Sydney is widely considered Australia's richest city, leading in high-net-worth individuals, millionaire populations, and expensive real estate, often ranking globally among the wealthiest, with significant investment and a thriving financial sector drawing affluent residents and investors. While Melbourne also ranks high globally and nationally for wealth, Sydney consistently edges it out as Australia's premier financial hub and most affluent city.
Toorak boasts gated cul-de-sacs, privacy hedges, tree-lined streets and 22 of Australia's richest people.
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'.
Comparing the 10 Best Cities to Live in Australia
Perth and Darwin highlight outdoor lifestyle and growth. Furthermore, Gold Coast and Sunshine Coast offer stunning beaches, while Hobart and Canberra provide security and lifestyle balance. Across Australia, these cities represent Australia's best choices.
U.S. National Ratings. According to the Mid 2025 GCIM, New York is currently the most important U.S. city—followed by Washington, Los Angeles, and San Francisco.
1. Sydney, Australia. Sydney, often known as Australia's financial hub, consistently tops the list of the wealthiest cities in the region.
New York: Scarsdale.
The average Scarsdale home is worth $1.6 million, as of June 2025. It's the wealthiest suburb in America.
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.
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).
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.
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.
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.
Adelaide is often regarded as the cheapest place to live in Australia, with lower living costs compared to major cities. Regional areas are becoming more popular due to remote work opportunities, making them affordable choices.
While exact real-time figures vary, estimates from around 2025 suggest approximately 400,000 to over 500,000 Australians held over $1 million in superannuation, with about 2.5% of the population reaching this milestone as of mid-2021, a figure that has likely grown with strong investment returns, though many more hold significant balances and millions are projected to reach this goal by retirement, especially men.
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.
“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.
New York City, New York
New York remains unmatched as the wealthiest city in America in 2025.
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.
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.
1. London. The “Capital of Capitals” claims the throne atop the World's Best Cities ranking in 2026 for an incredible 11th consecutive year. It secures the top position in three of our 34 subcategories (the most of any city), and ranks 1, 2 and 3 in our Prosperity, Lovability and Livability indexes, respectively.