Ruqayyah Snyder
Australia is home to a large number of high-net-worth individuals, with four of its cities making the cut for the top 50 wealthiest cities in the world in 2025. Sydney, Melbourne, Perth, and Brisbane all ranked within the top 50, with Sydney placing seventh and Melbourne 16th. Sydney has experienced a surge in wealth, with a 35% increase between 2012 and 2022, and is now home to 126,900 millionaires, 184 centi-millionaires, and 15 billionaires. Melbourne is close behind with 94,000 millionaires, 108 centi-millionaires, and 12 billionaires. Brisbane, Queensland's capital, has also seen an influx of millionaires, with a steady growth in migration over the past decade, now totaling 31,900 millionaires, 45 centi-millionaires, and 4 billionaires. As Australia's wealth continues to grow, it will be interesting to see how these cities fare in future rankings.
| Characteristics | Values |
|---|---|
| State with the most millionaires | New South Wales |
| City with the most millionaires | Sydney |
| Number of millionaires in Sydney | 126,900 (2022) or 152,900 (2025) |
| Number of centi-millionaires in Sydney | 184 (2022) or 224 (2025) |
| Number of billionaires in Sydney | 15 (2022) or 22 (2025) |
| Sydney's ranking among the world's richest cities | 10th (2022) or 7th (2025) |
| Other Australian cities in the top 50 | Melbourne, Perth, Brisbane |
| Number of millionaires in Melbourne | 94,000 (2025) |
| Number of centi-millionaires in Melbourne | 108 (2025) |
| Number of billionaires in Melbourne | 12 (2025) |
| Number of millionaires in Brisbane | 31,900 (2022) |
| Number of centi-millionaires in Brisbane | 45 (2022) |
| Number of billionaires in Brisbane | 4 (2022) |
| Total number of millionaires in Australia | 2.2 million (2021) |
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What You'll Learn
Sydney is Australia's richest city
Sydney's wealth is evident in its exclusive suburbs, such as Bellevue Hill, Darling Point, and Vaucluse, where the city's millionaires and billionaires reside. The city's millionaire population has grown significantly, with 126,900 resident millionaires, 184 centi-millionaires, and 15 billionaires. This wealth is reflected in the high property values, with the median house value in Sydney exceeding $1 million.
Sydney's wealth is not an anomaly within Australia, as the country itself is home to a substantial number of wealthy individuals. Australia has the fourth-highest mean wealth per adult globally, and its total number of millionaires is expected to continue growing.
While Sydney currently leads in wealth, other Australian cities are catching up. Melbourne, Brisbane, and Perth have all experienced significant increases in their high-net-worth individual (HNWI) populations, with Brisbane seeing a 37% uptick over the past decade.
Sydney's position as Australia's richest city is bolstered by its economic growth and the concentration of wealth in its exclusive suburbs. However, other cities are also attracting millionaire migrations, indicating a broader trend of increasing wealth in Australia's urban centres.
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Sydney has 126,900 millionaires
Sydney, Australia's largest city, is home to a substantial number of millionaires, with a staggering 126,900 resident millionaires. This figure represents a significant portion of the city's population, indicating a high concentration of wealth. Sydney's millionaire population has been on a remarkable surge, experiencing a 35% increase over the decade between 2012 and 2022. This rapid accumulation of wealth has propelled Sydney to the top spot as the richest city in Australia and New Zealand.
The city's exclusive residential suburbs, such as Bellevue Hill, Darling Point, Mosman, Point Piper, and Vaucluse, are known for their affluent residents. Sydney's economic growth and increasing wealth are evident in its ranking as the seventh most expensive city to live in globally, just behind renowned expensive cities like Monaco, New York City, and Hong Kong. The cost of living in Sydney is high, and the median house value exceeds $1 million, contributing to the significant number of millionaires in the city.
Sydney's wealth dynamics are influenced by various factors, including its thriving property market and the success of specific industries. The city has attracted individuals with high net worth, including those migrating from overseas, who seek lifestyle suburbs offering value for their money. This influx of wealthy individuals has positively impacted Sydney's economy and contributed to its reputation as a desirable destination for the affluent.
In addition to its substantial millionaire population, Sydney is also home to a notable number of centi-millionaires and billionaires. As of 2022, there were 184 centi-millionaires and 15 billionaires residing in the city. The wealth accumulation in Sydney is projected to continue, with forecasts suggesting that the city will rank among the top five wealthiest cities worldwide by 2040.
While Sydney boasts a significant number of millionaires, it is important to acknowledge the existing wealth inequality in Australia. Despite the nation's growing economy and increasing number of high net-worth individuals, there are concerns about the level of poverty and homelessness. The rising wealth inequality has resulted in a disproportionate distribution of wealth, with most of the wealth concentrated in urban areas, impacting the livelihood of those in rural regions.
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Brisbane is Queensland's richest city
New Farm, another prestigious suburb in Brisbane, has experienced substantial price growth over the last two decades. The area boasts $1.4 million homes, trendy cafes, riverside parks, and convenient access to the city. Similarly, Bulimba in Brisbane is known for its leafy streets, large blocks, and impressive houses, attracting Queenslanders seeking an elegant lifestyle. The city's historical charm, modern architecture, vibrant culture, and beautiful landscapes further enhance its appeal.
