Sydney is Australia's richest city, consistently topping lists with the highest number of millionaires, centi-millionaires, and billionaires, driven by its strong financial sector, global investment, and luxury real estate, though Melbourne is a close second, followed by Perth and Brisbane in overall wealth.
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, 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 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.
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.
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.
Here are the report's top 10 cities with the highest populations of ultra-wealthy people:
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.
New York: Scarsdale.
The average Scarsdale home is worth $1.6 million, as of June 2025. It's the wealthiest suburb in America.
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.
In the centre of Sydney's east, some of Sydney's most awe-inspiring properties are nestled within Bellevue Hill's green hills. It takes out the title as the most expensive suburb in Australia, and for good reason. A meander through the suburb's spectacular streets says it all.
Sydney. Sydney is the 'economic powerhouse' of Australia. If you're chasing high-paying roles in finance, tech, or business services, it's the place to be.
Adelaide has been ranked Australia's happiest city in the global Happy City Index, scoring highly across 82 measures of liveability and wellbeing. Our beloved South Australian capital seems to find itself on lists like these rather frequently, and we don't think it's by coincidence.
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.
Adelaide is often regarded as the cheapest place to live in Australia, with lower living costs compared to major cities. Regional areas are becoming more popular due to remote work opportunities, making them affordable choices.
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.
Australia's most educated areas
New York City solidifies its position as the world's richest city, according to Henley & Partners' 2025 report, with one in every 22 residents being a millionaire.
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.