Two Canadian cities rank among the world’s wealthiest
If it feels like you need to be a multimillionaire to live in certain cities in Canada, you may be right.
Across the country, people are feeling the pinch amid the cost-of-living crisis. A recent report found that 85 per cent of Canadians are living “paycheque to paycheque.”
While the majority of Canucks are struggling to afford homes and groceries, a new ranking revealed that two cities in Canada are home to tens of thousands of millionaires.
Henley and Partners (H&P), an investment migration consultancy company, recently released its 2025 World’s Wealthiest Cities Report, listing the top 50 cities for millionaires.
Toronto is the highest-ranking Canadian city, in 15th place. According to the report, 108,400 millionaires, 184 centi-millionaires, and 20 billionaires live in Ontario’s capital. From 2014 to 2024, the city saw an 18 per cent growth in millionaires.
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Vancouver took the 29th spot on the list. The report found that it’s home to 46,400 millionaires, 90 centi-millionaires, and 11 billionaires. Vancouver saw a 52 per cent growth in millionaires between 2014 and 2024.
These cities in Canada don’t compare to the amount of wealth in places like New York City, the Bay Area, and Tokyo.
New York tops the list with 384,500 millionaires, followed closely by the Bay Area with 342,400 millionaires, and Tokyo with 292,300 millionaires.
According to H&P, the United States continues to dominate the ranking with 11 cities on the list.
Cities that outpaced the U.S. in growth include Shenzhen, Hangzhou, and Dubai.
Last year, Toronto ranked as the 13th wealthiest city in the world, and Vancouver took the 31st spot.