: “Welcome to Toronto's new era of wealth.
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Canada is considered to be the country of great opportunities but in the reality the percent of poor is still at large. Nowadays the Canada’s opportunities are just a myth. I have aimed to provide the analysis of one of global issues and challenges that exist nowadays – the rich and poor gap. In today's world everyone must have a degree of literacy regarding the global problems, issues, concerns, and trends that increasingly impact our lives. One of serious economic problems for Canada in the 21st century is the great gap between rich and poor that is constantly growing. The rich and the poor have opposite lifestyles – while the rich can afford almost everything –“BMO CEO Tony Comper spent $16 million for a Yorkville penthouse”- while the poor can afford almost nothing (Collison 2007).
1. Article “Serving Up the City to the Super-Rich” (2007).
2. Harvey, D. (1989). “Managerialism to Entrepreneurialism: The Transformation in Urban Governance in Late Capitalism”. Human Geography, Vol. 71, No. 1, The Roots of Geographical Change: 1973 to the Present, pp. 3-17.
3. Statistics Canada. Retrieved June 3rd, 2009, from
http://www40.statcan.gc.ca/l01/cst01/cpis03a-eng.htm?sdi=composite%20index and http://www40.statcan.gc.ca/l01/cst01/famil105a-eng.htm?sdi=income
4. Collison R. (2007). “Multimillion-dollar penthouses, roaring Aston Martin sales and Land Rovers for the wife-- welcome to Hedgistan, Canada”. Retrieved June 1st, 2009, from