From world-class cities to wide open wilderness, Canada is a country that has it all. So, it’s no surprise that many millionaire residents call it home. In fact, Canada is home to cities with the fastest-growing millionaire populations in the world.
A new report by Henley & Partners has named the wealthiest cities in the world for 2023. These cities have the greatest number of millionaire residents and they’re located all over the map.
In addition to this report, Henley & Partners has also provided a list of the cities with the fastest-rising millionaire populations.
The report is said to be the “world’s most comprehensive high-net-worth population dataset for cities.”
The data is supplied by a wealth intelligence firm called New World Wealth, which tracks “global wealth migration trends between countries and between cities.”
To determine the wealth of these individuals, the report looks at their “investable wealth” which includes property, cash, and listed company holdings.
Canada may not have any of the 10 wealthiest cities in the world in 2023, but it does have four of the cities with the fastest-growing millionaire populations in the world.
Toronto is the highest Canadian city on the list and the 12th overall in terms of most millionaires, with a whopping 105,200 millionaires in 2022. Inside that number are 193 centimillionaires and 18 billionaires.
Since 2012, Toronto saw a 29% increase in millionaires, or high-net-worth individuals (HNWI). In this case, HNWI refers to those with a net worth of $1 million USD or more.
The next Canadian city on the list is Vancouver with a total of 37,300 millionaires, and an HNWI increase of 44% in the past ten years. That places Vancouver in second across Canada for both metrics.
Montreal has the 4th-fastest growing millionaire population with a 10-year increase of 21% and, has 17,900 millionaires in total.
Despite Calgary only having a total of 14,7000 millionaires, it has the fastest-growing number of millionaires. The Albertan city saw an HNWI increase of 48% since 2012.
Now you know where the richest Canadian residents can be found. Edmonton and Ottawa, you have some catching up to do!