toronto millionaires

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Paris’ grand boulevards may be well-stocked with well-heeled residents and San Francisco is home to rich tech stars, but Toronto has a higher percentage of millionaires than both cities.

According to recent research by WealthInsight and wealth management magazine Spear’s, Toronto ranks number 15 on a list of the top 20 global cities by millionaire density, while San Francisco ranks 19 and Paris takes the last spot. About 2.29 per cent of Toronto’s citizens have seven figures or more to their name. Toronto was also the only Canadian city to make the ranking.

In the research a millionaire is any individual with net assets of $1 million USD or more, excluding their primary residences.

Monaco, a city-state with no income taxes, took the top position on the list. In other words, if you’re on the way to the casino or marina, every three out of ten people you’ll see will be millionaires.

The European banking centres of Zurich and Geneva took second and third place respectively, with millionaire density rates of 27.34 per cent and 17.92 per cent respectively.

Cities known for being the financial centres of their countries featured prominently on the list. New York City came in fourth (4.63 per cent), Frankfurt ranked fifth (4.63 per cent) and London scored sixth (3.39 per cent).

See the full list of 20 global cities, ranked by millionaire density, here:

1. Monaco (29.21 per cent)

2. Zurich (27.34 per cent)

3. Geneva (17.92 per cent)

4. New York (4.63 per cent)

5. Frankfurt (3.88 per cent)

6. London (3.39 per cent)

7. Oslo (2.90 per cent)

8. Singapore (2.80 per cent)

9. Amsterdam (2.63 per cent)

10. Florence (2.59 per cent)

11. Hong Kong (2.58 per cent)

12. Rome (2.54 per cent)

13. Dublin (2.40 per cent)

14. Doha (2.31 per cent)

15. Toronto (2.29 per cent)

16. Venice (2.25 per cent)

17. Brussels (2.11 per cent)

18. Houston (2.09 per cent)

19. San Francisco (2.07 per cent)

20. Paris (2.04 per cent)

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