With the soaring cost of living, it may feel like you need to be a millionaire to live comfortably in a Canadian city.

A new report revealed that several Canadian destinations are, in fact, hotspots for millionaires to thrive, making them some of the wealthiest cities in the world.

Henley and Partners (H&P), an investment migration consultancy company, released its World’s Wealthiest Cities Report for 2023, and four Canadian spots made the list of 97 places.

Both #Toyoko and #London have fallen down the ranks of the World’s Wealthiest Cities in 2023.

Find out who else makes it into the Top 10 by watching our video, and access the full report here: https://t.co/N9lwrouNwh pic.twitter.com/1kOnxhNGvL

— Henley & Partners (@HenleyPartners) April 18, 2023

The highest-ranking Canadian city is Toronto, listed as the 12th wealthiest city in the world. It also takes the cake as the fifth top hotspot for the rich in North America.

H&P attributes this to the population of high-net-worth individuals (HNWIs) that live in the city. HNWIs are individuals with an investable wealth of US$1 million or more.

Toronto has an HNWI population of 105,200. In addition, there's a population of about 193 centi-millionaires (people who make US$100 million or more) and around 18 billionaires.

Vancouver is the second Canadian city that made the list, ranked as the 29th hotspot for millionaires. The West Coast has a population of 37,300 HNWIs.

Montreal nabs the 48th spot for the wealthiest city in the world, with a population of 17,900 HNWIs.

Calgary follows closely behind at the 55th spot with a population of 14,700 HNWIs. Both Montreal and Calgary only have two billionaires residing in their cities.

H&P says these cities cultivate a good environment for millionaires to live and invest in by hosting formal investment migration programs and actively encouraging foreign direct investment in return for residence or citizenship rights.

The company credits Canada's Start-Up Visa program for encouraging entrepreneurs and active investors in companies and expanding businesses to apply for permanent residence.