The most expensive street in Melbourne is consistently cited as St Georges Road in Toorak, known for its ultra-luxury mansions, with other top contenders including Hopetoun Road, Linlithgow Road, and Clendon Road, also in Toorak, and St Ninians Rd in Brighton, all featuring record-breaking property values and attracting the city's wealthiest residents.
St. Georges Road in Toorak holds the record for the highest sale price in Melbourne, with homes regularly selling for tens of millions of dollars. This leafy suburb is lined with historic mansions, modern architectural masterpieces, and some of the most expensive neighbourhoods in the country.
Top 20 Richest Suburbs in Melbourne
Toorak stands as Melbourne's wealthiest suburb, known for its mansions, exclusive streets, and elite lifestyle. Landmarks like the Toorak Village shopping strip and the Yarra River contribute to its charm. Families are drawn to its proximity to prestigious schools and boutique shopping.
Bourke Street is one of the most popular streets in Melbourne. Situated in the heart of the Hoddle Grid, it is the prime location for shopping and dining, such as Madame Brussels, Heroes, and Fancy Hank's. There are plentiful trams, vast pavements, pedestrianized Bourke Street Mall, and easy navigation.
Melbourne's "nicest" part depends on what you're looking for, with popular choices including South Yarra/Prahran for trendy shopping, dining, and parks; Fitzroy for vibrant arts, street art, and nightlife; Brighton for coastal luxury and iconic bathing boxes; and Albert Park/Port Melbourne for bayside living, while areas like Camberwell/Glen Waverley offer leafy, family-friendly vibes with great schools.
You may know Collins Street for its designer stores and heritage buildings, five-star hotels, private clubs and exclusive jewellers. The 'top end' is known to locals as the 'Paris End'. Head in this direction for flagship stores by Dior, Burberry, Giorgio Armani, Versace, Louis Vuitton, Hermes, Fendi and Bvlgari.
Here are the report's top 10 cities with the highest populations of ultra-wealthy people:
Melbourne came in at number 16 on the rich list, dropping one place since last year, with 94,000 millionaires, 108 centi-millionaires and 12 billionaires.
The exclusive postcode of Toorak offers equal parts village-like charm and upscale glamour. Lined with stately, old-money mansions, often tucked away in quiet cul-de-sacs or along the bend in the Yarra River, it's home to Melbourne's elite – and just four kilometres away from the city's centre.
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.
There are also surveys on how we perceive others. According to a Dacxi survey 40% of Australians consider the upper class as those that earn more than an after-tax income of $150,000 annually. 33% apply a net worth lens to the definition and classify the upper class as those with a net worth of over $1 million.
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.
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.
A History of Collins Street. Running east to west in Melbourne's CBD is one of the most famous streets in Australia: Collins Street. Today, it is home to the Novotel Melbourne on Collins hotel and some of the best shopping in the country.
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.
Places like Toorak, East Melbourne, and Brighton pair their multi-million-dollar homes with top-notch amenities, safety, and a strong sense of community. In short, a high-end suburb isn't defined by property prices alone – it's the premium lifestyle and prestige that come with living in these elite postcodes.
The richest family in Australia is generally considered the Rinehart family, primarily through Gina Rinehart, who leads the mining giant Hancock Prospecting, consistently topping lists with wealth estimated in the tens of billions (e.g., ~$38B-$50B+ in recent years), followed by other prominent families like the Pratts (manufacturing) and Forrests (mining/commodities).
The 34-year-old Australian billionaire you're likely referring to is Adrian Portelli, known for his extravagant giveaways via his LMCT+ rewards club, making millions through subscriptions for luxury car and home raffles, and gaining fame from the TV show The Block. He became Australia's seventh-wealthiest young business leader by 2023, featuring prominently on lists like the AFR Young Rich List.
🏙️ With 94,000 millionaires, 108 centi-millionaires, and 12 billionaires calling Melbourne home, the city continues to attract and grow high-net-worth individuals. 💼 Australia's other capital cities also made the top 50 list: • Sydney ranked 9th. Perth at 34th. Brisbane at 43rd.
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.
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's best suburbs depend on your needs, with popular choices like Fitzroy North, Carlton, and Northcote offering vibrant inner-city living, while Camberwell, Kew, and Glen Waverley are top for families due to great schools and parks, and South Yarra, Richmond, and Hawthorn suit professionals with work-life balance, alongside affordable options like Footscray and Preston for budget-conscious buyers.
39 St Georges Road, Toorak, is a grand mansion owned by the Stamoulis family, built by property developer Harry Stamoulis after he purchased the land in 2010 and demolished the former Baillieu family home. The estate is considered one of Australia's most significant private residences, often described as a $70-$100 million palace.
In 2024, High Street in Melbourne's north was crowned the official coolest street in the world. Close to the MCG and Melbourne Park precinct, Swan Street offers excellent drinking and dining spots – think chic wine bars like Clover and Tartine with a side of boutique shops and Pilates studios.