Where do the millionaires live
Toronto has 118,000
Carlos Osorio / Toronto Star
Toronto is home to more than a quarter of Canadas millionaires, according
to statistics compiled by English consulting firm WealthInsight.
Toronto is a city brimming with millionaires, according to an English
research firm.
Look around Toronto, because there are some seriously rich people walking
(but more likely, flying in private jets or being driven in limos) among us.
So says the London-based wealth consultancy firm WealthInsight, which has
found that 28 per cent of Canadas millionaires live in the city of Toronto.
To be specific, Hogtown is home to 118,000 millionaires, 1,184
multimillionaires (defined as those with net assets of $30 million U.S. or
more) and a mere five billionaires. All numbers exclude the worth of their
primary residences.
Its the largest economy, it contributes a large portion of the GDP, and
the population is the biggest, said Andrew Amoils, senior analyst and head
of the firms reports team.
Those three factors, he said, explain why Toronto is Canadas top city, when
it comes to the number of rich residents.
The numbers also place the city 15th among the worlds top 20 millionaire
and multi-millionaire havens. In the former category, Toronto is ahead of
such cities as Chicago, Houston and Moscow. In the latter category, Toronto
leaves Geneva, Shanghai and Los Angeles in the dust.
Toronto falls out of the top 20 in the billionaire rankings.
Terry Willis, vice-president at wealth management firm T.E. Wealth, says
many of his clients are millionaires, and the firm has probably 10 or 15
people within the multi-millionaire range.
Those clients, he said, work in the financial industry, mining industry, are
entrepreneurs and are executives with compensation plans that include stock
options.
The numbers also make sense to Peter Viducis, manager of economic and
cultural research for the city of Toronto.
Well-paid professionals and the heads of Canadas major banks are among this
citys economic upper echelon, he said.
But when it comes to the peak of prosperity, Viducis noted that you dont
get to be a billionaire by working for a living.
Toyko boasts the most millionaires at 461,000. The most multimillionaires
4,224 live in London, England. But Manhattan is where those who are truly
living it up, the billionaires, have settled. There are 70.
The numbers come from an analysis of WealthInsights database, which
contains files on more than 60,000 millionaires. There are an estimated 16
million millionaires worldwide.
We dont have all of them, but we have a good sample, Amoils said.
The firm looked at five years worth of data to determine where this
planets wealthiest people live.
There were 422,000 millionaires in Canada in 2012, and Ontario is home to
most of them 198,000 millionaires live in this province, which represents
47 per cent of the countrys high rollers. Quebec is next in line, where
just over 19 per cent of les millionnaires au Canada live.
By the numbers
422,000: millionaires in Canada.
198,000: millionaires in Ontario.
118,000: millionaires in Toronto.
1,184: multimillionaires in Toronto.
5: billionaires in Toronto.
Thé Mulindwas Communication Group
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