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Economist says bridging racial wealth gap will bring economic benefits

She notes that in Canada, about 40% of the total national household net worth is in the form of home equity. He was also the main driver of wealth growth during the pandemic, accounting for 55% of the total $2.8 trillion increase in family wealth since the fourth quarter of 2019.

However, due to the low percentage of property ownership, many people of color in Canada are looking outside. Black Canadians, in particular, accounted for only 38.4% of homeowners—the lowest rate among visible minorities—according to the 2016 Statistics Canada Census.

If visible minorities owned the same percentage of homes as white Canadians, he said, the nation’s net worth would be $100 billion more. And compared to the non-visible minority community, visible minorities earn less than the salary and investment income, earning as little as 65 cents for every dollar they invest.

In the year 2020, visible minorities lost a disproportionate amount of jobs. According to recent survey data, their unemployment rate stood at 1.8%, despite better working conditions.

Because they have weak financial bases, Billy-Ochiang said it is hardly surprising that less visible minorities own businesses. This group makes up about one-fifth of the population in Canada, but only 13% are private company owners.

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