BUSINESS

Toronto Ranks 15th In World For Millionaires, But Monaco Beats It By A Mile

07/25/2014 12:16 EDT | Updated 07/25/2014 12:59 EDT
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Toronto ranks 15th in the world among cities with the largest number of millionaires per capita, according to a study from WealthInsight.

Slightly less than 2.3 per cent of Torontonians have a net worth of more than $1 million U.S., the survey found. That places Toronto ahead of Paris (2.04 per cent) and San Francisco (2.07 per cent), but behind leading cities like London (3.39 per cent) and New York (4.63 per cent).

It was the only Canadian city on the top-20 list.

And the world leader? That would be Monaco, the principality on the French Riviera best known as a playground for the rich.

Fully 29.2 per cent of its residents are U.S.-dollar millionaires. Its real estate market is so expensive that an average Canadian house will buy you a mere parking spot there.

Also remarkable: The Swiss cities of Zurich (27 per cent millionaires) and Geneva (18 per cent millionaires).

"Favourable tax and outstanding location are important criteria for attracting clusters of millionaires, but so too is ready access to wealth managers and private banks. Switzerland's two financial hubs of Zurich and Geneva are traditional havens of private banking," WealthInsight analyst Oliver Williams says.

Check out the 20 cities with the highest “millionaire density.”

Cities With The Most Millionaires, Per Capita