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.
1. 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.
Median property price: $9,818,000
In the centre of Sydney's east, some of Sydney's most awe-inspiring properties are nestled within Bellevue Hill's green hills. It takes out the title as the most expensive suburb in Australia, and for good reason. A meander through the suburb's spectacular streets says it all.
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.
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.
Here are the report's top 10 cities with the highest populations of ultra-wealthy people:
🏙️ With 94,000 millionaires, 108 centi-millionaires, and 12 billionaires calling Melbourne home, the city continues to attract and grow high-net-worth individuals. 💼 Australia's other capital cities also made the top 50 list: • Sydney ranked 9th. Perth at 34th. Brisbane at 43rd.
Hobart, Tasmania: Australia's most affordable major city
Hobart, the capital of Tasmania, consistently ranks as the cheapest area in Australia among major cities. Nestled between the River Derwent and Mount Wellington, Hobart offers breathtaking scenery, a vibrant arts scene, and a welcoming community.
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.
Sydney is the most expensive major city in Australia and the most expensive city overall.
New York: Scarsdale.
The average Scarsdale home is worth $1.6 million, as of June 2025. It's the wealthiest suburb in America.
But despite the economic uptick of recent years, Tasmania is still the poorest Australian state.
Wealth among the wealthiest growing 'much faster'
According to 2024 statistics from the Australian Council of Social Service (ACOSS) and UNSW, the wealthiest 10 per cent of households in Australia own 44 per cent of all wealth, with an average of $5.2 million per household.
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.
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.
Yes, AUD 5,000 (around $3,300 USD) can be enough for a single person's month in Australia, especially in regional areas or if you're budget-conscious and can find work quickly, but it will be tight in major cities like Sydney or Melbourne, where it covers basics but leaves little for luxury, according to Anzuk Education and Reddit users, as city living costs, especially rent, can quickly consume most of that, requiring careful planning for accommodation, food, and activities.
The world's 10 richest families
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.
Gina Rinehart is Australia's richest citizen. Rinehart took over her dad's company, Hancock Prospecting, as executive chairman in 1992 and turned it into a powerhouse. Hancock is now Australia's largest private mining company, specialising in iron ore.
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.
Per the Federal Reserve, the average age of a millionaire in the U.S. is 61. Americans in their 50s have an average net worth of around $1.3 million., according to Empower Personal Dashboard data in June 2025.