The richest suburb in Australia, based on average taxable income, is often Double Bay, NSW (2028), but Point Piper, NSW, is renowned for having Australia's most expensive real estate with multi-million dollar harbourfront mansions. Other top contenders include Cottesloe/Peppermint Grove, WA (6011) for income and Bellevue Hill, NSW and Toorak, VIC for high property values and resident wealth.
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.
Blue-chip Bellevue Hill in Sydney's eastern suburbs is home to six of the country's 10 most expensive streets, including Kambala Road, which took out the top spot with a median house price of $39.35 million.
New York: Scarsdale.
The average Scarsdale home is worth $1.6 million, as of June 2025. It's the wealthiest suburb in America.
Western Australia (WA) is generally considered Australia's richest state, consistently topping economic performance rankings due to its strong mining sector, high exports (especially iron ore), and significant economic growth, leading in metrics like Gross State Product (GSP) per capita and overall economic strength.
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.
What are the richest suburbs in Australia? Based on the ATO's latest taxation figures, the highest-earning suburb in Australia is Sydney's Double Bay in New South Wales.
“Of the 40 suburbs projected to add the most residents from 2020 to 2100, five are in the Phoenix metro area, and five are in the Dallas metro area.” The article lists the 40 fastest-growing suburbs, with Frisco, Texas topping the list.
The top seven Australian cities for expats are:
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.
What is the most luxurious place in Australia? The most luxurious place to stay in Australia is widely considered to be Southern Ocean Lodge on Kangaroo Island, South Australia.
Here are the report's top 10 cities with the highest populations of ultra-wealthy people:
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.
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.
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.
Australia's most educated areas
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.
Sydney's Eastern Suburbs dominate the premium end. They hold most of the top 10 spots, led by Point Piper, Bellevue Hill, and Tamarama.
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.
Still commonly used is multimillionaire, which refers to individuals with net assets of 2 million or more of a currency. There are approximately 584,000 US$ multimillionaires who have net assets of $10M+ worldwide in 2017.
Toorak – The Undisputed Richest Suburb in Melbourne
From multi-million-dollar mansions to elite private schools and exclusive shopping strips, it has long been regarded as the richest area in Melbourne. Toorak is also home to Australia's wealthiest business leaders, celebrities, and international investors.
The worst performing states are Tasmania, with incomes 26% below the national income and wealth average, as well as South Australia which is 19% below the average household income and 20% below the national net wealth.
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.