A study of the country’s "Ultra High Net Worth" individuals shows that the two southern centres are home to more than half of those people with at least $30 million.
But the Queensland and Western Australian capitals are places to watch, with the mining boom rapidly boosting the ranks of the massively rich, says global intelligence company Wealth-X.
"The traditional bases of wealth are in Melbourne and Sydney, where it’s often wealth created over several generations. We all know about families such as the Packers, for example," said vice-president Adrian Jenkinson, who heads the firm’s Australian office.
"What we’re now seeing . . . through the resource boom is a new generation of wealth being created.
"The story you hear overseas about Australia is it’s all being driven by mining and resources. Our research shows that’s not only translating to company wealth and country wealth, but there are individuals who are now becoming very, very rich."