Sydney has country's richest people

Wednesday 15 September 2010

Article by Mozo

Sydney is home to Australia's richest people by some distance, new figures show.

New Australian Bureau of Statistics (ABS) data reveals that the Sydney suburbs of Mosman and Woollahra are by far the most affluent suburbs in the country, with residents in those areas making an average income of $131,606 and $116,376 in 2007-08, respectively.

The Perth suburbs of Peppermint Grove and Cottesloe came in third and fourth with average incomes of 100,075 and $98,219, respectively, while Melbourne's wealthiest suburb of Prahran was way down in ninth place with an average income of $82,910 – almost $50,000 a year less than Sydney's richest suburb.

As part of its research, the ABS tracked changes in personal income from 2003-04 to 2007-08 and recorded overall annual growth of 8.7 per cent.

"Investments had the largest average annual growth rate (14 per cent). Wages and salaries (the largest income source) grew at 8.7 per cent, while income from (business) increased on average by 5.6 per cent between 2003-04 and 2007-08," it said.

Such findings suggest that Aussies may be able to grow their incomes by opting to compare term deposits and other investment options. According to a recent study by investment management firm PIMCO, Australian financial planners require more education when it comes to term deposit advice.

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