From the ever-growing food scene to world-class festivals like TIFF, Toronto is finally in the spotlight in a major way.
Not that we need to tell you that.
Confirming this, Toronto has just risen into the top 10 of the world’s most important financial centres, according to the latest Global Financial Centres Index from Z/Yen Group and Qatar Financial Centre.
But that’s not all – Toronto has surpassed both Chicago and Boston to become the second-most important financial centre in North America.
The city now ranks eighth in the world, behind Zurich and ahead of San Francisco.
As for some of our other favourite Canadian cities, Montreal rose one spot to 17th place, while Vancouver actually fell three spots to 18th. Ranked 39, Calgary is the only other Canadian city to make the list, which includes a total of 84 cities.
When it comes to the number one spot, London reclaimed that title from New York – a battle the two cities have been fighting for years. Hong Kong comes in the number three spot, and Singapore takes the fourth position.
So, what makes each city deserving of its ranking?
“The top financial centres of the world are very well developed, sophisticated and cosmopolitan cities in their own right,” the survey says. It combines data from pre-existing surveys to come up with five criteria for a thriving financial centre: business environment, financial sector development, infrastructure, human capital, and reputation.
Not surprisingly, Toronto scores highest on reputation, coming in at eighth place. When it comes to human capital, the city didn’t fare quite as well, coming in at 11th.
In general, though, The 6ix is in pretty amazing shape. So if you live and work in Ontario’s capital (and do so successfully), you’re doing something right.
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