The richest Aussies live in Sydney, ATO data has found. Australia's richest suburbs have been revealed, with the majority of high-income earners located in Sydney's eastern suburbs.
Forbes' real-time data shows that as of June 2023, there are 48 Australian billionaires on the list of the world's richest people.
More on the wealthy states within Australia
The Australian Capital Territory (ACT) has the highest average income among Australian states and territories, due to its strong public administration and professional services sectors. New South Wales also has a high average income, higher than the rest of the states.
With 126,900 millionaires, Sydney made it to number 10 with the report noting especially strong growth in wealth in the Harbour City over the past 20 years, making it Australia's wealthiest city. It's also predicted to reach the top 5 wealthiest cities in the world by 2040.
Bellevue Hill — $8,750,000
Living in the most expensive area in Sydney comes with a hefty price tag and the median sits at an eye-watering $8.75 million, whereas units average $1.637 million. If you would like to rent a home in Bellevue Hill, get your money bags ready.
In Sydney, 1.3% of the population has $US1 million ($A1. 114m) or more in assets, once their primary residence is excluded. That makes Sydney the world's 12th most dense millionaire city. Melbourne is six places behind with 0.9% of the population meeting the same wealth threshold.
Most high-income earners believe income of $454,000 makes an upper class household, while middle earners believe $280,000 is enough to be counted as upper class. However, low-income households that participated in the study believe $549,000 is enough to be considered upper class.
While Mumbai is home to 60,600 millionaires, 243 centimillionaires, and 30 billionaires, Dubai houses 202 centimillionaires, 13 billionaires, and 67,900 millionaires. Both the cities along with Shenzhen are the fastest growing to become the wealthiest cities in the future.
Wolseley Road in Point Piper is Sydney's most expensive street, attracting Australia's wealthiest residents with its luxurious properties and waterfront views.
Other possible reasons for Australia's popularity among migrating millionaires, according to Mr Amoils, include Australia's lack of an estate duty, which encourages wealthy people to stay in the country and build their businesses for future generations.
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.
The seven best places to live in Australia are: Adelaide, Brisbane, Canberra, Hobart, Melbourne, Perth and Sydney. We've worked out which place is best depending on what you care about most, from culture and climate to job opportunities. Check out the table below for our full rundown.
On a mean wealth basis, Australia was the fourth-richest country in 2021 behind Switzerland, the US and Hong Kong. The average Australian adult was worth $US550,110 at the end of last year, after enjoying a $US66,350 annual increase in wealth.
No suburb in the country features a greater concentration of members of The List – Australia's Richest 250 than Toorak, where Melbourne's wealthiest families have gathered for decades. Think historic looking mansions guarded by large hedges set back from the street to ensure privacy.
Melbourne has some of the richest suburbs in the country and Toorak is considered the most expensive one. The median price for units and houses is highest in Toorak. The market average price for houses and units is higher in Toorak, East Melbourne, Main Ridge, Brighton, and Middle Park.
THE LIST. Australia's richest person, Gina Rinehart, is the daughter of iron-ore explorer Lang Hancock. Rinehart made her wealth rebuilding Hancock Prospecting, becoming chair in 1992 when her father died.
Hobart the least affordable city in Australia for renters, putting average income households into rental stress and hurting pensioners and young people.
Every state capital has its own alpha row where oversized homes command sky-high prices and ultra-luxurious living, often shielded from the eyes of curious onlookers. In Sydney, it's Wolseley Road in Point Piper.
The person who holds the most land in this pastoral-lease data, by far, is the Western Australian mining magnate Gina Rinehart, who controls 9.2m hectares, or 1.2% of Australia's landmass, through three different corporate entities. The biggest corporate landholder is the ASX-listed Australian Agricultural Company.
In addition to the names of UAE billionaires, you might also be interested in finding out who they are and how old they are. If so, continue reading. Majid Al Futtaim is both the richest man in Dubai and the richest man in the UAE today after beating out all of his competitors.
Saudi Arabia has more billionaires than any other country in the Middle East, according to a new study of the ultra-rich. The Middle East has 187 billionaires according to data compiled by Wealth-X for the Billionaire Census 2023.
Due to its vast oil resources, Abu Dhabi is the wealthiest emirate in the UAE. In fact, it is one of the richest cities in the world!
Average Australian Salaries in 2023
A taxable income that was $131,501 or higher was within the top 10% of earners in Australia last year.
Australians wanting to be in the country's top 1% for wealth need to have an individual net worth of US$5.5 million ($8.3 million), Knight Frank's 2023 Wealth Report has found.
Anyone earning $180,000 would definitely be one of the country's highest paid workers. The large majority of workers (about 75 per cent) earn less than $78,624 a year before tax.