Albertans know how to get rich and stay rich

Despite the downturn in our province, turns our Albertans are the most likely to become successful and financially secure. According to newly released data by Miles Corak, an economics professor at the University of Ottawa, there are huge differences in economic stability in different provinces. In fact Albertans are considered to be in the “postal code lottery”.

In looking at the data, Alberta is doing enormously better than their Canadian counterparts when it comes to success and money.

Here’s a breakdown of some of the notable findings:

• Albertans were the most likely to live a “rags to riches” life. Meaning, 18.5 per cent born among the lowest fifth of earners, would move up to the highest fifth of earners in their lifetime. This is twice as likely as those living in Quebec.
• Albertans also reign supreme when it comes to staying wealthy. Over 37 per cent of Albertans born in the top fifth of earners stayed that way into adulthood. Only 25 per cent of people in BC were able to do this, in comparison.
• When it comes to getting out of hard times, Alberta scored the best here too! Albertans scored lowest in probability of being stuck in a cycle of poverty. Meaning, only 25 per cent that were born into the lowest earning demographic weren’t able to get out of it. When you compare that to the highest at 41 per cent (Manitoba), that’s a big upside.

Another point of interest, is that this study also broke down the economic mobility differences between urban and rural areas, finding that rural areas struggled more than urban areas did. But, Alberta scored well in this area too.

Many rural areas — particularly the oil-rich parts of the West — have some of the best income mobility in the country, which Corak says ultimately depends on a region’s economic circumstances. [Huffington Post]

All in all, on the brink of Canada’s 150th birthday this weekend, I’d say there’s some great economic wins for Alberta to celebrate too!

Tags : alberta, alberta economy, calgary, calgary economy, calgary money, calgary real estate, canada 150, canada economy, Canadian economy