Melbourne has ranked in the top richest cities in the world

With most people strapped for cash as the high cost of living kicks our butts, it’s fair to say most Melburnians aren’t exactly swimming in cash right now.

Yet, in the midst of this wallet-wringing chaos, the world’s wealthiest cities have boldly released their rankings for 2024. And while we’re all trying to navigate an economic rollercoaster, it seems our millionaire population is somehow multiplying. Go figure? 

Every year, wealth migration firm Henley and Partners releases its World’s Wealthiest Cities Report, which ranks the top 50 wealthiest cities based on the number of millionaires (and billionaires) who live there. The data is gathered by New World Wealth, a research firm that tracks wealthy individuals who have large investment portfolios or top leadership positions in high-value companies. 

Melbourne came in at number 15 on the rich list, with 97,900 millionaires, 112 centi-millionaires and 10 billionaires. According to the data, the number of millionaires in the last decade has increased by a staggering 40 per cent. This is all measured in USD too, so it would be even more in Aussie dollars. Three other Australian capital cities also made it into the top 50 wealthiest cities, with Sydney ranked in eighth place, as well as Perth in the 34th spot and Brisbane 42nd. 

Topping the rich list for yet another year is New York City. The Big Apple has a whopping total wealth of $3 trillion USD – more than $4.5 trillion in Aussie dollars – with a total of 349,500 millionaires, 744 centi-millionaires and 60 billionaires. The runner-up on the world’s wealthiest cities list was the Bay Area (including San Francisco and Silicon Valley), with Tokyo, Singapore and London rounding out the top five. 

Anyway, if these eye-watering stats have you overwhelmed, don’t fret. If you’re far from being a millionaire, there are still plenty of ways you can enjoy Melbourne life. Check out our list of the best cheap eats across the city or 25 things you can do in Melbourne for under $25. 

Here are the top 15 wealthiest cities in the world:

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

You can read about Henley & Partners’ report in more detail here.