Behind the towering skyscrapers of Bay Street lies an economic engine so powerful that it employs one in ten Torontonians and fuels over 11% of the city's GDP, a sector where opportunity is booming with thousands of new jobs, six-figure average wages, and a dynamic transformation driven by fintech and diversity.
Key Takeaways
- In 2023, the Toronto financial services sector employed 278,000 people, representing 9.5% of the city's total workforce
- As of 2022, there were 152,400 full-time jobs in financial services in the Greater Toronto Area, up 2.3% from 2021
- Women comprised 46.2% of the financial services workforce in Toronto in 2023, with an average salary of CAD 78,500
- Toronto's financial services contributed CAD 52.4 billion to GDP in 2022, or 11.2% of city GDP
- Sector output reached CAD 78.9 billion in 2023 for GTA finance
- Financial services generated CAD 14.2 billion in taxes for Ontario in 2022
- Total assets under management in Toronto reached CAD 2.1 trillion in 2023
- Big Five banks headquartered in Toronto manage CAD 7.8 trillion total assets 2023
- Pension assets administered in GTA: CAD 1.4 trillion as of 2023
- Toronto ranked #8 globally for fintech startups with 450 firms in 2023
- CAD 2.1 billion invested in Toronto fintech in 2023 across 85 deals
- 1,200 fintech patents filed by Toronto companies 2018-2023
- Toronto ranked 3rd in North America for venture-backed fintech 2023
- Bay Street hosts 70% of Canada's Big Six banks' headquarters 2023
- TSX market cap #7 globally at CAD 3.2T end-2023
Toronto's financial sector thrives with significant employment, high wages, and robust growth.
Assets Under Management
- Total assets under management in Toronto reached CAD 2.1 trillion in 2023
- Big Five banks headquartered in Toronto manage CAD 7.8 trillion total assets 2023
- Pension assets administered in GTA: CAD 1.4 trillion as of 2023
- Mutual funds AUM Toronto firms: CAD 950 billion 2022
- Hedge funds in Toronto: CAD 120 billion AUM 2023
- ETF assets managed Toronto: CAD 450 billion 2023
- Private equity AUM GTA: CAD 85 billion 2023
- Real estate investment trusts AUM Toronto: CAD 210 billion 2022
- Sovereign wealth mandates Toronto: CAD 300 billion 2023
- Insurance company assets Toronto: CAD 1.2 trillion 2023
- Alternative investments AUM: CAD 75 billion Toronto 2023
- High-net-worth client portfolios: CAD 650 billion managed GTA 2022
- Infrastructure funds Toronto: CAD 140 billion AUM 2023
- Venture capital funds AUM: CAD 28 billion Toronto 2023
- Fixed income portfolios: CAD 890 billion Toronto managers 2023
- Equity AUM Toronto: CAD 1.05 trillion 2022
- Crypto assets custody Toronto: CAD 15 billion 2023
- Mortgage-backed securities: CAD 420 billion Toronto 2023
- Commodities trading books: CAD 180 billion exposure Toronto 2023
- Derivatives notional value: CAD 50 trillion cleared Toronto 2022
- Green bonds portfolio: CAD 95 billion Toronto issuers 2023
- Family office AUM GTA: CAD 55 billion 2023
- Endowment funds managed: CAD 40 billion Toronto unis 2023
- Corporate treasury assets: CAD 320 billion Toronto firms 2022
- Peer-to-peer lending pools: CAD 8.5 billion Toronto 2023
- Impact investing AUM: CAD 22 billion GTA 2023
Assets Under Management Interpretation
Toronto isn't just Canada's financial hub; it's a multi-trillion-dollar metropolis of money where everything from pensions and banks to crypto and green bonds converges to prove that, quite literally, the whole world runs through its vaults.
