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TaxCOOP - Top 5 Richest Canadian Billionaires During The Canadian COVID‐19 Lockdown

From March 16th to May 16th:

  • 0.09% OF THEIR WEALTH IN CASH DONATIONS FOR COVID‐19

  • 9% INCREASE IN THEIR NET WORTH

MONTREAL, May 25, 2020 /CNW Telbec/ - During the Canadian COVID‐19 lockdown, TaxCOOP studied the wealth and donation profile of the GAFAM and the top 5 wealthiest Canadian individuals.

Evidence shows that, during the two‐month lockdown period (March 16 to May 16):

TOP 5 richest Canadian billionaires:

  • 0.09% OF THEIR WEALTH IN CASH DONATIONS FOR COVID‐19

  • 9% INCREASE IN THEIR NET WORTH (as reported by Forbes)

From March 16th to May 16th, cash donations from the five wealthiest Canadians represented 0.09% of their wealth. When considering in‐kind donations, this percentage can reach 0.15%.

Over the same period, these five Canadians, who had an initial total wealth of US$59 billion, saw their wealth increase to US$64.5 billion, a total increase of more than 9%.

GAFAM [Google, Apple, Facebook, Amazon, Microsoft]

  • 0.09% OF THEIR WEALTH IN CASH DONATIONS FOR COVID‐19

  • 7.7% INCREASE IN THEIR NET WORTH (as reported by Forbes)

From March 16th to May 16th, cash donations from the GAFAM, their billionaire founders and private charities represented 0.09% of their wealth. When considering in‐kind donations, this percentage can reach 0.20%.

Over the same period, the founders of the GAFAM, who had an initial total wealth of US$362 billion, saw their wealth increase to US$390.1 billion, a total increase of more than 7.7%.

These findings support the need for immediate action to combat income inequality, highlighting the necessity for an international tax reform.

About TaxCOOP

TaxCOOP is a Quebec‐based non‐profit organization that organizes annual international events dedicated to tax competition and cooperation. TaxCOOP's main mission consists in maintaining international tax justice and fairness. The organization's head office is in Montreal, Quebec, Canada.

TaxCOOP events have been successively held at the World Bank, the United Nations, the OECD and COP25 in Madrid. For 2020, TaxCOOP organizes the World's largest Tax Summit, held both online from October 13th to October 15th and at the Montreal Science Center on October 15th (depending on social distancing rules).

SOURCE TaxCOOP

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View original content: http://www.newswire.ca/en/releases/archive/May2020/25/c7342.html