More high-earners moved to Florida than to any other state between 2019 and 2020, per an analysis by SmartAsset of IRS data. It found that Florida saw a net influx of 20,263 households earning over $200,000 a year—nearly four times how many high-earners decamped to Texas, the second-most popular destination.
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.
New York City wears the crown as the world's top city with the most millionaires in 2023.
Hangzhou in China comes out on top of the list assessing the fastest-growing millionaire hotspots. The report found that between 2012 and 2022, the amount of individuals living there that have over $1 million worth of investable assets has soared by 105%.
Wealthy individuals are exposed to a higher quality of life because of their frequent travels abroad. Moving to another country gives them an opportunity to live this high quality of life. Other reasons to migrate could be favorable tax laws or a better business environment.
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.
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.
“90% of all millionaires become so through owning real estate.” This famous quote from Andrew Carnegie, one of the wealthiest entrepreneurs of all time, is just as relevant today as it was more than a century ago. Some of the most successful entrepreneurs in the world have built their wealth through real estate.
According to data from Forbes, the United States has the highest number of billionaires in the world with a total of 724 billionaires. This is followed by China with 698 billionaires and India with 237 billionaires. Germany and Russia complete the top five countries with 136 and 117 billionaires respectively.
As the leading global city of the rich, New York boasts nearly 22,000 mega-wealthy people with primary or secondary residences.
Forbes' real-time data shows that as of May 2023, there are 40 Australian billionaires on the list of the world's richest people.
An overwhelming majority (approximately 96 percent) of the top 1 percent are concentrated in major metropolitan areas such as San Francisco, Washington, DC, New York, and Los Angeles. However, a few outliers exist in suburban and even rural areas.
New York City
The Big Apple is home to 340,000 millionaires, 724 centi-millionaires, and 58 billionaires. It is the financial center of the USA and the wealthiest city in the world by several measures. It is also home to the world's two largest stock exchanges by market cap (the NYSE and the Nasdaq).
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.
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 $4,000 per week.
Dave Ramsey, personal finance expert and founder of Ramsey Solutions, says this myth of primarily inherited riches is “flat wrong.” When Ramsey's National Study of Millionaires asked where the riches came from, they found that a whopping 79% didn't receive any inheritance from parents or other family members.
Recent studies have shown that the notion that most millionaires are born into wealth is a myth. In fact, over two-thirds of millionaires are self-made, according to a 2019 study by Wealth-X and a study by Fidelity Investments.
Dated ways of describing someone worth n millions are "n-fold millionaire" and "millionaire n times over". Still commonly used is multimillionaire, which refers to individuals with net assets of 2 million or more of a currency.
Millionaires have many different investment philosophies. These can include investing in real estate, stock, commodities and hedge funds, among other types of financial investments. Generally, many seek to mitigate risk and therefore prefer diversified investment portfolios.
Investing Only in Intangible Assets
Ultra-wealthy individuals invest in such assets as private and commercial real estate, land, gold, and even artwork. Real estate continues to be a popular asset class in their portfolios to balance out the volatility of stocks.
The increase means the amount of money you need to be part of Australia's top echelon of wealth ($US5. 5 million) is now the third highest among the countries and territories covered by global property consultancy Knight Frank's Wealth Report 2023, behind Monaco at $US12. 4 million and Switzerland at $US6. 6 million.
Queensland has the best-performing economy in Australia, according to CommSec's latest State of the States report. The Sunshine State has been named the top-performing state economy, thanks to strong population growth, a solid job market and overseas demand for energy resources, such as coal and natural gas.
The large majority of Australia's 131 billionaires live on the east coast, with 44 choosing to reside in NSW. The List is the biggest annual study of Australia's 250 wealthiest individuals undertaken in this country, with final wealth figures calculated to late February 2022.