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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As a seasoned expert in finance, wealth distribution, and global economic trends, I am well-versed in the intricate details of the recent report on the wealthiest cities in the world for 2023. The World's Wealthiest Cities Report 2023, released by Henley & Partners in collaboration with New World Wealth, provides a comprehensive analysis of millionaire hotspots globally, with a specific focus on Canada.
The report's primary metric for wealth assessment is the "high net worth individuals" category, representing individuals with an investable wealth of US$1 million or more. Notably, Toronto emerges as the Canadian epicenter of affluence, boasting an impressive 105,200 such individuals. Beyond this, Toronto leads in centi-millionaires (those with $100 million or more in assets) and billionaires among Canadian cities, with 193 and 18, respectively.
Vancouver, the second wealthiest city in Canada, follows Toronto with 37,300 individuals having a wealth of US$1 million or more. While Vancouver is home to fewer centi-millionaires (67) and billionaires (6) than Toronto, it still stands as a significant hub of affluence. Montreal and Calgary also secured positions on the list, with 17,900 and 14,700 high net worth individuals, respectively.
Calgary, intriguingly, distinguishes itself by experiencing the fastest-growing millionaire population among Canadian cities. This indicates a noteworthy economic dynamism within the city, contributing to its ascent in the wealth hierarchy.
Globally, New York takes the lead with the highest number of millionaires. Although no Canadian city made it to the global top 10, Toronto managed to secure a position among the top five wealthiest cities in North America, trailing behind New York City, San Francisco's Bay Area, Los Angeles, and Chicago.
In the realm of billionaires, Canada is home to 63 individuals who made it to Forbes' World's Billionaires List for 2023. Prominent figures include David Thomson, the chairman of Thomson Reuters; Jim Pattison of the Jim Pattison Group; Alain Bouchard, co-founder of Alimentation Couche-Tard; and Mark Scheinberg, co-founder of PokerStars.
This comprehensive overview underscores the economic landscape of wealth distribution in Canada, shedding light on the concentration of affluence in key cities and the individuals who contribute significantly to the nation's prosperity.
