Where Do Most Millionaires Live in Australia?

Australia is home to a significant number of millionaires, and these affluent individuals tend to cluster in specific suburbs known for their high property values, luxurious amenities, and prestigious schools. Based on the provided reference materials, here are the top locations where most millionaires live in Australia:

1. Toorak, Victoria

Toorak, a suburb of Melbourne, is renowned for being the wealthiest suburb in Australia. It is home to numerous billionaires and high-net-worth individuals (HNWIs). Toorak boasts some of the most expensive real estate in the country, with properties often selling for tens of millions of dollars. The suburb’s appeal lies in its exclusive, tree-lined streets, private hedges, and proximity to Melbourne’s central business district (CBD)8918.

2. Point Piper, New South Wales

Point Piper, located in Sydney’s eastern suburbs, is another affluent area where many millionaires reside. The suburb is known for its stunning harbor views and luxurious waterfront properties. Notable residents include Atlassian co-founders Scott Farquhar and Mike Cannon-Brookes, who have invested heavily in the area2819.

3. Double Bay, New South Wales

Double Bay, often referred to as “Double Pay” due to its high cost of living, is one of Sydney’s most expensive suburbs. It has consistently been ranked among the top postcodes for average taxable income. The suburb offers a mix of high-end retail, dining, and residential properties, making it a desirable location for wealthy individuals41419.

4. Vaucluse, New South Wales

Vaucluse is another prestigious suburb in Sydney’s eastern suburbs. It is known for its large, luxurious homes and stunning views of the harbor. The suburb is home to several billionaires and HNWIs, who are attracted to its exclusivity and proximity to the city819.

5. Mosman, New South Wales

Mosman, located on the Lower North Shore of Sydney, is a highly sought-after suburb for millionaires. It offers a mix of beachside living, bushland, and harbor views. The suburb’s appeal is further enhanced by its excellent schools and family-friendly amenities819.

6. Dalkeith, Western Australia

Dalkeith, a suburb of Perth, is known for its affluent residents and high property values. It is situated along the Swan River and offers a mix of historic and modern homes. The suburb’s appeal lies in its scenic beauty and proximity to the city’s amenities715.

7. Cottesloe, Western Australia

Cottesloe, another Perth suburb, is famous for its beautiful beaches and luxurious homes. It is a popular choice for millionaires who prefer a coastal lifestyle. The suburb’s high property values and exclusive amenities make it one of the wealthiest areas in Western Australia19.

8. Portsea, Victoria

Portsea, located at the tip of the Mornington Peninsula, is a prestigious suburb known for its luxurious holiday homes and stunning coastal views. It is a popular destination for Melbourne’s elite, who flock to the area for its exclusivity and natural beauty19.

9. Teneriffe, Queensland

Teneriffe, a suburb of Brisbane, has seen significant growth in property values and is now home to many affluent residents. The suburb’s appeal lies in its riverside location, vibrant cultural scene, and proximity to the city’s CBD3.

10. New Farm, Queensland

New Farm, also located in Brisbane, is another affluent suburb known for its high property values and vibrant community. It offers a mix of historic and modern homes, as well as excellent amenities and cultural attractions3.

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Conclusion

The majority of millionaires in Australia tend to live in exclusive suburbs in Sydney, Melbourne, and Perth. These areas are characterized by high property values, luxurious amenities, and proximity to the city’s central business districts. Suburbs like Toorak, Point Piper, Double Bay, Vaucluse, Mosman, Dalkeith, Cottesloe, Portsea, Teneriffe, and New Farm are among the most affluent and sought-after locations in the country.