Vancouver has climbed to No. 29, from No. 36, on Henley Private Wealth's list of global cities ranked by the number of people who have at least US$1 million of investable wealth.
Investable wealth is money that does not include a primary home.
The report calculated that there are 367,500 high net worth individuals (HNWI), or people who have more than US$1 million in investable wealth who lived in Canada in 2022.
Toronto attracted a plurality of those people, and ranked No. 12 on Henley's list, up from the No. 14 spot last year.
Vancouver ranked second in Canada, while Montreal ranked No. 48 on the list of global cities, up from No. 59 last year. Calgary ranked No. 55, up from being No. 81 last year.
Yannick Archambault, partner and national leader for KPMG’s family office practice in Canada, said many factors combine to help Vancouver and Toronto attract a disproportionate number of HNWI.
He then listed "their strong labour and talent pools, their leading status as technology hubs, and their diverse expat population."
He said that the cities have an "ecosystem of entrepreneurship" that helps those dreaming of making it big to integrate.
“Ottawa’s family sponsorship program also plays a huge role in attracting, retaining, and integrating newcomers to the country, while many entrepreneurs are lured by the popular start-up visa program that offers permanent residence to those who want to set up a business in Canada," he said.
Canada ranked No. 7 among the top 10 countries with the highest net inflow of private wealth migration in 2022, according to Henley Private Wealth. Ahead of Canada in were the UAE, Australia, Singapore, Switzerland, U.S. and Portugal.
The current No. 7 rank is up from No. 9 spot in last year's survey.
Archambault said he expects Canada to climb to be the No. 6 country for attracting migrant millionaires in 2023, climbing past Portugal.
