Led by growth in wealth management, Canada is becoming a home to top talent. So says research by Aon Consulting, which ranked 90 cities globally based on demographics, education and other criteria.

Toronto was named the best city in the world for employers, with Montreal placing fifth.
Rankings were made based on the risks associated with the recruitment and relocation of employees.

Canada’s banks such as RBC and BMO are moving up the ladder when it comes to global rankings. Both have bolstered services aimed at courting ultra-high-net-worth individuals in Canada, the U.S. and Asia.

A key driver in current and future growth in banking promises to be the end of regulatory constraints imposed on the sector. For the past two years, banks faced restrictions on large capital outlays, which limited growth.

With the ban over, Canada’s largest banks are poised to grow organically and through acquisitions, which should produce hiring growth at home and abroad.

Last week, RBC Wealth Management named Michael Lagopoulos as its new deputy chairman. He’ll be charged with expanding the bank’s wealth management business.

For its part, Bank of Montreal is seeking to build its services to high earners, and is on the prowl for acquisitions in the U.S. and Asia. In addition, BMO is set to shore up its product mix with new products in insurance and capital markets.

Earlier this year, life insurer Sun Life announced plans to boost its wealth management business by launching a separate mutual fund entity. The company added 150 financial advisers and plans to bring on additional sales people in the near-term.

Factor in plans by BNY Mellon Wealth Management to enter Canada and UBS’ goal of doubling the number of financial advisors it has there, and the future looks very bright for people who can cater to the growing number of millionaires in the country.