Press reports point to Toorak first, with Portsea and Brighton also named. Reports have said that 22 or 23 of Australia's 250 richest people live in Toorak, more than in any other suburb. No official register lists where billionaires live, so these claims come from news coverage.
Toorak
Toorak, in Melbourne's inner east, is the suburb named most often. One report citing The Australian said 22 of the Richest 250 list live there. Another source says 23. Both reports are older, so treat the counts as approximate.
The ATO ranks Toorak and Hawksburn (postcode 3142) second in Australia for average taxable income, at $277,708 in 2023 to 2024. Its median house price is $4,675,000, based on realestate.com.au data for July 2025 to June 2026 reported by Canstar.
Portsea
Portsea, on the Mornington Peninsula, is the second suburb that press coverage names. It ranks first in Australia for average taxable income in the ATO's 2023 to 2024 data, at $321,988. Its median house price is $2,935,000 in the same Canstar table.
Brighton
Brighton is also cited as a wealthy area, and one source describes it as an exception to the trend of luxury suburbs centred around Toorak and its inner-east neighbours.
What the lists do not show
- The Rich List does not publish home addresses.
- Press counts depend on who the outlet identifies and when.
- Income data covers a postcode, not individual wealth.
So the safest reading is this: Toorak and Portsea are the best-supported answers, and neither source gives an exact current billionaire count.
Questions people ask next
Do billionaires live on the Mornington Peninsula?
Portsea appears in press coverage as a home for wealthy people, and ATO data shows the highest average taxable income in Australia there.
Is there an official list?
No. The Richest 250 and similar lists rank wealth, not addresses.
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