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A new survey tracks the cities and countries, including Canada, with the most wealthy people
A new study from the research agency WealthInsight takes a look at where the world’s wealthiest people are congregating, and Canada is high on the list. It has 422,000 “millionaires” (that is, people with $1-million in assets, aside from their primary residences) - the seventh-highest total of any country.
(Jeff Vinnick For The Globe and Mail)
The research firm, which keeps a private database of “the wealth sector” around the world, tracks millionaires, “multi-millionaires” (people with assets of $30-million or more, aside from their primary residences) and billionaires. Most of the leading cities, such as Paris, are familiar.
Tokyo tops the list of millionaires, with 461,000; it’s second in multi-millionaires, with 3,525; and No. 14 in billionaires, with 12.
London is first for multi-millionaires, third in millionaires, and No. 3 in billionaires.
The only Canadian city in the report is Toronto, whose total of 118,000 millionaires ranks it #15 among world cities. WealthInsight estimates there are 1,184 “multi-millionaires” in the city. (This does not include the suburbs.)
(Fernando Morales/The Globe and Mail)
New York ranks second in millionaires, fourth in millionaires, and tops in billionaires, with 70.
Those numbers may be low, however, since so many wealthy people in the New York region live outside of the city – like billionaire Steven A. Cohen, who lives in the hedge-fund capital of Greenwich, Connecticut. That city alone has more than 350 multimillionaires.
Moscow comes in second for billionaires, with 64, and yet has fewer millionaires than Toronto.
(Bloomberg/Bloomberg via Getty Images)
Similar patterns of concentrated wealth show up in Mumbai, above, and Istanbul, each of which boasts more than 20 billonaires but ranks low on the lists of millionaires and multi-millionaires.
Shenzhen, China’s wealthy and fast-growing centre of finance and export industries, has 19 billionaires – almost as many as Shanghai. WealthInsight projects that, by 2020, China will move up to the No. 2 position for millionaires, leapfrogging from its current No. 4, as Japan and Germany lag behind.
But America still tops the list of millionaires, by far. New York, Los Angeles, Chicago and Houston, above, all make the top 20 cities with the most millionaires. Texas oil money shows up prominently at the top of the pyramid here: Dallas and Houston have 21 billionaires between them.
(F. Carter Smith for The Globe and Mail)