More millionaires in Perth than in Brisbane as Melbourne outpaces Sydney in seven-figure club growth

Perth has held onto its status as Australia’s third most popular city for millionaires despite a late charge from Brisbane, which posted faster growth over the past decade. The latest figures from international wealth migration specialists Henley & Partners, in collaboration with global data intelligence firm New World Wealth, show Brisbane recorded a 36 per cent growth in millionaires over the period, but the city had 6400 fewer than Perth. WA’s capital increased its count 28 per cent to 33,600. But this was overshadowed by the fact Melbourne outpaced Sydney to record the fastest growth in millionaires in Australia from 2013 to 2023. While Melbourne recorded 40 per cent growth over the decade Sydney still had the most resident millionaires at 147,000. This was in comparison to the 97,900 millionaires that called Melbourne home. The figures come against a backdrop of higher Australian home values. According to CoreLogic’s latest data, the median house value in Perth was just under $754,000, Sydney about $1.4 million, and Melbourne about $942,000. Globally, China’s Shenzhen recorded the fastest growth in millionaire count at 140 per cent. Shenzhen was closely followed by China’s Hangzhou, which grew 125 per cent. Shenzhen’s growth is far more than in other Chinese first-tier cities like Beijing and Shanghai, where the millionaire population rose 90 per cent and 84 per cent, respectively. The growth comes amid China’s stalling economy in the past few years as a result of its embattled property sector. Shenzhen’s economy grew 6 per cent in 2023, surpassing growth in Beijing and Shanghai. Shenzhen — also known as China’s Silicon Valley — was closely followed by Hangzhou, which grew 125 per cent. India’s Bengaluru and Austin city in the US placed third and fourth, respectively, while China’s Guangzhou ranked fifth at 110 per cent growth. When it comes to the number of resident millionaires with liquid investable wealth of $US1 million ($1.5m) or more, the US leads the pack with 11 cities in the top 50, including New York City. The total wealth held by the Big Apple’s residents now exceeds $US3 trillion — higher than the total wealth held in most major G20 countries — and a staggering 349,500 millionaires, 744 centi-millionaires (with wealth of over $US100m), and 60 billionaires live in the city. Hot on NYC’s heels is Northern California’s Bay Area — encompassing the city of San Francisco and Silicon Valley — with 305,700 millionaires. According to the report, the Bay Area has enjoyed one of the world’s highest wealth growth rates, increasing its millionaire population by a whopping 82 per cent over the past decade. It is now home to 305,700 millionaires, 675 centi-millionaires, and 68 billionaires. Henley & Partners chief executive Juerg Steffen said a key factor driving growth in the world’s wealthiest cities had been the strong performance of financial markets in recent years. “The S&P500’s 24 per cent gain last year, along with the Nasdaq’s 43 per cent surge and Bitcoin’s staggering 155 per cent rally, has buoyed the fortunes of wealthy investors,” he said. “Additionally, rapid advancements in artificial intelligence, robotics, and blockchain tech have provided new opportunities for wealth creation and accumulation.” But Dr Steffen said even as new opportunities emerge, old risks persist. “The war in Ukraine, which has seen Moscow’s millionaire population plummet by 24 per cent to 30,300, is a stark reminder of the fragility of wealth in an uncertain and unstable world,” he said.