Canada and Australia have long been considered two of the wealthiest countries in the world. However, recent data shows that Canada is actually getting poorer when compared to its wealthy peers.

According to a report from the Organization for Economic Co-operation and Development (OECD), Canada and Australia were equally rich in 2015, with average wealth per adult at $270,000 US. However, by 2022, Canada's wealth per adult is expected to drop to $244,300 US, while Australia's is projected to increase to $469,800 US.

This means that Australia will be significantly wealthier than Canada by 2022, with a wealth per adult that is almost double that of Canada's. So why is Canada falling behind?

One of the main reasons for Canada's declining wealth is its slower economic growth compared to Australia. The OECD report suggests that Canada's economy will grow at a rate of 1.5 per cent annually by 2022, while Australia's economy is projected to grow by 2.7 per cent annually.

Additionally, Canada's high levels of household debt and low rates of saving are contributing to its decline in wealth. The report notes that Canada has one of the highest household debt levels in the world, with household debt-to-income ratio projected to reach 191.2 per cent by 2022.

On the other hand, Australia has a lower household debt-to-income ratio and higher rates of saving, which are helping to boost its wealth. The report also highlights Australia's strong economic performance and robust housing market as factors contributing to its wealth growth.

Overall, it is clear that Canada is falling behind Australia in terms of wealth, with economic growth, household debt levels, and saving rates all playing a role in this decline. If Canada wants to catch up to its wealthy peer, it will need to focus on boosting economic growth, reducing household debt, and encouraging saving among its citizens.