The magnetic response of a number of double- and triple-layer carbon nano-onions (CNOs) is analyzed by calculating the magnetically induced current density and the induced magnetic field using the pseudo-π model. Qualitatively the same magnetic response was obtained in calculations at the all-electron level. The calculations show that the CNOs exhibit strong net diatropic (paratropic) ring currents when the external magnetic field points perpendicularly to one of the six-membered (five-membered) rings. They are deshielded inside and shielded outside the CNO; the latter dominates for larger CNOs. The magnetic response originates from a combination of spherical paratropic current densities on the inside of each carbon layer and diatropic current densities on the outside of them. The quantitative differences in the aromaticity of the CNOs as compared to single fullerenes are discussed in terms of ring-current strengths. The magnetic response of some of the CNOs is approximately the sum of the magnetic response of the individual layers, whereas deviations are significant for CNOs containing C80. For the largest CNOs, the deviation from the sum of the fullerene contributions is larger, especially when the external magnetic field is perpendicular to a six-membered ring.