A Canadian City Is Among The World's Top 20 Wealthiest, Based On Millionaire Residents

Some cities are rich in culture, others in history — and some are rich in rich people. A ranking of the top 20 wealthiest cities, based on the number of millionaires, puts most of those urban centres in North America, including a major city in Canada.

A new ranking by Visual Capitalist situates the world's ultra-wealthy, breaking down the number of millionaires per city along with the worth of their collective holdings.

New York, Tokyo and San Francisco took the top three spots, with the highest number of billionaire residents on the list split between the two American cities.

Per Visual Capitalist, the total wealth of New Yorkers alone exceeds $3T, more than the total private wealth of many G20 countries, which are among the most developed in the world.

London and Singapore round out the top five on the list, both considered business-friendly hubs that invite wealthy investors.

Further down on the ranking, Toronto places at #14, sandwiched between Frankfurt and Zurich.

The only Canadian city on the list, Toronto, hosts 116,100 millionaires, 187 centimillionaires and 17 billionaires. The ranking credits the local tech sector and real estate market for the city's richest residents' wealth boom.

North America has seven of the top cities on the list, compared to Asia, which has the second-highest number of millionaires (mostly in China). Europe has five cities on the list, while Oceania has two — both in Australia.

The ranking is based on data from the Henley Global Citizens Report and New World Wealth, which compile the "movement and spending habits of the world’s wealthiest people" in over 150 cities.

The 20 ultra-rich cities by wealthiest residents:

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