Look around Toronto, because there are some seriously rich people walking (but more likely, flying in private jets or being driven in limos) among us.
So says the London-based wealth consultancy firmWealthInsight, which has found that 28 per cent of Canada’s millionaires live in the city of Toronto.
To be specific, Hogtown is home to 118,000 millionaires, 1,184 multimillionaires (defined as those with net assets of $30 million U.S. or more) and a mere five billionaires. All numbers exclude the worth of their primary residences.
“It’s the largest economy, it contributes a large portion of the GDP, and the population is the biggest,” said Andrew Amoils, senior analyst and head of the firm’s reports team, about Toronto.
He said those three factors explain why Toronto is Canada’s top city, when it comes to the number of rich residents.
The numbers also place the city 15th amongst the world’s top 20 millionaire and multi-millionaire havens. In the former category, we’re ahead of cities such as Chicago, Houston and Moscow. In the latter category, we leave Geneva, Shanghai and Los Angeles in our dust.
Toronto falls out of the top 20 in the billionaire rankings.
Toyko boasts the most millionaires (461,000) and London has the most multimillionaires (4,224). But Manhattan is where those who are truly living it up, the billionaires, have settled (70).
The numbers come from an analysis of WealthInsight’s database, which contains files on over 60,000 millionaires. There are an estimated 16 million millionaires worldwide.
“We don’t have all of them, but we have a good sample,” Amoils said.
The firm looked at five years’ worth of data to determine where this planet’s most wealthy people live.
There were 422,000 millionaires in Canada in 2012, and Ontario is home to most of them: 198,000 millionaires live in this province, which represents 47 per cent of the country’s high rollers. Quebec is next in line, where just over 19 per cent of les millionaires au Canada live.
422,000: millionaires in Canada
198,000: millionaires in Ontario
118,000: millionaires in Toronto
1,184: multimillionaires in Toronto
5: billionaires in Toronto
By: Kamila Hinkson News reporter, Published on Thu May 09 2013