Yes, during the late 19th century, particularly the 1880s, Melbourne was widely considered the richest city in the world, fueled by the Victorian Gold Rush, leading to an era of lavish spending, grand architecture, and immense prosperity known as "Marvelous Melbourne". It was a global financial hub, second only to London in the British Empire, with massive wealth from gold flowing in.
What made Melbourne prosper? “The Victorian gold rush of the 1850s transformed Melbourne from a small frontier settlement into one of the richest cities in the world. Wealth poured into the city, and with it came culture: grand theatres, art galleries, and public libraries.
New York City - #1
With over 340,000 HNWIs and total private wealth exceeding $3 trillion, NYC is home to Wall Street, luxury real estate markets, and global corporate headquarters.
Land boom and bust
The 1880s saw extraordinary growth: consumer confidence, easy access to credit, and steep increases in land prices led to an enormous amount of construction. During this "land boom", Melbourne reputedly became the richest city in the world, and the second-largest (after London) in the British Empire.
Australia's period as the world's richest economy came to an end in the quarter century after 1890 (Figure 1). What accounts for its 'transition' from income levels 40 percent or more above that of the U.S. before 1890, to approximate parity in the early years of the new century?
The richest country by GDP (PPP) per capita is often cited as Singapore, followed closely by Luxembourg, depending on the specific report and year, with Singapore leading in 2025 estimates with around $156,000-$157,000 per person, while Luxembourg is a strong contender just below that, highlighting small, finance-heavy economies as wealthiest per person.
According to Credit Suisse's Global Wealth Report, the average wealth of Australian households was $628,000 per adult in 2020, the fourth highest in the world behind Switzerland, the United States and Hong Kong (North America as shown on the graph refers to the region, as does Asia-Pacific and Europe).
Sydney claims 147,000 millionaires, 205 centi-millionaires, and 20 billionaires. Comparatively, Melbourne is home to 97,900 millionaires, 112 centi-millionaires and 10 billionaires.
In conclusion, Babylon was truly one of the richest and most magnificent cities in history, with its wealth and power influencing not only the ancient world, but also modern civilizations.
Melbourne's population reached 280,000 in 1880 and 445,000 in 1889. For a time it was the second-largest city in the British Empire, after London. During the boom, Melbourne had reputedly become the richest city in the world. In terms of area, Melbourne was already one of the largest cities in the world.
New York City, New York
As the country's financial capital, it houses more millionaires and billionaires than any other U.S. city. New York's mix of finance, culture, and global influence keeps it firmly at the top. No other American city matches its scale of wealth or its role as a global financial center.
Melbourne gross domestic product reached $369 billion compared with regional Victoria's $76 billion. Australian GDP expanded by 1.9 per cent but Melbourne's own GDP lifted by 4 per cent. Sydney GDP at $461 billion grew by 2.6 per cent, its lowest rate since 2012-13, to account for a third of national growth.
For the fifth year in a row, Paris ranks as the best city in the world to visit, maintaining its long-running lead at the top of Euromonitor's rankings. According to Euromonitor, the French capital stands out for its combination of world-class tourism infrastructure, cultural influence and sustainability initiatives.
Melbourne has earned a good few awards this year, landing as the fourth most livable city in the world, the second best city in the world for Gen Z, the happiest city in Australia and claiming fourth place on Time Out's World's 50 Best Cities for 2025.
Toorak is consistently ranked as Melbourne's most expensive suburb, known for its grand mansions, elite lifestyle, prestigious schools, and luxury shopping, with median house prices often exceeding $5 million, followed closely by other affluent areas like East Melbourne, Kooyong, and Brighton.
Batmania is one of the many fabulous names that settlers attempted to give to Melbourne. John Batman named this area Batmania, after himself, in 1835. The Queen decided against this name and instead gave us the current name of Melbourne after a close adviser Lord Melbourne.
New York leads the world by a wide margin, home to more than 100 billionaires. Asia dominates the ranking, with Chinese and Indian cities accounting for a large share of global billionaire hubs.
Jericho, West Bank, Palestine
Jericho is another that is arguably the oldest city in the world at around 11,000 years old. It's located in the Jordan Valley in the occupied West Bank, and archaeological evidence has documented 23 layers of ancient sites and civilizations there dating back to the 10th millennium B.C.E.
The richest country by GDP (PPP) per capita is often cited as Singapore, followed closely by Luxembourg, depending on the specific report and year, with Singapore leading in 2025 estimates with around $156,000-$157,000 per person, while Luxembourg is a strong contender just below that, highlighting small, finance-heavy economies as wealthiest per person.
This economic boom peaked during the 1880s and Melbourne had become the richest city in the world. The brash boosterism that typified the city ended in 1891 with a severe depression of the city's economy.
Melbourne is the happiest city in Australia according to locals.
Yes, $100k AUD is a solid salary in Sydney, especially for a single person, allowing for comfortable living and saving if you manage housing costs wisely, though high rent and inflation mean it's less impressive than it once was, requiring smart budgeting for things like mortgages and dining out, but still well above the median income and average wage.
Yes, $70k is a fair salary in Australia, often near the median income, making it a decent living for a single person, especially outside major cities, but it can be tight in expensive areas or for those with high living costs like mortgages, with full-time averages now closer to $90k-$100k.
By 2050, China is projected to be the world's richest country by total GDP, leading a significant shift where emerging economies like India, Indonesia, Brazil, and Russia rise to challenge traditional giants, with the U.S. potentially falling to third, while Singapore might become the richest per capita (PPP), though these predictions depend heavily on technological progress, political stability, and growth rates.
Global inequality is well known, and the report shows how the top 10% own 75% of all global wealth.