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.
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.
1. 2028: Double Bay (NSW) And coming in at the top of the list is (surprise surprise) another suburb in Sydney's east: Double Bay. The suburb of 3352 taxpayers has an average taxable income of a whopping $266,381 – almost four times as much as the national average.
What are the richest suburbs in Australia? The highest-earning suburbs in Australia are Cottesloe and Peppermint Grove in Western Australia, based on the ATO's latest taxation figures.
Sydney, Australia
The only Australian city to have made it into the top 10, Sydney has seen strong wealth growth over the past two decades, with a 35% increase of HNWIs in the last decade.
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.
Sydney has featured in the top ten of the world's wealthiest cities with 35 per cent growth of high-net-worth individuals in the past decade.
To be considered in Australia's highest percentage of wealth, you must have a total net worth of a staggering US$5.5 million (A$8.26 million).
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.
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.
VIDEO: New data reveals Victorian suburb fastest growing in Australia. Wyndham, in Melbourne's outer south-west, saw an increase in nearly 35,000 residents when compared to population data three years ago. More on: Wyndham Vale.
What are the poorest suburbs in Sydney? As per the Australian Taxation Office, there are many disadvantaged areas in Sydney including Blacktown, Fairfield, Carramar, Auburn, Parramatta, Campsie, Cabramatta, and others.
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.
The top five destinations for net inflows of high-net-worth individuals in 2023 are projected to be Australia, the UAE, Singapore, the USA, and Switzerland. On the flip side, the largest net outflows of millionaires are expected to come from China, India, the UK, Russia, and Brazil.
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).
On a mean wealth basis, Australia was the fourth-richest country in 2021 behind Switzerland, the US and Hong Kong. The average Australian adult was worth $US550,110 at the end of last year, after enjoying a $US66,350 annual increase in wealth.
Northern Territory
Northern Territory is in Australia's center north. It has a population of 244,000 people and a total area of 548,640 square miles. This is the country's least populous and poorest state. The main economic activity in this town is mining, which employs about 4,600 people.
Tasmania is once again the country's best performing economy, according to the CommSec State of the States report – a quarterly ranking of economic performance. But NSW is close behind. A strong job market, and relative strength in home loan demand and dwelling starts has kept Tasmania in the number one spot.
Most high-income earners believe income of $454,000 makes an upper class household, while middle earners believe $280,000 is enough to be counted as upper class. However, low-income households that participated in the study believe $549,000 is enough to be considered upper class.
People in the census's very top income bracket, like you, earn at least $156,000 a year — or $3,000 a week — before tax. At census time, there were about 596,531 people in Australia above that income level — or 3.8 per cent of income earners.
The amount of money it takes to make it into the top 1 per cent of the wealthiest Australians has doubled to $8.25 million since 2021, according to a new report. The increase means the amount of money you need to be part of Australia's top echelon of wealth ($US5.
Loyola, Los Altos, California
The richest neighborhood in America is Loyola, California. The average household income in Loyola is $326,069, with the median income a little lower at $246,563. The median listing price is $3,899,000. Loyola also borders Los Altos Hills, which is one of the richest towns in America.
Hobart the least affordable city in Australia for renters, putting average income households into rental stress and hurting pensioners and young people.