Even as the US continued to dominate, with 11 cities on the Top 50 Cities for Millionaires list in the latest World’s Wealthiest Cities Report 2025 ranking, Canada made it into the top-30 with two of its cities.
The list was led by New York in 1st place with 384,500 high-net-worth individuals (including 818 resident centi-millionaires, or ‘centis’, with liquid investable wealth of USD 100 million or more, and 66 billionaires).
Canada’s Toronto came in at 15th with 108,400 millionaires, 184 centi-millionaires and 20 billionaires. It was followed by Vancouver at 29th with 46,400 millionaires, 90 centi-millionaires and 11 billionaires.
This, according to the 4th edition of the annual report published by international wealth and investment migration specialists Henley & Partners in collaboration with global data intelligence firm New World Wealth.
Notably, the Bay Area, which includes the city of San Francisco and Silicon Valley, in the USA, was in 2nd place with 342,400 resident millionaires. It is now home to more billionaires (82) than the Big Apple and continues to thrive as the epicenter of technological wealth creation, enjoying exceptional millionaire growth of 98 per cent over the past decade.
Of the Top 50 cities, only Shenzhen (in 28th place, with 142 per cent millionaire growth, and now home to 50,800 millionaires), Hangzhou (35th, with 108 per cent growth and 32,200 millionaires), and Dubai (18th with 102 per cent) grew faster than the Bay Area between 2014 and 2024.
Dubai (which now boasts 81,200 resident millionaires, including 237 centis and 20 billionaires) also takes the prize for the biggest climber in the Top 50 over the past year, moving from 21st to 18th place. Seoul is the biggest faller, dropping to 24th place from 19th last year.
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