N ew York is once again the most popular city for the ultra wealthy. This year, out of 2,640 billionaires on Forbes' World's Billionaires list, 101 have made New York City their primary residence–more than anywhere else in the world, per Forbes' research.
With 126,900 millionaires, Sydney made it to number 10 with the report noting especially strong growth in wealth in the Harbour City over the past 20 years, making it Australia's wealthiest city. It's also predicted to reach the top 5 wealthiest cities in the world by 2040.
Forbes' real-time data shows that as of June 2023, there are 47 Australian billionaires on the list of the world's richest people.
New York City came in at no. 1 on the list. The report found that from 2012 to 2022, the city had a 40% growth in its population of high-net-worth individuals. According to Henley & Partner's report, NYC is home to 340,000 individuals worth over $1 million, 724 centi-millionaires, and 58 billionaires.
With 126,900 millionaires, Sydney made it to number 10 with the report noting especially strong growth in wealth in the Harbour City over the past 20 years, making it Australia's wealthiest city. It's also predicted to reach the top 5 wealthiest cities in the world by 2040.
Three of the four biggest clusters of billionaires in the world are classic US destinations for the uberwealthy: New York City, Los Angeles, and the Bay Area, which includes the neighboring tech hubs of San Francisco and Silicon Valley. Nearly 163 billionaires reside in those three hot spots alone.
No suburb in the country features a greater concentration of members of The List – Australia's Richest 250 than Toorak, where Melbourne's wealthiest families have gathered for decades. Think historic looking mansions guarded by large hedges set back from the street to ensure privacy.
Australians wanting to be in the country's top 1% for wealth need to have an individual net worth of US$5.5 million ($8.3 million), Knight Frank's 2023 Wealth Report has found.
The valuations of Gina Rinehart ($37.41 billion) and Andrew Forrest ($33.29 billion), the richest and second-richest Australians for the fourth year in a row, surged 10 per cent and 8 per cent respectively as listed-market analysts re-rated their outlook for red Pilbara dirt.
Sydney's eastern suburbs have raced to the top as the favoured place to live by Australia's highest earning residents. According to the latest report by the Australian Tax Office, residents of the premium suburbs of Darling Point, Edgecliff and Point Piper earned the highest mean income of $177,514 during 2012-13.
Of the top 10 richest postcodes, 1 is located in Western Australia, 1 is located in Victoria and the remaining 8 are all located in some of the most exclusive spots across Sydney.
Five of the country's top 10 richest towns are located in Western Australia, according to the latest census data, with Dampier taking the top spot with 22% of its residents earning more than $4,000 per week.
Billionaire, businessman and the chairman and chief executive of LVMH (LVMUY), Bernard Arnault holds the crown as the richest person in the world. According to Forbes, Arnault has a fortune of $234.5 billion.
BRISBANE is home to more than 25,000 millionaires but Sydney is the clear cashed-up capital of the country. The rich residents of Queensland's largest city include 236 in the ultra-wealthy category of people with at least $30 million of assets in addition to their main home.
In broader terms, the finance and investment profession has the most millionaires. It also has the most billionaires, with 371. Here's a list of the seven best careers if you want to be a millionaire.
Australia has plentiful supplies of natural resources, including the second largest accessible reserves of iron ore in the world, the fifth largest reserves of coal and significant gas resources. For a long time, commodities have made up a sizeable share of our exports.
Average Australian Salaries in 2023
A taxable income that was $131,501 or higher was within the top 10% of earners in Australia last year. About 5% of taxpayers had incomes above $180,000. Someone who earned more than $253,066 was in the top 1%.
The data shows Australia has 12,706 taxpayers earning more than $1m, the vast majority of whom have paid some sort of tax on their taxable income.
AFR Rich List 2023: The ten richest Australians for 2023, ranked | Gina Rinehart, Andrew 'Twiggy' Forrest, Anthony Pratt, Harry Triguboff, Clive Palmer, Mike Cannon-Brookes.
For example, countries like Somalia, Eritrea, and the Central African Republic have no billionaires. Furthermore, the concentration of wealth among billionaires also varies greatly between countries.
The country with the highest number of billionaires is, unsurprisingly, the US. The United States of America has 735 billionaires – same as last year, according to Forbes.
Top 10 countries wealthy people choose to live in. People with $1 million or more are more likely to move to Australia, the US, Switzerland, Canada and Singapore. In 2020, immigration declined because of the pandemic, with many cosmopolitans postponing their move due to documentation problems and closed borders.
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.
While Sydney topped the list of best cities to live, its position in other fields put it at fifth overall. See where other Australian cities ranked, and who took out the number one spot. Click through to see the top 20.