The world’s richest cities have been revealed and two Aussie names have made the cut. 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.

Every year, wealth migration firm Henley and Partners, unveils its World’s Wealthiest Cities Report, ranking the top 50 cities globally based on their affluent residents, including both millionaires and billionaires. This year, four Australian capitals made it onto the list, with Sydney and Melbourne sitting within the top 20, and Perth and Brisbane landing at 34 and 42 respectively.

As we navigate the endless squeeze of “cozzie livs” it’s easy to see why you’d have to be a millionaire to comfortably survive in Australia’s two largest cities so it’s reassuring to have the data to back it up. Sydney and Melbourne’s elite millionaire’s clubs are positively thriving right now it would seem, as the middle class rapidly shrinks and many are choosing between homelessness or groceries.

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Sydney has notably ascended in the rankings, leaping from the tenth wealthiest city in 2023 to the eighth position this year. Over the past decade, the affluent population of the Harbour City has risen by a whopping 34 percent.

The survey also revealed that despite having the eighth highest number of millionaires in the world, Sydney is the sixth most expensive city to live in globally. The only cities to rank above Sydney were Monaco, NYC, London, Hong Kong and Saint-Jean-Cap-Ferrat in France. 

Topping the rich list for another year was New York City, with its 349,000 millionaires, 744 centi-millionaires, and 60 billionaires absorbing a total wealth of $4.5 trillion dollars. 

Sydney claims 147,000 millionaires, 205 centi-millionaires, and 20 billionaires. Comparatively, Melbourne is home to 97,900 millionaires, 112 centi-millionaires and 10 billionaires. 

Here’s how the richest ranked around the globe:

1. New York
2. San Francisco
3. Tokyo
4. Singapore
5. London
6. Los Angeles
7. Paris
8. Sydney
9. Hong Kong
10. Beijing
11. Shanghai
12. Chicago
13. Toronto
14. Milan and Lombardy
15. Melbourne

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