Wealth migration report claims Toronto as the one of the wealthiest cities of the world. Titled Global Wealth Migration Review, the research was compiled by South African-based market research firm New World Wealth, which specializes in global wealth migration. Turns out, that Toronto is the world’s 13th wealthiest city with $944 billion (USD).
While New York has $3.0 trillion (USD). Total wealth doesn’t refer to economy but the personal wealth owned by all the individuals. It includes all their assets (property, cash, equities and business interests) less any liabilities. Government funds are excluded from the figures.
It includes all their assets (property, cash, equities and business interests) less any liabilities. Government funds are excluded from the figures. New World Wealth Report Toronto is followed by Frankfurt ($912 billion) and Paris ($860 billion). Notable cities that just missed out on top 15 include Houston, Geneva, Osaka, Seoul, Shenzhen, Melbourne, Zurich and Dallas.
Here’s the full list:
1. New York
4. San Francisco Bay Area
7. Los Angeles
8. Hong Kong
Research shows that currently Toronto’s middle class is vanishing at a very fast rate which is an alarming situation. In 1980, middle class population made up to 60% of the total population but as estimated in 2015, its only 28%.
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