Western Australia is the top region by GDP per capita in Australia. As of 2021, GDP per capita in Western Australia was 135,479 $. The top 5 regions also includes Australian Capital Territory, Northern Territory, New South Wales, and Victoria.
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.
Western Australia ranked first on relative economic growth. Tasmania ranked second on equipment investment and housing finance.
New South Wales
New South Wales has the largest economy in Australia and contributes 30.8% of the national GDP.
Australia is now home to 2.2 million millionaires, according to a new study. Half of all Australians in 2021 had more than $400,000 in wealth. It means we have the highest median wealth of all the countries studied.
Australia's GDP, which is roughly $1 trillion, is smaller than that of the United Kingdom.
And it turns out Perth has the wealthiest neighbourhoods in the country. Residents of Cottesloe and Peppermint Grove in the Western Australian capital boast an average taxable income of $325,343 apiece.
Known as a hub for higher education and healthcare, with more employees in these two sectors than any other state, and counting in the highest number of residents with bachelor's degrees, Massachusetts has all the reasons for being the second richest state in the US, with a median household income of $85,843.
Gold Coast is one of the cheapest places to live in Australia (89th globally). It is known for its high-standard education and academia and its budget-friendly living. International students will find the Gold Coast the perfect combination of study and social life, with its magnificent beaches and nightlife.
The seven best places to live in Australia are: Adelaide, Brisbane, Canberra, Hobart, Melbourne, Perth and Sydney.
Big 7 Travel states
“The friendliest city in Australia awards goes to Perth, thanks to its lively locals, engaging social scene and ease of access for first-time visitors. Perth is a wonderfully vibrant and social place to be.
reports India's total wealth is more than Australia, France, Canada and Italy while the US and China top the list of the wealthiest countries in the world, according to a report by New World Wealth.
Wealthy Australians live throughout the country, although the wealthiest reside mostly in the larger cities. Sydney's harbourside suburbs are home to a fair few of them, as are the suburbs in Melbourne's inner east.
Melbourne is considered by some to be the best city to live in Australia, and has even been ranked as the world's most livable city more than once. It's home to a thriving live music scene, late-night bars and laneways dotted with cafés and coffee shops.
Sydney prides itself on safety, deep culture, and friendly communities. It is considered the fifth safest city in the world and Australia's safest city. Like any other city, there is crime, just not as much. It is no secret that Sydney is a major city with a population of 5.2 million.
Most affordable suburbs in 2022
Kambalda East in Western Australia was named the most affordable suburb for houses, with a median value of $118,525. For units, the most affordable suburb was Laguna Quays in Queensland, with a median value of just $72,076.
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.
Which economies invest in Australia? The United States and United Kingdom are the biggest investors in Australia, followed by Belgium, Japan and Hong Kong (SAR of China). China is our eighth largest foreign investor, with 2.2 per cent of the total.
How do Australia's billionaires rank? Forbes' real-time data shows that 41 Australian billionaires have made the list of the world's richest billionaires.