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, often known as Australia's financial hub, consistently tops the list of the wealthiest cities in the region. Its skyline tells the story of affluence with luxurious skyscrapers and a vibrant real estate market.
Toorak, Victoria, 3142
But Toorak in Melbourne is by far and away the most popular place for the richest people in Australia to live. There are no less than 22 people on the list in Toorak.
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.
New York: Scarsdale.
The average Scarsdale home is worth $1.6 million, as of June 2025. It's the wealthiest suburb in America.
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.
There are a number of different lists compiled by various publications around the world attempt to determine the number of billionaires by world's major cities. The best-known estimate is by Forbes. New York City leads with the highest number of billionaires, counted at 123 in 2025 by Forbes.
Sydney is Australia's largest city and considered the best by many families and professionals. It boasts some of the best beaches, world-class dining, and cultural attractions like the Opera House and Harbour. Sydney is also an expensive city to live, yet it remains highly desirable.
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.
Yes, $100k AUD is a solid salary in Sydney, especially for a single person, allowing for comfortable living and saving if you manage housing costs wisely, though high rent and inflation mean it's less impressive than it once was, requiring smart budgeting for things like mortgages and dining out, but still well above the median income and average wage.
Here are the report's top 10 cities with the highest populations of ultra-wealthy people:
Sydney is the most expensive major city in Australia and the most expensive city overall.
Kylie Minogue, who was born in Melbourne and lived in the UK for decades, confirmed in 2021 she was moving back to her hometown of Melbourne, Australia, to be closer to her family after spending more time there during the pandemic, though she still maintains ties to the UK.
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.
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.
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 2025, the New York metropolitan area is the world's principal fintech and financial centre and the largest metropolitan economy in the world, with a nominal gross metropolitan product of just under US$2.3 trillion. This is a list of cities in the world by nominal gross domestic product (GDP).
Adelaide has been ranked Australia's happiest city in the global Happy City Index, scoring highly across 82 measures of liveability and wellbeing. Our beloved South Australian capital seems to find itself on lists like these rather frequently, and we don't think it's by coincidence.
Hobart, Tasmania, is widely recognized as the cheapest major city, but smaller regional towns in Queensland and South Australia can offer even lower living costs.
Yes, $70k is a fair salary in Australia, often near the median income, making it a decent living for a single person, especially outside major cities, but it can be tight in expensive areas or for those with high living costs like mortgages, with full-time averages now closer to $90k-$100k.
1. United States. The U.S. leads the world with the highest number of billionaires. It's home to over 900 of them, including Amazon founder Jeff Bezos, Tesla and SpaceX chief Elon Musk, and legendary investor Warren Buffett.
The American business magazine Forbes produces a global list of known U.S. dollar billionaires every year and updates an internet version of this list in real time. The American oil magnate John D. Rockefeller became the world's first confirmed billionaire in 1916.