Household wealth data for Q2 showed the lower income group’s reliance on transfer payments (EI, OAS, CPP, etc.) - unsurprising given the employment picture. The divergence in investment income is worth noting though…

… driven by the difference in portfolio make up between income bands. While the lowest income group has nearly half of its assets in real estate, which is losing value for the first time in a long time...

… the highest income group has greater exposure to equity markets, more than offsetting the soft housing backdrop.

Mix in sluggish wage growth and you get the largest gap in wealth on record, up nearly 30% since 2022.