Canadian city named fastest growing financial centre in North America
It ranks second in the size of the financial industry.
A lot of money flows through metropolitan areas, but so much money flows through Toronto that it's increasingly attracting financial professionals because it's outpacing any other North American city in terms of cash flow growth.
Even New York City has been left behind, although in terms of employment in the finance sector it is still the biggest leader. But Toronto is quickly catching up and now boasts the second largest financial industry in North America.
Three other Canadian cities were ranked in the top 10 in terms of financial industry.
| City | Rating for North America | World ranking |
| New York, USA | 1 | 3 |
| Toronto, Canada | 2 | 8 |
| Chicago, USA | 3 | 9 |
| Los Angeles, USA | 4 | 13 |
| Boston, USA | 5 | 14 |
| Montreal, Canada | 6 | 15 |
| Washington, USA | 7 | 16 |
| Vancouver, Canada | 8 | 17 |
| San Francisco, USA | 9 | 18 |
| Calgary, Canada | 10 | 20 |
"The finance and insurance sector is one of the largest sources of GDP in Canada," says the Conference Board of Canada report. — GDP growth in this sector outpaced the average for all sectors in Toronto and Ontario from 2010 to 2019 and in Canada from 2011 to 2020."
On the global economic stage, Toronto is becoming an increasingly important player.
