These Are The Wealthiest Canadian Cities Where You'll Find The Richest People In Canada
Does your city make the cut? 💵
The city of Toronto. Right: Canadian 100 dollar bills.
Ever wondered how many millionaires live in Canada? Well, according to new research, some Canadian cities have a lot more millionaires than others.
A new report on the wealthiest cities in the world in 2023 has detailed where in the country you'll find the richest people in Canada, including Canadian billionaires.
The World's Wealthiest Cities Report 2023 was released Tuesday by international investment migration firm Henley & Partners in partnership with global wealth intelligence firm New World Wealth.
The report looked at the top millionaire hot spots around the globe, as well as which cities have the fastest-growing populations of millionaires, with a total of 97 cities included.
In Canada, the city with the most "high net worth individuals," aka, those with an investable wealth of US$1 million or more, is Toronto, with a whopping 105,200 individuals who meet this threshold.
The city also has the most centi-millionaires (someone who has $100 million or more in investable assets) and billionaires out of any other Canadian city, at 193 and 18, respectively.
Vancouver is the second wealthiest city in Canada, with 37,300 individuals with a wealth of US$1 million or more. The city is home to far fewer centi-millionaires and billionaires, however, at 67 and 6, respectively.
The last two Canadian cities to make the list are Montreal, with 17,900 residents with an investable wealth of US$1 million or more, and Calgary, where 14,700 people meet this threshold.
The two cities only differ slightly in the number of centi-millionaires and billionaires that live there, with Montreal having 26 centi-millionaires and only 2 billionaires, while Calgary has five fewer centi-millionaires.
Out of the Canadian cities, however, Calgary did come out as the city with the fastest-growing millionaire population.
Globally, the city with the most millionaires is New York, which may not be very surprising.
While no Canadian cities made the global top 10 — which included Tokyo (2) London, England (4), Beijing (8) and Sydney, Australia (10) — Toronto did manage to make it into the top five wealthiest cities in North America, coming in at spot number five behind New York City, San Francisco's Bay Area, Los Angeles and Chicago.
Canadian billionaires
As for who Canada's billionaires actually are, Forbes recently put out its annual World's Billionaires List, which ranks the richest people in the world by their wealth.
A total of 63 Canadian billionaires were mentioned on the list, including David Thomson, the chairman of Thomson Reuters who has a net worth of $54.4 billion and Jim Pattison of the Jim Pattison Group, whose divisions include companies like Ripley's Believe It Or Not! and Guinness World Records and has a net worth of $9.5 billion.
Also mentioned was Alain Bouchard, who cofounded the convenience store conglomerate Alimentation Couche-Tard and has a net worth of $6 billion, and Mark Scheinberg, who cofounded PokerStars and is the 10th richest person in Canada with a net worth of $5.2 billion.
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