Toronto has received worldwide recognition for many things, and now it has also been named one of the world’s wealthiest cities by number of millionaires.
Yes, that makes Toronto a global capital for the world’s ultra-wealthy, according to the ranking by Visual Capitalist.
Out of 20 cities worldwide, Canada’s biggest city has landed in 14th place, between Frankfurt in Germany and Zurich in Switzerland.
According to the ranking, Toronto is home to a staggering 116,100 millionaires and 17 billionaires.
Toronto has more millionaires than Seoul, Melbourne, Dallas, Geneva, and even Paris.
“Toronto’s booming tech sector and red hot real estate market have helped push the city’s wealthy population to new heights,” writes Visual Capitalist.
Out of all the world’s wealthiest cities by number of millionaires, New York City takes 1st place with 345,600 millionaires and 59 billionaires.
After NYC comes Tokyo, followed by San Francisco, London, Singapore, Los Angeles, Chicago, Houston, Beijing, Shanghai, Syndey, and Hong Kong.
It seems that the Great White North is a popular place to live for the ultra-rich.
Canada was recently named one of the world’s most popular countries for centi-millionaires, which is an emerging class of wealthy individuals who possess a net worth of over $100 million USD.
Out of the top 10 countries in the world with the highest number of centi-millionaire residents, Canada has landed in 7th place with 514 of them.
That’s even more than Russia, which only has 435.
As for the rest of us, it looks like we’ll have to keep playing the lottery and hoping for the best.