Australia’s richest suburbs have been revealed, with the majority of high-income earners located in Sydney’s eastern suburbs.
The Australian Taxation Office (ATO) analysed the tax returns of more than 15 million Aussies from the 2020-21 financial year to come up with the rich list.
Double Bay took out the top spot, living up to its ‘Double Pay’ nickname, with residents of the 2028 postcode raking in an average annual income of $266,381.
Next on the list was the 2030 postcode - which includes Dover Heights, HMAS Watson, Rose Bay North, Vaucluse and Watsons Bay - with residents earning $230,597 per year, on average.
In third place was the 6011 postcode in Perth - which includes Cottesloe and Peppermint Grove - whose residents had an average taxable income of $229,805.
The highest number of rich-listers live in the 2088 postcode in Sydney - which includes Mosman and Spit Junction - with 19,707 people earning $188,324, on average.
In comparison, there were just 559 people in the 3944 Portsea postcode in Victoria’s Mornington Peninsula, earning an average of $229,805 per year.
Which suburbs had the lowest incomes?
The ATO data also revealed the postcodes with the lowest-income earners. These were located in smaller, regional areas in Queensland and New South Wales.
The 4467 postcode in Queensland - which includes Mungallala, Tyrconnel and Redford - had the lowest average taxable income with -$3,602.
This was followed by the 2408 postcode in NSW - which includes North Star, Boggabilla, Yallaroi and Blue Nobby - which had an average income of -$1,406.
Third on the list was the 4423 postcode in Queensland - which includes Glenmorgan and Tellba - with an average income of $3,760.
What does the average Aussie earn?
To put that all into perspective, the average Aussie earns $68,289 per year. That’s based on the mean average, where you add up taxpayers’ incomes and divide it by the number of people.
The median Aussie wage is just $50,980 per year. That’s based on the middle average, so can give a better idea of a typical income.
The Australian Taxation Office (ATO) analysed the tax returns of more than 15 million Aussies from the 2020-21 financial year to come up with the rich list. Double Bay took out the top spot, living up to its 'Double Pay' nickname, with residents of the 2028 postcode raking in an average annual income of $266,381.
The Australian Taxation Office (ATO) analysed the tax returns of more than 15 million Aussies from the 2020-21 financial year to come up with the rich list. Double Bay took out the top spot, living up to its 'Double Pay' nickname, with residents of the 2028 postcode raking in an average annual income of $266,381.
More billionaires from the list live in the elite Melbourne suburb of Toorak, five kilometres southeast of the CBD, than any other Australian suburbs. Toorak boasts gated cul-de-sacs, privacy hedges, tree-lined streets and 22 of Australia's richest people.
Woollahra in Sydney's inner east had the city's highest average personal income of $209,607 followed by the nearby harbourfront suburbs of Rose Bay-Vaucluse-Watsons Bay ($202,212) and Bellevue Hill ($200,348).
Sydney. Sydney boasts a staggering 126,900 resident millionaires, along with 184 centi-millionaires and 15 billionaires, residing in some of the world's most exclusive residential suburbs, such as Bellevue Hill, Darling Point, Mosman, Point Piper, and Vaucluse.
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1. Toorak – $5.18m. Toorak, one of Melbourne's most exclusive and affluent suburbs, is a long-standing front-runner for property prices so it's no surprise to see this suburb at the top of the list yet again. Toorak is located about 5km south-east of the CBD and has a range of luxury properties on offer.
In Australia, your net worth now needs to surpass $7 million to be considered a 1 percenter. To become an 'ultra high net worth individual' or UHNWI as Knight Frank describes it, you need to be worth more than $46 million.
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