Sydney is generally considered Australia's richest city, leading in the total number of millionaires and billionaires, driven by finance, real estate, and its iconic harbour lifestyle, although Melbourne is a close second, with some reports highlighting specific Perth suburbs for high average incomes. While Sydney attracts high-net-worth individuals with booming property markets, Melbourne boasts significant wealth in areas like Toorak, and Perth's Cottesloe/Peppermint Grove area shows high average incomes.
Sydney is Australia's richest city, leading with the most resident millionaires, centi-millionaires, and billionaires, driven by its strong financial sector, global appeal, and high-end real estate market, followed closely by Melbourne, with both cities consistently ranking globally for wealth. These cities attract High-Net-Worth Individuals (HNWIs) due to amenities, business opportunities, and exclusive suburbs like Sydney's Point Piper and Melbourne's Toorak.
Toorak boasts gated cul-de-sacs, privacy hedges, tree-lined streets and 22 of Australia's richest people.
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.
1. New York City, New York. New York remains unmatched as the wealthiest city in America in 2025. As the country's financial capital, it houses more millionaires and billionaires than any other U.S. city.
One in Three Monaco Residents Are Millionaires. More than 12,000 of Monaco's 39,000 residents are millionaires, roughly one in three people. That astonishing ratio makes the Principality the undisputed leader in millionaire density worldwide.
The richest suburb in Australia, based on average taxable income, is often Double Bay, NSW (postcode 2028), known as "Double Pay," followed closely by Sydney's Eastern Suburbs and Perth's affluent western areas like Cottesloe and Peppermint Grove (6011). Other top contenders for wealth and high property values include Point Piper, Bellevue Hill, Vaucluse, Toorak (VIC), and Palm Beach (NSW), featuring high-end homes and luxury lifestyles.
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.
Sydney is Australia's largest city and considered the best by many families and professionals. It boasts some of the best beaches, world-class dining, and cultural attractions like the Opera House and Harbour. Sydney is also an expensive city to live, yet it remains highly desirable.
Iron ore magnate Rinehart has topped the Rich List for the sixth year in a row, but the falling iron ore price has hit the valuation of her Hancock Prospecting, wiping around $2b off her estimated net worth.
Here are the report's top 10 cities with the highest populations of ultra-wealthy people:
Australia ranks twice on the top 50 list, with Sydney in 17th place and Melbourne in 30th place worldwide. Sydney is currently home to 205 centi-millionaires while Melbourne has 112.
Mungallala Methodist Church was built in 1964. It has now closed. In 2016, the Australian Taxation Office listed Mungallala as having the lowest mean taxable income by postcode, making it the poorest town in Australia, which led the ABC to do a documentary on the town for their online "storyhunters" program.
Toorak, Victoria, 3142
But Toorak in Melbourne is by far and away the most popular place for the richest people in Australia to live. There are no less than 22 people on the list in Toorak.
Sydney is the most expensive major city in Australia and the most expensive city overall. Townsville is 43% less expensive than Sydney, it is the least expensive city in the country. Insurance and financial services saw the largest increase in average prices from October 2023 to October 2024.
Jobs paying $150k+ in Australia span various sectors, including Tech (Senior Business Analysts, IT roles), Healthcare (Podiatrists, Clinical Managers), Construction & Trades (Construction Managers, Electricians, Site Supervisors, Drillers), Finance (Finance Managers, Financial Planners, Accountants), Sales, and Leadership (HR Directors, Operations Managers, School Principals, Government Directors). High-demand areas often involve senior or specialized roles in Engineering, Mining, Digital Marketing, and Management, with opportunities both with and without degrees.
To be in Australia's top 1% of individual taxpayers, you generally need an annual income of around $375,000 to $390,000, though figures vary slightly by source and year, with higher thresholds for households (around $530,000). For context, the median individual income is much lower (around $55,000), and while top earners often include surgeons and anaesthetists, reaching the top 1% of net worth requires significantly more wealth, often exceeding $7 million.
Calculation details
On a £120,000 salary, your take home pay will be £76,157.40 after tax and National Insurance. This equates to £6,346.45 per month and £1,464.57 per week. If you work 5 days per week, this is £292.91 per day, or £36.61 per hour at 40 hours per week.
But despite the economic uptick of recent years, Tasmania is still the poorest Australian state.
One of the more popular areas for China's new rich, in addition to the old money suburbs of Vaucluse, Bellevue Hill and Point Piper, is Hunters Hill.
Kambala Rd in Sydney's Bellevue Hill in the city's east ranked as the richest road in the country, with a median value of $39.35m over the last three years. Along this elite street the average property is worth over 24 times a median Sydney home.
As of 2025, the New York metropolitan area is the world's principal fintech and financial centre and the largest metropolitan economy in the world, with a nominal gross metropolitan product of just under US$2.3 trillion. This is a list of cities in the world by nominal gross domestic product (GDP).
Monaco is an attractive place of residence for high-net-worth individuals. The Principality is an independent sovereign state and a full member of the UN. Applicants must deposit a minimum of €500,000 in a bank account for residency in Monaco. A residency visa application typically takes around three months.