Toronto Facts

Business and Economic Development

Toronto is Canada's financial and business capital. Rated as one of the top four global cities with economic clout (Cities of Opportunities Report, PwC, 2014), and topped the North American Cities of the Future, fDi, behind only New York, Toronto is a dynamic, diverse, rising city that provides the ideal business environment for companies looking for a competitive edge.

  • With 2.8 million residents, Toronto is the fourth largest city in North America
  • One-quarter of Canada’s population is located within 160 km (100 miles) of the city and more than 60 per cent of the population of the USA is within a 90-minute flight
  • Toronto is one of the most livable and competitive cities in the world as demonstrated by various international rankings and reports
  • Toronto's more than 89,800 businesses choose from a large, highly skilled, multilingual workforce of 1.4 million people – one sixth of the country's workforce

Post-secondary education

Economy and finance

  • Toronto's economy has twelve key sectors which work together to keep the city relatively resilient to economic downturns. Toronto's international competitiveness and strength in each of these areas combine to generate synergies and stimulate growth
  • Toronto's technology sector is comprised of 14,600 companies employing about 159,000  people
  • Canadian Banks have been ranked the world's soundest for six years in a row by the World Economic Forum
  • The financial services sector is a key driver of our local, provincial and national economy, employing over 245,000 individuals
  • Toronto is both the financial services capital of Canada and the third-largest North American financial services centre after New York and Chicago
  • Toronto houses the leaders in Canada's financial services industry including:
    • Headquarters for five of the nation's largest banks and the majority of foreign banks/subsidiaries/branches  in Canada. Collectively our banks manage approximatley $3.4 trillion of the nations assets (CBA 2013)
    • 80 per cent of Canada's Mutual Fund industry, representing over $1.01 trillion in Assets Under Management (AUM), including $62.9 billion in Exchanged Traded Funds (ETFs), as well as the majority of the $35 billion hedge fund industry (source: IFIC and CETFA, 2014). The TMX Group which owns and operates the third largest equity exchange in North America and the eighth largest in the world based on market captialization
  • The City of Toronto's economy comprises 10 per cent of Canada’s GDP, with Toronto's GDP topping $157.3 billion in 2013

Toronto in a global context

In recent years Toronto has been ranked:

  • The world's most tax-competitive major city (KPMG Competitive Alternatives 2014: Focus on Tax)
  • The 2014 Intelligent Community of the Year (Intelligent Community Forum)
  • Fourth on PwC's Cities of Opportunity (PwC, 2014)
  • The world's most resilient city (Grosvenor Group, 2014)
  • Most youthful city among 25 global cities (YouthfulCities 2014 Index)
  • See how Toronto scored in other international studies

For information on Toronto's global investment opportunities, contact Invest Toronto.


Back to: Toronto Facts