Brisbane's desirability is not limited to its suburbs but extends to the city itself. The capital of Queensland offers a rich Australian culture, 280 days of sunshine per year, and some of the world's most beautiful beaches. The development of luxury apartments, high-end restaurants, and beautifully restored warehouses contribute to the city's allure, making it one of the fastest-growing cities in Australia. Brisbane's wealth is not an isolated phenomenon, as Australia itself ranks highly in terms of individual and national wealth.
Sydney, another Australian city, boasts 126,900 resident millionaires and is on its way to becoming one of the wealthiest cities in the Asia-Pacific region. Australia had nearly 2.2 million millionaires in 2021, and its average adult net worth placed it fourth in the world. The country's wealth continues to grow, with its 200 richest individuals averaging $3.1 billion each. Brisbane's status as Queensland's richest city is part of a broader trend of increasing wealth in Australia, both at the individual and national levels.
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Melbourne has nearly 94,000 millionaires
Melbourne, the coastal capital of the southeastern Australian state of Victoria, is home to nearly 94,000 millionaires, 108 centi-millionaires, and 12 billionaires. This makes it the second-richest city in Australia, after Sydney, and one of the top 20 richest cities in the world. Melbourne's high number of millionaires reflects its status as a thriving and economically significant city in Australia and the Asia-Pacific region.
Melbourne's wealth is evident in its exclusive suburbs, such as Toorak, which is known for its opulent mansions and upscale lifestyle. The city has experienced economic growth and development, attracting high-net-worth individuals and businesses, particularly in the tech sector. This growth has contributed to the increasing number of millionaires in Melbourne and the surrounding areas.
Melbourne's diverse economy includes strengths in finance, commerce, manufacturing, and tourism. The city is a major financial hub, housing the headquarters of several major banks and financial institutions. It also boasts a robust startup ecosystem, with many tech and innovation-focused companies emerging in recent years. This entrepreneurial spirit has contributed to the city's economic dynamism and the creation of wealth.
In addition to its economic prowess, Melbourne is renowned for its cultural offerings, consistently ranking as one of the world's most livable cities. The city boasts a vibrant arts scene, including notable theatres and galleries, such as the National Gallery of Victoria. Melbourne is also famous for its culinary delights, with a diverse range of cuisines and a thriving coffee culture. The city's cultural attractions and high quality of life make it a desirable destination for high-net-worth individuals to reside and enjoy their wealth.
While Melbourne's wealth is significant, it is important to acknowledge the existence of wealth inequality and poverty within Australia. Despite the country's overall prosperity, there are concerns about rising homelessness and poverty rates, particularly in rural and outback areas, where the benefits of economic growth may not be felt as strongly. Addressing these disparities and ensuring a more equitable distribution of wealth is crucial for the country's social and economic well-being.
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Australia has the world's fourth-highest mean wealth
Australia has the fourth-highest mean wealth per adult in the world, according to Credit Suisse's latest global wealth report. In 2021, the average Australian adult had a net worth of US$550,110, surpassing Belgium, New Zealand, and other wealthy nations. This figure represents a substantial annual increase in net worth of US$66,350.
Australia's high ranking in wealth is partly attributed to soaring asset prices, particularly in the property market. In 2021, national housing values in Australia surged by more than 22% in the fastest annual growth ever recorded. As a result, 390,000 Australians became millionaires, bringing the total to nearly 2.2 million. However, it's important to note that wealth inequality has also increased, with the richest 1% of Australians holding a growing proportion of the country's wealth.
While Australia ranks fourth in mean wealth, it is eighth in terms of the number of millionaires. The US, China, Japan, the UK, France, Germany, and Canada have more millionaires than Australia. Additionally, Australia experienced a decline in the number of millionaires in 2022, losing 363,000 millionaires due to factors such as high inflation and currency depreciation.
When examining the distribution of wealth within Australia, it is evident that it is not evenly spread among the population. Older Australians tend to have higher net worth, with home ownership being a significant contributing factor. According to the Australian Institute of Health and Welfare, households with members over 65 had an average net worth 1.5 times greater than younger households. The Grattan Institute's data further highlights wealth inequality between age groups, with the median net worth of households between 25 and 40 being significantly lower than that of older age groups.
In conclusion, while Australia boasts the fourth-highest mean wealth globally, it is important to recognize the disparities in wealth distribution within the country and the impact of economic factors on the number of millionaires.
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Frequently asked questions
Sydney, New South Wales, is the city with the most millionaires in Australia. In 2025, it was estimated that there were 152,900 millionaires in the city, with 224 centi-millionaires and 22 billionaires.
Sydney is not the only Australian city with a high number of millionaires. Melbourne, Perth, and Brisbane also made the top 50 list of the world's wealthiest cities in 2025.
Sydney's wealth surge can be attributed to its growing economy, with a 35% increase in wealth between 2012 and 2022. The city is also home to some of the world's most exclusive residential suburbs, such as Bellevue Hill, Darling Point, and Vaucluse.
