The finance sector in Calgary has been ranked one of the top in North America, coming in just behind Vancouver and San Francisco.
According to a new report from the Conference Board of Canada, Calgary’s finance workforce is the 10th best in the continent and ranks as the 20th best worldwide.
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Toronto ranked as the only Canadian city in the report’s top 10 financial sectors worldwide, coming in eighth, placing higher than Shanghai and Frankfurt.
Vancouver and Montreal were also mentioned in the report, listed as the eighth and sixth-best finance sectors in North America, respectively. Toronto was nearly at the top of the list, coming in second to New York.
The finance sector includes those who work in banks, the stock exchange, asset management, and insurance, among other fields.
Nationally, Canada has the second-highest amount of venture capital investments of all the OECD member countries (Organisation for Economic Co-operation and Development). In 2019, Canada’s venture capital investments totalled US$3.33 billion, second only to the United States.
According to the report, Canada’s finance and insurance services exports have grown over
$6.3 billion in the past 10 years, experiencing the “second-largest growth among service exports.”
Canada’s direct investment in the finance, insurance, and management sector overseas reached $692 billion in 2019, which made up 50% of Canada’s total Foreign Direct Investment.