Employment Statistics
- In 2023, the Toronto financial services sector employed 278,000 people, representing 9.5% of the city's total workforce
- As of 2022, there were 152,400 full-time jobs in financial services in the Greater Toronto Area, up 2.3% from 2021
- Women comprised 46.2% of the financial services workforce in Toronto in 2023, with an average salary of CAD 78,500
- The sector added 12,500 new jobs in fintech subsector in Toronto between 2020 and 2023
- Average annual wage in Toronto's financial services was CAD 102,300 in 2022, 35% above the city average
- 28% of Toronto's financial services employees hold university degrees in finance or related fields as of 2023
- Youth employment (15-24) in finance grew by 15% in Toronto from 2019 to 2023, totaling 18,200 jobs
- Immigrant workers make up 52% of Toronto's financial services workforce in 2023
- There were 5,200 job openings in banking and insurance in Toronto in Q4 2023
- Financial managers in Toronto numbered 14,500 with median salary CAD 145,000 in 2022
- Actuaries employed in Toronto reached 2,800 in 2023, up 8% YoY
- Investment advisors in GTA totaled 22,000 licensed professionals in 2023
- Compliance officers in finance grew to 9,100 jobs in Toronto by 2023
- Remote work adoption in Toronto finance reached 42% of workforce in 2023
- Diversity: 22% visible minorities in executive roles in Toronto finance 2023
- Entry-level analyst positions: 7,500 filled annually in Toronto finance
- Pension fund administrators: 3,200 employed in Toronto 2023
- Wealth management advisors: 18,900 in GTA 2023
- Cybersecurity specialists in finance: 4,500 jobs in Toronto 2023
- HR professionals in Toronto finance: 6,200 in 2023
- Data scientists in finance: 2,900 employed in Toronto 2023
- Risk analysts: 5,400 positions in Toronto banks 2023
- Operations managers in finance: 8,100 in GTA 2023
- Tellers and clerks: 15,200 in Toronto branches 2023
- Executives (VP+): 4,200 in Toronto financial firms 2023
- Trainees/apprentices: 1,800 in finance programs Toronto 2023
- Sales roles in insurance: 12,400 in Toronto 2023
- IT support in finance: 10,500 jobs Toronto 2023
- Legal professionals in finance: 3,900 in Toronto 2023
- Marketers in financial services: 4,700 employed Toronto 2023
Employment Statistics Interpretation
Toronto's financial sector is a well-oiled economic engine, cleverly disguised as a suit-wearing, high-earning, and increasingly diverse hive of activity where nearly one in ten workers finds a lucrative, degree-heavy, and now often remote-friendly career.
Fintech and Innovation
- Toronto ranked #8 globally for fintech startups with 450 firms in 2023
- CAD 2.1 billion invested in Toronto fintech in 2023 across 85 deals
- 1,200 fintech patents filed by Toronto companies 2018-2023
- Blockchain firms in Toronto: 180 active in 2023
- AI in finance startups: 95 Toronto-based 2023
- Regtech solutions providers: 65 in GTA 2023
- Open banking APIs adopted by 28 Toronto banks 2023
- Insurtech unicorns from Toronto: 3 valued over CAD 1B 2023
- Digital wallet transactions Toronto: 2.4 billion in 2023
- Robo-advisors managing CAD 15B AUM Toronto 2023
- Cyber fintech security startups: 42 Toronto 2023
- DeFi platforms hosted Toronto: 12 with TVL CAD 5B 2023
- Payment fintechs processing CAD 120B Toronto 2023
- Embedded finance integrations: 150 Toronto apps 2023
- Quantum computing finance pilots: 8 Toronto banks 2023
- NFT marketplace volume Toronto: CAD 450M 2023
- Sustainable fintech apps: 35 launched Toronto 2023
- Cross-border payment fintechs: 22 handling CAD 80B Toronto 2023
- Lending platforms: 40 peer-to-peer CAD 3.2B loans 2023
- Data analytics fintechs: 78 Toronto firms 2023
- Crypto exchanges volume: CAD 25B Toronto traders 2023
- Neobanks users Toronto: 1.2M active 2023
- Proptech finance startups: 55 GTA 2023
- API economy value Toronto fintech: CAD 1.8B 2023
- Innovation labs by banks: 15 Toronto-based 2023
- Toronto fintech accelerators graduated 220 startups since 2018
- Female-led fintechs: 28% of Toronto total 2023
- Toronto #1 in Canada for fintech jobs with 18,000 positions 2023
Fintech and Innovation Interpretation
Toronto may rank a global #8 for fintech startups, but with billions in deals, thousands of patents, and a sprawling ecosystem from AI to DeFi, it’s clear the city isn't just playing with digital money—it's seriously rewriting the entire financial rulebook.
