Working poverty grew by 26% in Markham, 22% in Brampton, and 21% in Richmond Hill. Change in Percentage of Working Poor Individuals Among Working-Age Population, After-Tax, Toronto CMA, 2006–2012:335
• The report concludes that higher wages, better job stability, and more effective support programs are needed to respond to the trend towards working poverty and to create both the labour market and the society Torontonians want. Toronto could reduce and even eventually eradicate working poverty.336 Is Toronto on its way to becoming an “elite citadel”? • Toronto ranks 14th on a list of global cities with the most ultra-high-net-worth individuals (UHNWIs), defined as those with $30M or more in net assets. • The Wealth Report, published by independent real estate consultancy Knight Frank, maps the global super-rich and finds Toronto has a total of 1,216 of these individuals within the city, representing 0.7% of the total global UHNWI population. • Controlling for population, i.e., on a per capita basis of 100,000 residents, Toronto shifts to 13th place with 20.1 UHNWIs per 100,000 residents. • Toronto has not evolved beyond gentrification to “plutocratisation,” in which “global cities…are turning into vast gated communities where the one percent reproduces itself” (a phenomenon being experienced by the “superstar cities” topping the list: Toronto’s Vital Signs® Report 2015 Gap Between Rich and Poor
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