Vancouver among top 50 cities with highest number of ultra-rich millionaires
Metro region is home to 72 residents with at least US$100M in investible assets
The world’s ultra-wealthy are feasting their eyes on Vancouver.
The number of people around the world worth at least US$100 million — so-called “centi-millionaires” – has doubled since 2003, with many now calling the West Coast home.
An Oct. 10 report from advisory firm Henley and Partners reveals 72 centi-millionaires now live in Metro Vancouver. That number includes six billionaires.
While that’s only a tenth the number of centi-millionaires living in No. 1-ranked New York City (775), Vancouver still managed to squeeze into the top 50 global cities at No. 41.
Toronto is the only other city in Canada with more centi-millionaires (192). It’s also the only other Canadian city in the top 50.
The report said US$100 million in investible assets is the best measure of what constitutes being ultra-rich.
"In the late 1990s, US$30 million was considered by most banks as the fortune that was needed to meet this status. However, asset prices have risen significantly since then, making US$100 million the new benchmark," Juerg Steffen, CEO of Henley and Partners, said in a statement.
The firm estimates the number of ultra-rich Vancouverites will grow by 67 per cent in the coming decade.