Where do the millionaires of Australia choose to live?

In 2014, the number of Australian millionaires hit a five-year high with 43,500 people now reaching millionaire status living in the country. But exactly where do the rich live and are they staying in Australia or are they heading out of the country to somewhere new? According to research, it seems that many wealthy Australians are choosing to stay in their home country and while London is home to more billionaires than anywhere else in the world; Sydney is now home to 95,400 millionaires after welcoming 4,000 new additions in 2015.

Melbourne is also proving a popular place for high net worth Australians to live, with 66,800 choosing to stay in the city after an increase of 3,000 new millionaires setting up home in the city last year. Perth of course is another great place for millionaires to reside and finding reliable luxury home builders in Perth or any other major Australian city can be done with an online search or by speaking to people who have recently gone through the process themselves.

Millionaires Welcome

Many of Australia’s new millionaires are from China and the UK, after a new fast track visa was introduced to the country that helps wealthy immigrants get into Australia when they want to invest their money.

While the cities themselves are always popular with millionaires looking for a central location to conduct business from, the suburbs are also proving to be popular and the one thing that all of the richest suburbs share is that the average income of their residents is more than $110,000 a year.

Established Money

Some areas where Australia’s wealthiest people live that will come as little surprise to many include the following:

  • Mosman, Bellevue Hill and Vaucluse in Sydney
  • Portsea and Toorak in Melbourne

However, there are a few places that people may find more surprising that have come about due to the sudden increase in the number of wealthy people living in the county, including the following:

  • Manmanning
  • Cottesloe

Other locations where Australia’s rich people like to live include:

  • City Beach
  • Malvern
  • Killara
  • Castle Cove
  • Balmain
  • Hunters Hill
  • Woollahra
  • Nedlands
  • Brighton

Palm Beach in New South Wales is known for being home to the rich and famous, as it is home to a plethora of luxury holiday homes and in 2011, the 1,255 people who live there who pay tax have a combined income of $138 million.

Luxury home builders in Perth will be busy in the beach suburb of Cottesloe, as a total combined taxable income of residents in this area comes in at a whopping $814 million. In Double Bay, Sydney, luxury cars are parked outside high end properties and upmarket eateries and is definitely one of the places to be seem in Australia for anyone lucky enough to be able to afford to live there.

From Melbourne and Sydney to Perth, there are many affluent areas to live in throughout Australia and getting a new property built from scratch is often the preferred way for anyone to invest in the property market – from millionaires to us mere mortals.

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