Calgarians have lost nearly 40 per cent more during the recession compared to any other city in Canada, according to a recent study.

Pitney Bowes Business Insight, a geodemographic data provider, says Calgary is the Canadian city hit hardest by the recession.

“We have the most money to lose,” Calgarian Chris Atkinson said. “So when the stocks go down, so does Calgary.”

To come to these conclusions, Pitney Bowes applied the percentage change in the Bank of Canada’s S&P/TSX Composite Index between December 2007 and December 2008 to the average household values of equity holdings in Canadian cities, and found Calgary ranked number 1 with a loss of $29,607.

Toronto came in second, with a loss of $21,396.

“While no one remains untouched by today’s turbulent economic conditions, companies across all industries need to be aware of the degree that their target customers and markets are being affected,” said Thomas Exter, the chief demographer at Piney Bowes.

The study found Calgary is also the third richest city in Canada, only behind Vancouver and Toronto.