It is considerably harder to make 2 million in Montreal than say London/NY/SF etc, with the high cost of living in these locations it is easier to spend as you point out. If you already had money the perhaps settling in a Montreal is a good idea, but to make that kind of money you will need to choose to live in a place where money is easier to make.
In my case, I have spent most of my life so far in places like those you listed and am a new arrival in Montreal.
But tech workers native to Montreal who consult remotely for SF/NYC tech companies or VCs after spending some years doing a US work stint for networking purposes can definitely build up savings rapidly. I know one such example personally.