International Rankings
- Toronto ranked 3rd in North America for venture-backed fintech 2023
- Bay Street hosts 70% of Canada's Big Six banks' headquarters 2023
- TSX market cap #7 globally at CAD 3.2T end-2023
- Toronto #4 worldwide for foreign banks presence with 90+ branches 2023
- Canada #10 G20 for financial centre competitiveness Toronto-led 2023
- Toronto #1 North American city for insurance headquarters 2023
- Pension funds ranking: 4 Toronto funds in global top 20 by AUM 2023
- Mutual fund industry #3 in Americas after US NY/Chicago 2023
- Toronto #6 global for sustainable finance issuance CAD 120B 2023
- Hedge fund concentration #9 worldwide Toronto 2023
- Forex turnover Toronto desks contribute 5% global total 2023
- M&A deal volume Toronto #15 globally 2023 with 450 deals CAD 85B
- IPO rankings TSX #4 outside US/UK 2023
- Wealth management hub #10 globally Toronto 2023
- Fintech ecosystem #9 Americas Toronto 2023
- Derivatives clearing volume #8 globally TMX 2023
- Bond market depth Toronto #12 OECD 2023
- Private equity deals Toronto #11 North America 2023
- Cross-border listings TSX attracts #5 foreign firms 2023
- Green finance innovation index #7 G7 Toronto 2023
- Asset servicing hub #9 global Toronto 2023
- Islamic finance growth #4 Western world Toronto 2023
- Captive insurance domicile #3 North America 2023
- Trade finance volume #10 G20 Toronto 2023
- Family offices concentration #12 global Toronto 2023
- Quantum finance readiness #5 worldwide 2023
- Regtech adoption #4 OECD Toronto banks 2023
- Digital asset custody #7 global Toronto 2023
International Rankings Interpretation
Despite what your polite demeanor might suggest, Toronto is not just a nice city with good hockey teams, but rather a financial powerhouse that quietly dominates in everything from banking and pensions to fintech and green finance, proving that being Canadian doesn't mean you can't be ruthlessly competitive on the global stage.
Revenue and GDP
- Toronto's financial services contributed CAD 52.4 billion to GDP in 2022, or 11.2% of city GDP
- Sector output reached CAD 78.9 billion in 2023 for GTA finance
- Financial services generated CAD 14.2 billion in taxes for Ontario in 2022
- Banking subsector revenue: CAD 45.6 billion in Toronto 2023
- Insurance premiums written in Toronto: CAD 28.7 billion in 2022
- Wealth management revenue: CAD 12.1 billion in GTA 2023
- Fintech revenue growth: 18% to CAD 4.5 billion in Toronto 2023
- Pension funds revenue: CAD 9.8 billion operating in 2022 Toronto
- Investment banking fees: CAD 3.2 billion earned in Toronto 2023
- Asset management fees: CAD 18.4 billion in GTA 2022
- Corporate finance consulting: CAD 2.1 billion revenue Toronto 2023
- GDP per employee in finance: CAD 188,500 in Toronto 2022
- Export of financial services: CAD 6.7 billion from Toronto 2023
- Venture capital invested in Toronto finance startups: CAD 1.9 billion 2023
- Real estate finance loans: CAD 34.5 billion originated Toronto 2022
- Derivatives trading revenue: CAD 5.6 billion for Toronto firms 2023
- Payment processing fees: CAD 2.8 billion in GTA 2023
- Brokerage commissions: CAD 4.2 billion Toronto stock market 2022
- Captive insurance revenue: CAD 1.4 billion Toronto 2023
- Robo-advisory fees: CAD 450 million growth Toronto 2023
- ESG investment management revenue: CAD 7.3 billion Toronto 2022
- Trade finance revenue: CAD 2.9 billion GTA 2023
- Leasing and factoring: CAD 3.1 billion Toronto finance 2023
- M&A advisory fees: CAD 1.8 billion Toronto banks 2023
- Underwriting fees IPOs: CAD 950 million TSX Toronto 2023
- Forex trading revenue: CAD 4.7 billion Toronto desks 2022
- Bond issuance fees: CAD 2.3 billion Toronto 2023
Revenue and GDP Interpretation
Toronto's financial engine not only powers a hefty slice of the city's economy but also proves, with relentless precision, that its true product is the art of turning money into more money, one fee, premium, and tax dollar at a time.
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