Vancouver is ranked 41st out of the cities with the highest number of millionaires and billionaires. According to a survey by the consulting firm Henley & Partners, Vancouver is the 41st wealthiest city in the world.
Millionaires and billionaires are defined as those with investable wealth of more than US$100 million, and the report counts how many of them reside in each location. As per the estimate, by June 2023, there would be six billionaires and 72 millionaires living in Vancouver.
Furthermore, the research projects a 67% growth in millionaires in Vancouver over the next ten years. Experts dispute this notion, arguing that city people are not making more money.
Chief economist Brian Yu of Central 1 Credit Union says a lot of affluent people move to Vancouver for a variety of reasons, including relocation from other regions of the world.
“It’s obvious that this is a really appealing setting. People… like living close to the coast and mountains for their way of life,” he said.
Andy Yan, the director of Simon Fraser University’s Cities Program, claims that the report places a strong emphasis on income disparity in the city.
He stated that Vancouver actually has San Francisco’s housing prices, but has the local median household income of Columbus, Ohio.
The only Canadian city with 192 millionaires and 18 billionaires is Toronto. With 62 billionaires and 775 millionaires, New York is at the top of the list.