Western Australia (WA) is generally considered the economic powerhouse and richest state in Australia, leading in key indicators like Gross State Product (GSP) per capita and overall economic performance due to its strong mining sector (iron ore, LNG), while New South Wales (NSW) often has the largest overall economic output (total GSP) due to its larger population and financial services, though WA often leads in per-person wealth and budget surpluses.
Australia's richest state, Western Australia, presented its 2025-26 State Budget today. And, as has been the case for much of the past 15 or more years, it shows a very different picture from the budgets of what Western Australians refer to as the 'Eastern States'.
The CommSec quarterly State of the States report says WA is the country's strongest economy, leading in household spending and housing finance.
U.S. state government tax revenue FY 2024, by state
In the fiscal year of 2024, the state of California collected a total of 265 billion U.S. dollars in tax revenue, the highest of any state.
These Are the Richest States in the U.S.
Maharashtra is the richest state in India by total Gross State Domestic Product (GSDP).
Sydney is generally considered Australia's richest city, often topping lists for high-net-worth individuals, property values, and its strong financial sector, though Melbourne consistently ranks close behind, with both cities featuring in global wealth reports alongside Perth and Brisbane. Sydney leads in overall wealth indicators and is Australia's financial hub, while expensive suburbs are found across these major cities, including some in Western Australia and Victoria.
Queensland is sunny and humid, making it an ideal destination for outdoor enthusiasts. Melbourne and Tasmania are cooler compared to other Australian states. Adelaide and Perth have warm, dry summers and mild winters, which might suit you if you're into warmer weather.
Western Australia (WA) is consistently the fastest-growing state in Australia, leading in population growth due to strong net overseas and interstate migration, with recent data showing it added the most people and had the highest growth rate among states, surpassing 3 million people in 2024. Other growing areas include Victoria and Queensland, driven by migration, while the Northern Territory also shows recent growth.
But despite the economic uptick of recent years, Tasmania is still the poorest Australian state.
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 resources sector has once again emerged as Australia's biggest taxpayer, with the ATO Corporate Tax Transparency Report revealing major mining and energy firms contributed $48 billion in company tax in 2023-24.
Western Australia's economy is largely driven by extraction and processing of a diverse range of mineral and petroleum commodities. The structure of the economy is closely linked to the abundance of natural resources found in the State, providing a comparative advantage in resource extraction and processing.
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, $100k (AUD) is generally a very good salary in Australia, placing you above the median income and offering financial stability, though it's becoming tighter in expensive cities like Sydney due to high living costs and housing prices, making lifestyle comfort dependent on location and dependents. While it's a strong income, it's closer to the median ($90k) than the high-earning average ($108k), meaning it provides comfort but not necessarily luxury, especially with rising costs.
Adelaide declared Australia's happiest city of 2025. Adelaide has been ranked Australia's happiest city in the global Happy City Index, scoring highly across 82 measures of liveability and wellbeing.
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.
Western Australia has the strongest economic momentum, unchanged from the October 2023 survey ranking. Queensland is in second position ahead of Victoria, while NSW is in fourth spot.
Here is a closer look at each state, its GDP contribution and per capita income standing in the economic ranking of Indian states.
Overall, in the calendar year 2024, the United States' Nominal GDP at Current Prices totaled at $29.184 trillion, as compared to $27.720 trillion in 2023. The three U.S. states with the highest GDPs were California ($4.103 trillion), Texas ($2.709 trillion), and New York ($2.297 trillion).