NOW Toronto: Eat the rich

[marmar]

Eat the rich
Toronto’s rich getting richer, poor getting hungrier

By Carl Gouldson


Almost a year after the U.S recession’s $700 billion launch party ($40 bil here) a top-down trickle of calmer waters in the news has the media sounding slightly less apocalyptic.

But now that we can look back it seems Toronto’s magnates and moguls never actually felt the burn described by the hype, and average Canadians are still very much in the woods.

The amount of money that apparently came into Toronto last year actually makes it difficult to get what all the fuss was about. Three of five of the country's highest earners are right here in the city.

And with the exception of Rogers, Loblaw and a real estate company, everyone in the top ten made money.

But while Rogers' net worth dropped to a pittling $4.7 billion and Loblaw fell short at just over 5, Canada’s top earner, financial data/media conglomerate Thompson Reuters of Toronto cleared over $20 billion last year. ...........(more)

The complete piece is at: http://www.nowtoronto.com/daily/story.cfm?content=172500