Shopaholics, take note: Toronto was just ranked one of the best cities in the world to shop 'til you drop.

We came in eighth place, tying with Madrid and ranking just below New York at seventh.

Tokyo, London and Paris clinched the top three spots, and Singapore, Hong Kong and Sydney are in the fourth, fifth and sixth spots. 

A study carried out by Hey Discount used factors like the number of shopping locations, malls and boutique stores to determine the ranking. For example, there are 19 Rolex retailers alone in London.

Here's the top ten ranking:

1. Tokyo
2. London
3. Paris
4. Singapore
5. Hong Kong
6. Sydney
7. New York
8. Madrid
9. Toronto (also ranked 8)
10. Boston

They used these factors to determine a shopping score out of 10, with Tokyo scoring highest at nine. Toronto's tied score with Madrid sits at 5.67, and Boston sits just below us with a score of 5.58.

The study reveals that Toronto has 319 shopping locations, 240 fashion shops within one mile, 61 shopping malls within one mile, 57 boutique stores within one mile and 31 top designer boutiques in the city.

Though this wasn't one of the factors, residents know there are also lots of great places specifically for shopping local in the city.

Tokyo, London, Paris and New York outstrip us by far in terms of number of shopping locations with over 1,000, but interestingly we have the same number of fashion shops within one mile as the top three spots.

We also have fewer malls than Tokyo and London, but more than Paris.

That's probably not surprising, but what can be is the quality of Toronto's malls: Yorkdale is one with one of the longest and most storied histories, and is now home to some of the world's most high-end fashion brands, welcoming new ones all the time.

Vienna, Munich and Stockholm were rated the worst shopping cities in the world, with Vienna getting a puny shopping score of 1.17.