Confirming this, it's just been announced that Toronto has risen up on the Global Financial Centres Index this year, landing a spot in the top 10 of the world's most important financial centres in the world.
But that’s not all – Toronto has surpassed major cities like Boston, Chicago and Washington D.C to claim the title of being the seventh-most important financial centre in the world, following in the likes of London, NYC, Hong Kong, Singapore, Tokyo, and Shanghai respectively.
As for the rest of Canada, Montreal rose to the 12th spot, while Vancouver came in 17th. Ranked 71st, Calgary is the only other Canadian city to make an appearance on the list, which includes a total of 108 global cities.
So, what makes each city deserving of its ranking? The study looks at job availability, competition between businesses, infrastructure, human capital, reputation, and other factors in determining where a city ranks.
The study also reveals that Toronto is the second-highest ranked city in North America, the other being New York, which gives the city mega bragging rights and even strengthens the cities chance at securing the new Amazon headquarters bid.