Toronto was just named one of the richest cities in the world

If you’ve been feeling like life in Toronto is getting more expensive by the day — from skyrocketing grocery bills to housing prices — you’re definitely not imagining it, as a new report ranks Toronto as the 15th wealthiest city in the world based on the number of millionaires who live here.

The World’s Wealthiest Cities Report is an annual list published by Henley & Partners alongside wealth intelligence firm New World Wealth, and it provides a review of the 50 wealthiest cities in the world, with insights on economic mobility, prime property, wealth management, and the investment migration sector.

Similar to last year, two Canadian cities managed to make the list of 50 destinations, including Toronto, which boasts 108,400 millionaires, 184 centi-millionaires (individuals with liquid investable wealth of $100 million USD or more), and 20 billionaires.

While Toronto fell two spots since last year when it ranked number 13, it has witnessed a notable millionaire growth percentage change — 18 per cent since 2014, to be precise.

Vancouver was the only other Canadian city to be featured on the list in the 29th spot, with 46,400 millionaires, 90 centi-millionaires, and 11 billionaires.

While the report did not name any billionaires specifically, Forbes’ 2025 World Billionaires List gives us an idea of who the top-earning individuals (and families) in the country are. This year’s list included Binance CEO Changpeng Zhao, Sherry Brydson (Thomson Reuters), and David Cheriton (Google).

Here are the top 10 wealthiest cities in the world, according to the report:

1. New York City, U.S.
2. The Bay Area, U.S.
3. Tokyo, Japan
4. Singapore, Singapore
5. Los Angeles, U.S.
6. London, U.K.
7. Paris, France
8. Hong Kong
9. Sydney, Australia
10. Chicago, U.S

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