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BEYOND 6 months ago

World’s Wealthiest Cities Report 2023: Where Does Toronto Rank?

From Beyond, A Heaps Estrin Publication
Page 37
Heaps Estrin Real Estate Agent and Architectural Historian

 

Toronto’s Wealth Surge: A New Era of Affluence

As Toronto’s real estate market sees most houses starting around the $1 million mark, the increase in the city’s affluent population is unmistakable. A recent study by Henley & Partners and New World Wealth sheds light on this phenomenon, revealing that the number of high-net-worth individuals in Toronto has surged by 29% over the last decade.


A Significant Leap in Global Wealth Rankings
This growth has not only been significant but also rapid. Toronto now stands as the 12th wealthiest city globally, marking a notable rise of two spots since 2022. The city’s wealth profile is impressive, boasting 105,200 millionaires, 193 centi-millionaires, and 18 billionaires. This remarkable increase cements Toronto’s status as the wealthiest city in Canada, surpassing other major Canadian cities like Vancouver, Montreal, and Calgary in the global wealth rankings.

The Impact on Toronto’s Real Estate and Economy
This influx of wealth has had a transformative impact on the city, particularly in the real estate sector. The demand for high-end properties has skyrocketed, driven by the sophisticated tastes and investment savvy of these affluent individuals. Beyond real estate, this wealth boom is stimulating economic growth across various sectors, reinforcing Toronto’s position as a dynamic, influential urban center on the world stage.

Navigating the Future of Toronto’s Wealth Landscape
Looking forward, Toronto’s trajectory in the realm of global wealth and affluence appears set for continued growth. The city is not just evolving economically but also culturally, as it becomes an increasingly attractive destination for the world’s wealthy. This trend is likely to bring new opportunities and challenges, shaping Toronto’s future as a leading global city.

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