Canada’s highest-ranked city is Toronto, in 13th place with 106,300 millionaires, 195 centi-millionaires, and 18 billionaires after 25% growth in the past decade. In the bottom half of the top 50 is Vancouver with 41,400 millionaires, 80 centi-millionaires, and 10 billionaires.
The city that was in pole position a decade ago, Tokyo, slips to third spot in the rankings behind the two U.S. wealth hotspots and has seen its millionaire population decline 5%. Toronto now has more billionaires than Tokyo (18 vs. 14). Singapore, London, LA, Paris, Sydney, Hong Kong, and Beijing complete the top 10.
“The S&P 500’s 24% gain last year, along with the Nasdaq’s 43% surge and Bitcoin’s staggering 155% rally, has buoyed the fortunes of wealthy investors,” said Dr. Juerg Steffen, CEO of Henley & Partners. “Additionally, rapid advancements in artificial intelligence, robotics, and blockchain technology have provided new opportunities for wealth creation and accumulation. Yet, even as new opportunities emerge, old risks persist. The war in Ukraine, which has seen Moscow’s millionaire population plummet by 24% to 30,300, is a stark reminder of the fragility of wealth in an uncertain and unstable world.”
New York ranks second in the list of the world’s most expensive cities with the average price of prime real estate being $28,400 per m2. That’s behind Monaco at $35,000 but followed by London ($26,500 per m2), Hong Kong ($25,800 per m2), Saint-Jean-Cap-Ferrat in France ($25,000 per m2), and Sydney ($22,700 per m2).
Investment migration programs are part of story for seven of the top ten wealthiest cities.
