For the average Torontonian, it’s no secret that the cost of living here has soared in recent years.
Recently, Toronto ranked as the 15th best city out of 100 cities around the world, based on key factors like affordability, education, and overall quality of life, so its no surprise a lot of people want to call it home!
Now, a new report has also listed Toronto as one of the wealthiest cities in the world, based on the number of millionaires who reside here.
According to the World’s Wealthiest Cities Report, an annual ranking published by Henley & Partners in collaboration with wealth intelligence firm New World Wealth, 108,400 millionaires, 184 centi-millionaires (those with at least $100 million USD in liquid assets), and 20 billionaires live in Toronto. This earns it spot 15 on this year’s world’s wealthiest cities report out of the top 50.
The only other Canadian city to make the list is Vancouver, coming in at spot 29 with 46,400 millionaires, 90 centi-millionaires, and 11 billionaires.
In 2024, Toronto ranked at 13th place, so has since slid two spots. However, it also increased by 18% in its millionaire growth since 2024.
To compile the report, the study looked at factors like economic trends, luxury real estate, wealth management, and investment migration. New World Wealth tracked over 150,000 wealthy individuals, especially entrepreneurs and business executives, focusing mainly on their work locations and prime property holdings.
From there, their data was gathered from public sources and used for internal statistical analysis without revealing personal identities.
According to the report, the top 20 wealthiest cities in the world for 2025 are:
- New York City, U.S.
- The Bay Area, U.S.
- Tokyo, Japan
- Singapore, Singapore
- Los Angeles, U.S.
- London, U.K.
- Paris, France
- Hong Kong
- Sydney, Australia
- Chicago, U.S.
- Milan, Italy
- Beijing, China
- Osaka–Kyoto–Kobe, Japan
- Shanghai, China
- Toronto, Canada
- Melbourne, Australia
- Houston, U.S.
- Dubai, UAE
- Frankfort, Germany
- Zurich (canton), Switzerland
You can find the full list and read more on the report on their website here!