The richest places in Australia are concentrated in Sydney's Eastern Suburbs, with Point Piper, Double Bay, and Bellevue Hill consistently topping lists for high property values and average incomes, while Sydney itself is Australia's wealthiest city by population of millionaires and economic output, though Perth and Melbourne also rank highly for wealth indicators.
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.
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.
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.
Toorak boasts gated cul-de-sacs, privacy hedges, tree-lined streets and 22 of Australia's richest people.
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:
Hobart, Tasmania: Australia's most affordable major city
Hobart, the capital of Tasmania, consistently ranks as the cheapest area in Australia among major cities. Nestled between the River Derwent and Mount Wellington, Hobart offers breathtaking scenery, a vibrant arts scene, and a welcoming community.
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.
New York City - #1
New York City, often referred to as the "financial capital of the world," leads the list as the richest city in 2024. 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.
Firstly, the unhappiest city in Australia is Darwin. About 23. 4% of the population here is experiencing anxiety.
South Sudan is widely considered the poorest country in the world in 2025-2026, consistently ranking first due to extremely low GDP per capita and a high percentage (over 80%) of its population living in extreme poverty, driven by prolonged civil conflict, displacement, and disruption of its agricultural economy. Other nations frequently cited as among the poorest include Burundi, the Central African Republic, and Yemen, also suffering from conflict and instability.
Definition and Purpose of Blacklisting
Lender blacklists are secret lists of suburbs that banks see as risky. When a suburb is on this list, it's harder to get a loan there. Banks use these lists to lower their risk of losing money on loans. Blacklists help banks decide where to lend.
Australia has a highly developed mixed economy. As of 2025, Australia was the 15th-largest national economy by nominal GDP (gross domestic product), the 22nd-largest by PPP-adjusted GDP, and was the 21st-largest goods exporter and 24th-largest goods importer.
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.
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.
New York: Scarsdale.
The average Scarsdale home is worth $1.6 million, as of June 2025. It's the wealthiest suburb in America.
These are Australia's 10 most liveable suburbs for 2025
Comparing the 10 Best Cities to Live in Australia
Perth and Darwin highlight outdoor lifestyle and growth. Furthermore, Gold Coast and Sunshine Coast offer stunning beaches, while Hobart and Canberra provide security and lifestyle balance. Across Australia, these cities represent Australia's best choices.
Yes, AUD 5,000 (around $3,300 USD) can be enough for a single person's month in Australia, especially in regional areas or if you're budget-conscious and can find work quickly, but it will be tight in major cities like Sydney or Melbourne, where it covers basics but leaves little for luxury, according to Anzuk Education and Reddit users, as city living costs, especially rent, can quickly consume most of that, requiring careful planning for accommodation, food, and activities.
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.
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.
As of 2024, there are 756 billionaires living in 43 of the 50 US states or Washington, D.C. The only states with no billionaire residents are Alaska, Delaware, New Hampshire, New Mexico, North Dakota, and West Virginia.