Toronto has been named one of the wealthiest cities in the world, following a new report about the fastest growing cities with the most millionaires.
The World’s Wealthiest Cities Report 2023 by Henley and Partners (H&P), a residence and citizen advisory firm, features a list of 97 cities across nine regions worldwide.
The report includes data by wealth intelligence firm, New World Wealth, and analyzes the movements and spending habits of more than 150,000 high-net-worth individuals (HNWI) in their in-house database, including a special emphasis on individuals with over US$10 million in investable assets.
“New World Wealth’s database is focused on high-net-worth individuals with the work titles: Founder, Chairperson, CEO, and Director…The data also takes into account public prime property statistics (property registers and property sales). Specifically, it considers the number of highly priced homes in each area,” the report reads.
HNWIs refer to individuals with an investment income of US$1 million or more.
Among the cities highlighted were four Canadian cities, with the highest-ranking city being Toronto.
Toronto was listed as the 12th wealthiest city in the world, with a high-net-worth individual growth percentage of 29 per cent and a HNWI population of 105,200.
There are also 193 centi-millionaires, people who make US$100 million or more, and about 18 billionaires.
Vancouver is the second Canadian city at 29th on the list with 37,300 HNWIs, followed by Montreal in the 48th spot with 17,900 HNWIs.
The fourth and last Canadian city to make the list is Calgary, which ranked in the 55th spot with 14,700 HNWIs.
The city that topped the list and has the most millionaires is New York City.
H&P says these cities are in countries which host formal investment migration programs and actively encourage foreign direct investment in return for residence or citizenship rights, creating a perfect hotspot for millionaires.
