These two cities are home to the most ultra-rich "centi-millionaires" in Canada
Vancouver and Toronto are top spots for millionaires, according to a new report ranking global cities with the most “centi-millionaires.”
Investment-based immigration group Henley & Partners used data from global wealth intelligence firm New World Wealth for its Henley Global Citizens Report 2023.
The ranking is based on the movements of over 150,000 high-net-worth individuals with over US$100 million, who are part of the New World Wealth database.
The database itself consists mainly of company founders and affluent individuals from high-value companies who have positions as CEOs, presidents, directors, or managing partners.
New World Wealth also takes into consideration each city’s “prime property statistics” and how many highly priced homes are in each city or area.
“This wealth band is important to track as they are, in many respects, a good reflection and useful barometer when it comes to a country’s private wealth sector,” stated Dr. Juerg Steffen, CEO of Henley & Partners, in a release.
“Many economists consider private wealth to be a better indicator of a jurisdiction’s financial health than GDP, which does not take into account real estate or equity transactions.”
According to this year’s ranking, Vancouver placed 41 out of 50 global cities for having the most centi-millionaires.
Toronto ranked 19th with a total of 192 centi-millionaires and 18 billionaires.
The report’s data found Vancouver is home to 72 centi-millionaires and six billionaires.
Vancouver ranks 41st on the top-50 list of cities with the most centi-millionaires (Henley & Partners)
Over the next decade, the amount of centi-millionaires in the city is expected to grow by 67%.
And if you’re wondering what city has the most centi-millionaires, it’s New York City, with a whopping 775 centi-millionaires and 62 billionaires.
According to Henley & Partners, there are only 28,420 centi-millionaires in the world.
View the complete list here.
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