Toronto has just joined the ranks of the world’s ultra-wealthy, according to a new report by economics website Visual Capitalist.

Of the 20 cities included in the report — which includes the world’s wealthiest cities by number of millionaires — Toronto ranks in 14th spot just behind Hong Kong and Frankfurt, Germany.

Around 116,1000 millionaires reside in Toronto, as well as 187 centi-millionaires (those with more than $100 million in investable assets) and 17 billionaires, the report said.

“Toronto’s booming tech sector and red hot real estate market have helped push the city’s population of wealthy residents to new heights,” writes Visual Capitalist.

Coming in at top spot is New York city with 345,600 millionaires, followed  closely by Tokyo with 304,900 millionaires and San Francisco with 276,400. Unsurprisingly, Toronto is the only Canadian city that made the list.

The news of Toronto gaining  this elite status, comes just days after newly-released data numbers show that consumer debt in Canada is on the rise. According to the report from the federal Office of the Superintendent of Bankruptcy, the number of insolvencies in November 2022 were the highest since March 2020.

“This is the first time we have seen numbers close to pre-pandemic levels,” said licensed insolvency trustee Michelle Statz in a news release from Bromwich+Smith.

According to the report, 9,784 insolvency filings occurred in November, compared to the 8,3330 filings in November 2021.

Ontario had the highest number of filings in 2022 — 3,475 compared to 2,805  insolvencies filed in 2021, a 32 per cent increase.