Feel like you need to be a millionaire to afford living in a Canadian city like Toronto?

As it gets harder to find affordable housing and groceries, it might seem like these cities are only liveable for the one per cent.

And it turns out there may be some truth to that.

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 2024, and two Canadian spots made the list of 50 destinations.

The 2024 World’s Wealthiest Cities Report is a must-read for all followers of private wealth and investment migration trends.https://t.co/hhXwT0f2Eb

— Henley & Partners (@HenleyPartners) May 7, 2024

The highest-ranking Canadian city is Toronto, listed as the 13th wealthiest city in the world. This is based on the 106,300 millionaires living in Ontario's capital and the 25 per cent increase in millionaires between 2013 and 2023.

Toronto lands a little lower in 16th place for the number of billionaires living in the city, which is at 18.

Taking the 31st spot as wealthiest city in the world is Vancouver. The metropolitan is home to just 41,400 millionaires, but has grown that by 50 per cent from 2013 to 2023.

The BC city houses only 8 billionaires, according to the ranking.

These Canadian destinations pale in comparison to New York City, which took the top spot with 349,500 millionaires.

According to Juerg Steffen, the CEO of Henley and Partners, the US leads the pack when it comes to being home to the most millionaires.

In our World’s Wealthiest Cities Report 2024 Dr. Juerg Steffen, Chief Executive Officer of Henley & Partners, talks about how millionaires are navigating the world’s wealth capitals.#worldswealthiestcitiesreport #wealthiestcities #henleyglobalhttps://t.co/6ic2sOUHIm

— Henley & Partners (@HenleyPartners) May 8, 2024

The country has 11 cities on the ranking, including The Big Apple, Northern California's Bay Area, and Los Angeles.

China also has a significant presence on the list, with five cities in mainland China.

The report states that Beijing (125,600 millionaires), Shanghai (123,400), Shenzhen (50,300), Guangzhou (24,500), and Hangzhou (31,600) have all recorded significant increases in their millionaire populations over the past decade.