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When it comes to comparing the wealth of countries, Canada and Australia have long been considered to be on a similar level. However, recent data shows that Canada is actually getting poorer when compared to its wealthy peers, including Australia. According to a report from the World Bank, Canada's wealth per adult has been steadily declining in recent years, while Australia's has been on the rise.
In fact, as of the most recent data available, Canada and Australia were equally wealthy in 2010. But by 2016, Australia's wealth per adult had grown by 19.2 per cent, while Canada's had declined by 1.2 per cent. This trend is expected to continue, with Australia's wealth per adult projected to grow by 4.8 per cent by 2022, while Canada's is expected to decline by 1.2 per cent.
There are several factors that may help to explain why Canada is falling behind Australia in terms of wealth. One possible reason is Canada's slower population growth, which has led to a smaller workforce and lower economic output. Additionally, Canada's economy has been heavily reliant on the oil and gas industry, which has been struggling in recent years due to low global prices.
On the other hand, Australia has benefited from a booming mining industry and strong domestic consumption, which have helped to drive economic growth and increase wealth per adult. Additionally, Australia's population has been growing at a faster rate than Canada's, which has helped to boost economic output and overall wealth.
It is important to note that wealth per adult is just one measure of a country's overall wealth and prosperity. There are many other factors to consider, including income inequality, poverty rates, and overall quality of life. However, the fact that Canada is falling behind Australia in terms of wealth is certainly cause for concern.
In conclusion, while Canada and Australia have long been considered to be on a similar level in terms of wealth, recent data shows that Canada is actually getting poorer when compared to its wealthy peers. Factors such as slower population growth and reliance on the struggling oil and gas industry may be contributing to Canada's decline in wealth compared to Australia. It will be important for policymakers to address these issues in order to ensure that Canada remains competitive on the global stage.