Canadians richer than Americans for first time in history

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Canadian households are worth more than their American counterparts by a strong margin for the first time, according to a report.

According to the report by the Toronto Globe and Mail, with a net worth of 3,63,202 dollars, the average Canadian household is worth 40,000 dollars more than the average American household, the report said.

The average American household's net worth is 3,19,970 dollars, the New York Daily News reports.

The average Canadian also has a house 'worth over $140,000 more' than their neighbours to the south, the newspaper reported, giving them "almost four times as much remaining equity in their real estate."

Their unemployment rate dropped to 7.2 per cent last month, while the American unemployment rate has held steady at 8.2 per cent for the past few months.

Canadian consumer confidence is also higher than in the United States, the report said.

The average American has more liquid assets, cash in hand, than the average Canadian.