Toronto ranked as one of the wealthiest cities by millionaires

Toronto consistently ranks high on international best-of lists, from livability to safety. Now, Canada's biggest city was also named one of the world's wealthiest, surpassing Dallas, Geneva, and Paris.

Visual Capitalist just released a list of the top twenty richest cities based on the number of millionaires, centimillionaires, and billionaires residing in the city.

With a whopping 116,100 millionaires and 17 billionaires, Toronto ranked 14th between Frankfurt, Germany and Zurich, Switzerland. Toronto is the only Canadian city to make the list.

Visual Capitalist writes, “Toronto’s booming tech sector and red hot real estate market have helped push the city’s wealthy population to new heights.”

New York City took 1st place, with a staggering 345,600 millionaires and 59 billionaires. Following New York came Tokyo, San Francisco, London, and Singapore in the top five slots.

The complete list is as follows:

#1. New York
#2. Tokyo
#3. San Francisco
#4. London
#5. Singapore
#6. Los Angeles
#7. Chicago
#8. Houston
#9. Beijing
#10. Shanghai
#11. Sydney
#12. Hong Kong
#13. Frankfurt
#14. Toronto
#15. Zurich
#16. Seoul
#17. Melbourne
#18. Dallas
#19. Geneva
#20. Paris

A graphic of the wealthiest cities by Visual Capitalist.

The article notes that while most of the cities on the list have topped the rankings for decades, others grew exceptionally quickly due to factors such as strengthening oil and gas industries, tax-friendly policies, and the opening of new head offices, drawing the world's wealthiest people.

Toronto's good quality of life, access to healthcare, education system, and safety are all enticing traits for high net-worth individuals to move to the city, despite the skyrocketing rent and home prices.