The concept of the "richest" village in Australia can be measured by different metrics (e.g., average income, property values), which can yield different results.
1. Sydney, Australia. Sydney, often known as Australia's financial hub, consistently tops the list of the wealthiest cities in the region.
Toorak boasts gated cul-de-sacs, privacy hedges, tree-lined streets and 22 of Australia's richest people.
Toorak has the most residents on this year's edition of The List - Australia's Richest 250, published by The Australian. Almost 10 per cent of Australia's wealthy elite live in Toorak, but the prestige suburbs in Sydney attract the biggest and most consistent price tags.
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.
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.
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.
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.
But despite the economic uptick of recent years, Tasmania is still the poorest Australian state.
Here are the report's top 10 cities with the highest populations of ultra-wealthy people:
Gina Rinehart is consistently ranked as Australia's richest person, primarily through her mining and pastoral empire, Hancock Prospecting, with significant wealth from iron ore, though figures vary slightly by publication. Other top families/individuals include the Pratt family (manufacturing, Visy), Mike Cannon-Brookes & Scott Farquhar (Atlassian tech), and the Forrest family (mining).
New York City has ranked as the top city for billionaires for all but one of the past 12 years. (Beijing was No. 1 in 2021.) Of the billionaire New Yorkers, 68 are finance and investment magnates, 13 are real estate moguls and 12 are in fashion and retail.
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.
Firstly, the unhappiest city in Australia is Darwin. About 23. 4% of the population here is experiencing anxiety.
Tennant Creek is consistently ranked as one of the most disadvantaged and dangerous towns in Australia. In 2017, the estimated homicide rate in Tennant Creek per 100,000 people was 59.6, which was over 11 times as high as the same statistic for the United States as a whole.
Poverty rates were highest in non-urban areas in the smallest States and Territories, including 52,000 people outside the capital in Tasmania, 57,000 people outside the capital in South Australia, and 28,000 people in the Northern Territory.
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 34-year-old Australian billionaire frequently mentioned is Adrian Portelli, known for his extravagant lifestyle, property investments, and his business LMCT+, a controversial online rewards club that generates significant revenue through raffle-style promotions, making him a prominent figure on Australia's rich lists.
Of the 91 individuals who paid no tax in 2022-23, at least 28 reported $14.8 million in foreign-source income. Lottery wins in Australia are also not taxed.
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).
Top 10 most and least expensive cities in the world 2024
The top 10 most expensive cities are, in order from rank 1 to rank 10: Hong Kong, Singapore, Zurich, Geneva, Basel, Bern, New York City, London, Nassau and Los Angeles.