Sydney is consistently ranked as Australia's most expensive city for overall living costs and housing, particularly its Eastern Suburbs (like Bellevue Hill, Vaucluse) and North Shore, with high median house prices and rents. While Sydney leads in general costs, specific regional pockets like Yallingup in Western Australia also feature very high property values.
1. Sydney. Sydney boasts a staggering 126,900 resident millionaires, along with 184 centi-millionaires and 15 billionaires, residing in some of the world's most exclusive residential suburbs, such as Bellevue Hill, Darling Point, Mosman, Point Piper, and Vaucluse.
Singapore is ranked 1st & most expensive while Kuala Lumpur is the least expensive city. Addendum : The finding is based on Mercer's 2020 cost of living surveys among employers & employees/expatriates worldwide. Hong Kong has the highest cost of living while Tunis is the least expensive worldwide.
Toorak has the most residents on this year's edition of The List - Australia's Richest 250, published by The Australian. Almost 10 per cent of Australia's wealthy elite live in Toorak, but the prestige suburbs in Sydney attract the biggest and most consistent price tags.
New York: Scarsdale.
The average Scarsdale home is worth $1.6 million, as of June 2025. It's the wealthiest suburb in America.
The ATO figures show the country's highest-earning postcodes were in Sydney, with seven suburbs making up the top 10. The postcode with the highest average taxable income ($279,712) was in Sydney's eastern suburbs — postcode 2027 — which takes in Darling Point, Edgecliff, Rushcutters and Point Piper.
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's Eastern Suburbs dominate the premium end. They hold most of the top 10 spots, led by Point Piper, Bellevue Hill, and Tamarama.
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.
Zurich. Consistently ranking at the top, Zurich has earned its reputation as one of the best quality-of-life cities in the world. This Swiss financial and cultural hub boasts a nearly unmatched combination of high educational attainment, exceptional public transportation, and meticulous urban environments.
Hong Kong tops the global list with a staggering house price-to-income ratio of 14.4. This means the typical home costs more than 14 years worth of household income. Limited land supply and strong demand from global capital continue to keep prices out of reach for most residents.
The ten cheapest cities in the world 2020 according to an Economist Intelligence Unit survey.
Northern Territory
This is the least populated state in the country and one of the poorest. Mining is the principal economic activity here and provides jobs for over 4,600 people. This sector is focused on mineral and petroleum exploitation and production.
New South Wales (NSW) and Victoria provide greater business, financial, and information technology opportunities. Western Australia (WA) and Queensland (QLD) excel in mining, engineering, and healthcare. South Australia (SA) is becoming more welcoming to skilled migrants through its regional migration streams.
Wealth among the wealthiest growing 'much faster'
According to 2024 statistics from the Australian Council of Social Service (ACOSS) and UNSW, the wealthiest 10 per cent of households in Australia own 44 per cent of all wealth, with an average of $5.2 million per household.
Many jobs in Australia pay over $100,000 annually, including roles in IT, Healthcare (like Surgeons, Dentists, Psychologists), Engineering (Mining, Aerospace, Building), Construction Management, Finance (Accountants, Managers), Law, Sales (Business Development, Account Managers), and specialized trades (Pilots, Drillers, Electricians), often requiring degrees, certifications, or significant experience and skill, though some technical or trade roles can reach this income without a university degree through vocational training.
What is the safest type of investment for beginners with $300k?
No, Australia is not 90% white; while a large majority identify with European ancestry (around 76-80% in recent years), a significant and growing portion identifies as Asian, African, Middle Eastern, or Indigenous, making it a highly multicultural nation with diverse ethnic backgrounds, not overwhelmingly white. Recent census data shows European ancestry (English, Irish, etc.) makes up a large chunk, but Asian ancestries are also substantial, with over 17% Asian population and around 3.8% identifying as Aboriginal or Torres Strait Islander, per the 2021 census data from Wikipedia.
Australia's most educated areas
The middle class falls in-between. In 2022 the median income in Australia was $65,000 a year according to the Australian Bureau of Statistics. Anyone making less than this amount would be considered working class. Anyone making more than $137,000 falls in the top 10% which is considered upper class.
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.
Sydney's Palm Beach tops the list, with an average household debt of $5 million. It is followed by Bellevue Hill ($4.1 million) and Double Bay ($3.7 million) in Sydney's east, then Toorak ($3.5 million) along Melbourne's Yarra River.
Suburbs set for a boom in 2025, particularly in Australia, are driven by affordability, lifestyle appeal (beaches, cafes), infrastructure (new transport links), and demographic shifts, with hotspots identified in Perth's northern coastal areas (Alkimos, Yanchep), Regional Queensland (Toowoomba), Melbourne's outer areas (Werribee, Keilor East), and Brisbane's growth zones (Springwood, Gold Coast's Coomera), as people seek value and better living environments outside major city centers.
Lane Cove Named Australia's Most Liveable Community. Lane Cove has been officially recognised as the number one most liveable community in Australia, following the results of the 2025 Australian Liveability Census.