Canadian city among the 20 wealthiest cities in the world in 2022
Toronto is among the global elite for having an oversized population of millionaires according to a new report.
The Henley Global Citizens Report published today (Sep. 13) shows that the US dominates the top 20 for cities with the most millionaires in 2022, with New York taking top slot with 345,600.
San Francisco, Los Angeles, Chicago, Houston, and Dallas are also in the top 20.
Toronto ranks 14th based on the data from New World Wealth which includes the five wealthiest cities in each major region, and the 25 fastest growing cities in terms of millionaire growth.
The Canadian city’s position – along with others in the elite listing - is helped by programs designed to attract wealthy people.
“The right to live, work, study, and invest in leading international wealth hubs such as New York, London, Singapore, Sydney, and Toronto can be secured via residence by investment,” said Dr. Juerg Steffen, CEO of Henley & Partners. “Being able to relocate yourself, your family, or your business to a more favourable city or have the option to choose between multiple different residences across the world is an increasingly important aspect of international wealth and legacy planning for private clients."
The top 10 wealthiest cities:
Here are the 10 global cities with the highest number of individuals with a net worth of at least US$1 million:
- New York
- Tokyo
- San Francisco Bay Area
- London
- Singapore
- Los Angeles / Malibu
- Chicago
- Houston
- Beijing
- Shanghai
Beijing and Shanghai have made it into the top 10 this year, but looking ahead, the millionaire populations of Dubai, Mumbai, and Shenzhen are expected to break into the Top 20 wealthiest cities by 2030, according to Andrew Amoils, Head of Research at New World Wealth.
"Cities with strong oil and gas industries are performing especially well this year, including the likes of Riyadh, Sharjah, Luanda, Abu Dhabi, Doha, and Lagos,” he said. “Others on the fastest-growing list include Lugano, a Swiss hotspot for affluent retirees, Bengaluru, the 'Silicon Valley of India', and Hangzhou, one of China's most scenic cities."
