Top 10 Richest Cities In Australia (2022)
As with all things, wealth tends to be concentrated in a few places. The richest cities in Australia are the top places in all the good metrics; they are the top tax paying locations by ratio of population, the top areas in Australia as regards high-end retail purchases, and also some of the most economical viable cities in the whole country.
Among the wealthy citizens resident in the places highlighted in this piece, are former Prime Minister of Australia; Malcolm Turnbull, and Billionaire Mining Magnate Gina Rinehart. Worthy of mention is the fact that many of the richest towns in Australia are in NSW, and it is no surprise that the retail industry in this area has been on a steady rise over the last couple of years, and continues to expand in size and volume.
The yardstick for measuring wealth in this case is the taxable income made by each of these cities on an annual basis; this metric is robust in that it quite accurately estimates the quality of life of the residents in the areas under consideration.
Top 10 Richest Cities In Australia
1. Double Bay, Sydney
Taxable Income (Average)- $202,541
Double Bay is an eastern suburb of Sydney, in the state of New South Wales. It is located at the Harbour-side. With a population of just 4,642, Double Bay is a choice area in Sydney; one of the most expensive places to live in the country.
The small city is attractive to top executives in the retail business, as well as CEOs and other important people in other sectors because it is just 4 kilometres east of the Sydney central business district. Furthermore, this is the administrative centre of the local government of the Woollahra Municipality.
2. Toorak And Hawksburn, Melbourne
Taxable Income (Average) $201,926
Toorak is an inner suburb of Melbourne, Victoria, Australia. This city has a population of about 12,909, making it a small but highly viable city. Toorak is located about five kilometres away from Melbourne’s Central Business District. For statistical purposes it is merged with Hawkburn which is a small spit of land mostly known for its rail track which made it an important thoroughfare in times past.
Toorak and Hawksburn are addresses that inspire envy; they are mostly known as cities of wealth and privilege.
3. Darling Point And Point Piper, Sydney
Taxable Income (Average) $199,813
Darling Point and Point Piper seem to have a higher concentration of new money than old money. Darling Point is a suburb of Sydney, located on the harbor-side. This is a pristine location just 4 kilometres away from the Sydney central business district. For statistical reasons it is merged with Point Piper, which is a small, harbor-side suburb on the eastern side of Sydney.
Point Piper is located 6 kilometres from the Sydney Central Business District, and is a choice location for wealthy people with very bright futures. Former Prime Minister Malcolm Turnbull lives in a beautiful mansion in Point Piper, and Wolseley Road, in Point Piper was recently named the ninth-most expensive street in the world, at $38,900 per square metre .
4. Dover Heights And Vaucluse, Sydney
Taxable Income (Average) $197,886
Dover Heights is a coastal city; a choice location situated atop a mountain overlooking the ocean. Dover Heights is a well planed city in New South Wales; it even has a nature preserve. The city is 9 kilometres away from the Sydney Central Business District.
The city is has just 3,802 people living in it. For statistical reasons it is merged with Vaucluse, Sydney which is an eastern suburb of Sydney, located just 8 kilometres away from the Sydney Central Business District. Vaucluse has a population of 9,337
Dover Heights and Vaucluse are exclusive locations; they are some of the richest cities in Australia, and the abode of some of her wealthiest citizens.
5. Woollahra, Sydney
Taxable Income (Average) $183,418
Woollahra is a suburb on the Eastern side of Sydney, in the state of New South Wales, Australia. With a population of 7,405, this is a small, exclusive city in Sydney that gives you the impression of a kind of green city for rich people. Even though Woollahra is just 5 kilometres from the Sydney Central Business District, it retains a kind of traditional appeal. Woollahra is located on the traditional land of the Birrabirragal and Gadigal people of the Eora Nation of Australia.
Even though this is one of the richest cities in Australia; it is well known for its tree-lined residential streets, and also for its shopping centre which is designed like a village square. This is like a green city for environmentally conscious rich people.
6. Cottesloe And Peppermint Grove, Perth
Taxable Income (Average) $179,376
Perth is a beautiful urban city in Western Australia. It is the fourth most populous city in Australia and Oceania, with a population of 2.1 million. The city of Perth is not just a place lined with tall buildings; the city is also adorned with greenery; beautifully planted at the right spots. The city is also lined with beautiful beaches where tourists and residents come out to enjoy the sun.
For statistical reasons Cottesloe, Peppermint Grove and Perth are merged together. They are exclusive residential places where some of the richest citizens of the country live. Perth is home to Gina Rinehart; billionaire mining magnate, and the richest person in Australia.
7. Portsea, Victoria
Taxable Income (Average) $175,356
Portsea, as the name tells you, is a seaside town. This town is located in Melbourne; a good 95 kilometres away from the Melbourne Central Business District. Portsea is one of the most financially buoyant cities in Australia, with an average taxable income of $175,356 per year. The city has a population of 510 residents; and a few hotel facilities.
8. Bellevue Hill, Sydney
Taxable Income (Average) $173,278
Bellevue Hill is a harbor-side city on the eastern side of Sydney, in New South Wales, Australia. The city is located 5 kilometres away from the Sydney Central Business District. Bellevue Hill has a population of 10,716 people, making it a small, but economically viable city.
9. Mosman, Sydney
Taxable Income (Average) $171,135
Mosman is a small city on the Lower North Shore region of Sydney, 8 kilometres north-east of the Sydney central business district. Mosman has a population of 28,475. With an average taxable income of $171,135, Mosman is one of the richest cities in Australia; and with its population it accounts for significant figures in the Sydney economy.
10. Northbridge, Sydney
Taxable Income (Average) $168,891
Northbridge is a city on the Lower North Shore of Sydney, New South Wales, Australia. The city is just 6 kilometres away from the Sydney Central Business District. This is one of the cities with the largest concentration of wealth in Australia, although it pulls significantly less economic weight with a small population of just about 6,347 people.
The richest cities in Australia show that a small population with a lot of money can create a better economy than a larger population with less money to spend. As an observant reader may notice; most of the cities on this list are made up of small stately houses rather than sky-scrappers and luxury apartments because a good part of the money is old, and inherited wealth.
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