Four billionaires out of eleven advisers? That’s the proportion in Finance Minister Jim Flaherty’s new Economic Advisory Council. Maybe it’s because they’ve got the most to lose in a depression. Or they’re the only ones who can afford to work for a dollar a year.

At The Progressive Economics Forum, Marc Lee has some reservations:

The Economic Advisory Council is not exactly a representative group. No labour representation, no Aboriginal reps, no one from the social or non-profit sector whatsoever. Thus, the groups most likely to be affected by the recession have no voice on this panel.

In fact it is hard to imagine a less representative group. While it is nice that they are working for $1, it is not like any of them need the cash. Out of eleven panelists, we have four (!) multi-billionaires.

There is James Irving, who along with brother John, sits at number two on Canadian Business’ 2008 Rich 100 list with a combined net worth of over $7 billion. Add in Jimmy Pattison, number five on that list with net worth of just under $5 billion. And Paul Demarais is number eight, with net worth of more than $4 billion. Don’t forget Mike Lazardis of Research in Motion fame, who sits at number fourteen with net worth of $2.6 billion.

The Hook welcomes readers’ suggestions on preferable advisers for Mr. Flaherty.