A South Africa-based market research firm that specializes in global wealth migration has placed Toronto on its list of the most monied cities worldwide.
To be clear, we’re not talking about the economy. Total wealth, as defined by New World Wealth, refers to “the private wealth held by all the individuals living in each city.”
This would include assets like property, cash, equities and business interests. Government funds are explicitly excluded from the agency’s reports.
Mumbai in India overtook Toronto, Frankfurt & Paris to notch up a 12th position in New World Wealth’s list of top 15 wealthiest cities globally
— Being Yakin ® (@ItsYakin) February 13, 2018
According to NWW’s 2018 Global Wealth Migration Review, released this month, Toronto is the 13 wealthiest city on earth (in terms of the collective wealth of everyone in this city with net assets of $ 1 million USD or more.)
Here’s the full list, from wealthiest to slightly less wealthy:
1. New York
4. San Francisco Bay Area
7. Los Angeles
8. Hong Kong
The total wealth held in Toronto amounts to about $ 944 billion USD, according to the report.
NWW writes that our stock exchange is the 9th largest in the world and attributes much of the wealth in Toronto to its major industries, which are listed as financial services, real estate, IT, media and telecoms.
New York, on the other hand, has $ 3.0 trillion, which is just cool on so many levels (or maybe just one, I don’t know.)