A new report has revealed the top cities in the world for millionaires, and while Vancouver didn’t rank in the top 20, it is showing healthy growth.
The report comes from Henley & Partners, “the global leader in residence and citizenship by investment.”
The report considers several factors, including the number of millionaires, centi-millionaires, and billionaires. It also shows millionaire growth between 2014 and 2024.
Vancouver ranked 29th out of 50 cities in the report. Toronto was the only other Canadian city to rank, coming in at 15th.
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The report is in USD, and according to the rankings, as of December 2024, Vancouver had 46,400 millionaires, 90 centi-millionaires, and 11 billionaires. A centi-millionaire is someone with assets of $100 million or more.
Vancouver’s 46,400 millionaires represent nearly six per cent of the city’s total population as of the 2022 census, which suggests that Vancouver had 706,012 residents.
The report states that Vancouver has moved up compared to previous rankings.
New York was the top city for millionaires, with the report saying it has 384,500. New York was followed by the Bay Area, with 342,400, and Tokyo, with 292,300.
Vancouver ranked higher for millionaire growth than it did for total millionaires. Between 2014 and 2024, Vancouver saw 52 per cent millionaire growth, putting it at 17 out of 50 on the list.
That makes Vancouver one of the fastest-growing wealth hubs.
“These urban centers share common DNA — robust legal frameworks, sophisticated financial infrastructure, and perhaps most critically, investment migration programs that welcome global talent and capital,” said Dr. Juerg Steffen, CEO of Henley & Partners.
“Seven of the Top 10 wealthiest cities are in countries with residence by investment programs, creating direct pathways for entrepreneurs and investors seeking access to these wealth hubs,” he added.
The report highlights Monaco as “the world’s top safe-haven for the super-rich, where the average wealth exceeds USD 20 million.”
How do you feel knowing Vancouver is a growing hub for millionaires and the ultra-rich?