Sydney is significantly richer than Melbourne, holding the title of Australia’s wealthiest city with higher numbers of high-net-worth individuals (HNWIs), billionaires, and higher average personal wealth. In 2025, Sydney ranked 9th globally for millionaires, while Melbourne placed 16th. Sydney also has higher GDP and property prices.
In a surprise to nearly no one, Sydney has ranked as the eighth richest city in the world in terms of millionaires and billionaires per capita, while Melbourne has scraped in at spot 15.
New York City solidifies its position as the world's richest city, according to Henley & Partners' 2025 report, with one in every 22 residents being a millionaire. The city is home to 384,500 millionaires and 66 billionaires, with a total private wealth exceeding $3 trillion.
But Toorak in Melbourne is by far and away the most popular place for the richest people in Australia to live. There are no less than 22 people on the list in Toorak.
Which city is better to live in, Sydney or Melbourne?
If you're looking to move to a beach location and don't mind spending a bit extra on living costs, Sydney's the place for you, but if you're keen on an all-round top notch city with reasonable living costs, reliable transport networks and mouth-watering food venues, Melbourne should be your pick.
Melbourne is known for its culture, arts, and coffee scene. It's often considered the best place in Australia to live for families due to its excellent schools and healthcare facilities. If you enjoy a dynamic city with a mix of history and modernity, Melbourne is ideal.
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.
Toorak – The Undisputed Richest Suburb in Melbourne
From multi-million-dollar mansions to elite private schools and exclusive shopping strips, it has long been regarded as the richest area in Melbourne. Toorak is also home to Australia's wealthiest business leaders, celebrities, and international investors.
Over the past decade, the Emerald City's millionaire population has grown a massive 28 per cent, now being home to 152,900 millionaires, 224 centi-millionaires and 22 billionaires – and that's all in USD, suggesting an even higher figure in Aussie dollars.
Moving from Sydney to Melbourne is one of the most popular interstate moves in Australia. Many move for work, personal or family reasons, others move simply to experience a new lifestyle or city. Whatever your reason, moving to another city can be intimidating.
Sydney and Melbourne, two cities with roughly similar populations and similar #economic structures, showcase fascinating differences in urban #development. Between 2006 and 2021, #Melbourne outpaced #Sydney in housing supply, delivering 565,000 new dwellings compared to Sydney's 430,000.
Although 90 per cent of Indian-born migrants live in capital cities, mainly Melbourne (34 per cent) and Sydney (29 per cent), regional areas are seeing rapid growth. Regional Tasmania and Victoria have recorded over 200 per cent increases in Indian-born populations since 2016.
Toorak remains Melbourne's ultimate prestige postcode. Known for its sprawling mansions, tree-lined avenues, and elite private schools, it's home to business magnates, celebrities, and old money. Luxury shopping, fine dining, and proximity to the CBD make it a perennial top choice for high-net-worth individuals.
According to the 2023 AFR Young Rich List, Adrian Portelli has a net worth of $1.03 billion. The Australian entrepreneur and property investor gained billionaire status in 2023 through his investments and business LMCT+.
Tennant Creek is consistently ranked as one of the most disadvantaged and dangerous towns in Australia. In 2017, the estimated homicide rate in Tennant Creek per 100,000 people was 59.6, which was over 11 times as high as the same statistic for the United States as a whole.
Comparing the UK with Germany, France, Netherlands Canada and Australia he said, these countries are all richer with less inequality. If we had the same GDP per capita as them, the average British household would be £8,800 better off.
Where is the cheapest but nicest place to live in Australia?
Hobart, Tasmania, is widely recognized as the cheapest major city, but smaller regional towns in Queensland and South Australia can offer even lower living costs.
Most Brits in Australia live in the major cities, especially Sydney, which has the largest and most established expat community, followed by other popular hubs like Melbourne, Brisbane, and Perth, often drawn by lifestyle, job opportunities, and a blend of urban convenience with outdoor access. Perth is particularly known for having a significant UK-born population, while Brisbane offers a more relaxed pace and sunshine.
