Banff 
Four Canadian cities rank in the World’s Wealthiest Cities Report 2023.
Credit: Aleksandr Popov/ Unsplash
Henley & Partners, in collaboration with New World Wealth, has published a report identifying the wealthiest cities globally for 2023, as well as cities with the fastest-rising millionaire populations.
The comprehensive dataset covers 97 cities across nine regions and evaluates individuals’ investable wealth, including property, cash, and listed company holdings.
Although no Canadian city made it to the top 10 wealthiest cities, four Canadian cities ranked in the list. Canada also ranks as one of the top 10 wealthiest countries in terms of total private wealth.
Toronto took the 12th spot overall with 5th in North America, with a 29% increase in high-net-worth individuals (HNWI), defined as those with a net worth of $1 million USD or more. The city had 105,200 millionaires, 193 centimillionaires, and 18 billionaires in 2022.
Vancouver followed with an HNWI increase of 44% and 37,300 millionaires.
Montreal and Calgary saw increases of 21% and 48%, with 17,900 and 14,700 millionaires, respectively.
Millionaire Cities in Canada
| World Rankings | City | HNWI – 1M+ | Centi-millionaires (USD 100m+) | Billionaires (USD 1bn+) |
| 12 | Toronto | 105,200 | 193 | 18 |
| 29 | Vancouver | 37,300 | 67 | 6 |
| 48 | Montreal | 17,900 | 26 | 2 |
| 55 | Calgary | 14,700 | 21 | 2 |
Cities in the USA and China dominate the world’s top 10 wealthiest cities in 2023, with New York City leading with 340,000 millionaires.
The San Francisco Bay Area and Los Angeles ranked 3rd and 6th, with 285,000 and 205,400 HNWIs, respectively.
Tokyo, previously the frontrunner, fell to 2nd place with 290,300 millionaires, while London dropped to 4th with 258,000 HNWIs.
Singapore ranked 5th with 240,100 resident millionaires, and Sydney secured 10th place with 126,900 millionaires. Sydney, experiencing strong wealth growth, is predicted to join the top 5 wealthiest cities by 2040.
Per the news release, New World Wealth, the wealth intelligence firm supplying the data, is the only known independent firm systematically tracking global wealth migration trends between countries and cities.
The firm’s in-house database focuses on over 150,000 HNWIs, primarily with titles such as Founder, Chairperson, CEO, and Director. The data also considers public prime property statistics, such as property registers and property sales, and the number of highly priced homes in each area.
