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Toronto has 15th most millionaires in the world

A new survey ranks Toronto 15th globally when it comes to the city’s concentration of millionaires, with one in 44 people—or just over two per cent of our population—considered having net assets of at least $1-million. The figure, the director of the University of Toronto’s Martin Prosperity Institute Richard Florida told the Toronto Star, points to Toronto’s place among world class cities such as New York and London. 

“This is just another indication that Toronto is in the ranks of the most affluent global cities in the world,” he said.

Conducted by WealthInsight, a British think-tank, the survey considered net assets, “excluding the value of one’s primary residence,” the Toronto Star reported. Toronto placed above Venice (16th) and Brussels (17th). At the top was Monaco, followed by Zurich and Geneva. 

But, says Florida, whose work focuses on social and economic theory, this report does not paint a full picture of Toronto as it stands right now. 

“It’s good that Toronto’s developing, it’s good that there’s more millionaires, but we have to take care of the bottom not just the top,” he says. “That’s where we’re not putting enough effort.”

The Toronto Star also interviewed Les Jacobs, director of the Institute for Social Research at York University, who echoed the sentiments. 

“I think that having that wealth is important in terms of competing in the global economy. The real question I guess . . . is the reason that you, the provocative policy issue is really about redistribution and the sharing of that wealth. That’s a trickier question,” he said. 

Still, Jacobs said, the report is indicative of Toronto’s wealth of opportunities and its strength as a city. 

Read the full story here.
Original source:  Toronto Star
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