I was just going over some mutual fund data for a client. Here’s a startling fact. The per capita mutual fund holdings in Ontario are over double the level in New Brunswick. Each and every Ontarioian holds about $25,000 in mutual funds (on average) compared to 12,000 in New Brunswick.
That’s a serious problem that trickles throughout the system. Mutual funds are by in large held by middle class folks. Ultra high net worthers get their kicks elsewhere (for the most part).
It’s one thing to say New Brunswickers have 25% less average income or a cost of living well below Ontario. But the serious and systemic lack of wealth creation in New Brunswick is catching up to us. We can’t come close to paying for our social system and we are only sinking deeper in the hole.
If your eyes glaze over, you shouldn’t be so skeptical. New Brunswick’s retirement holdings are worsening compared to Ontario’s. So the gap is widening. Project that out 25-35 years. Get a glimpse of our future.