Automobili Lamborghini SpA cars are displayed outside a news conference in Beijing, China, on Thursday, Oct. 30, 2008. Lamborghini SpA, cheapest Gallardo model starts at about $200,000, will open a unit in China after rising number of millionaires helped it boost sales in the country 60 percent this year. Photographer: Adam Dean/Bloomberg News Adam Dean/Bloomberg News
Toronto has the 15th highest concentration of millionaires in the world, according to recent number-crunching by a British wealth management company.
More than two per cent of Torontonians have $1 million in assets not including their homes, a recent survey by financial magazine Spear's in association with wealth manager WealthInsight found.
That means one in every 44 people in Toronto are millionaires, and the figure doesn't include the value of someone's primary residence.
"Favourable tax and outstanding location are important criteria for attracting clusters of millionaires," WealthInsight analyst Oliver Williams said.
Monaco tops list
If that's the case, it's no surprise that the city-state of Monaco tops the list, with almost a third of the area's 40,000 people classified as millionaires — which the survey defines as having assets in excess of $1 million US, not including the value of their residence.
Financial centres Zurich and Geneva are second and third, before the field evens out into more than a dozen cities where between two and five per cent of the residents are millionaires.
The complete list follows:
- Monaco (29.21 per cent).
- Zurich (27.34).
- Geneva (17.92).
- New York (4.63).
- Frankfurt (3.88).
- London (3.39).
- Oslo (2.90).
- Singapore (2.80).
- Amsterdam (2.63).
- Florence (2.59).
- Hong Kong (2.58).
- Rome (2.54).
- Dublin (2.40).
- Doha (2.31).
- Toronto (2.29).
- Venice (2.25).
- Brussels (2.11).
- Houston (2.09).
- San Francisco (2.07).
- Paris (2.04).
The ranking of millionaires is important for cities to be aware of, Williams says, "because wealthy individuals, more than any other group, will change their home and even their domicile based on these factors."
But "bear in mind that having millionaires isn't itself a good thing if it means inequality, which is damaging to everyone if it goes up," Spear's editor Josh Spero added.
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