Although Perth is Australia’s fourth most UHNW-populated city, a "surge in commodity prices will lead to a flush of new wealth," the firm's first annual ranking of Australian cities by UHNW population revealed. 

“The challenge is for private bankers, not-for-profits and luxury brands to ensure they are well-positioned to ride on this wave. By mapping where the centres of wealth are they can target their resources more effectively,” said Mykolas Rambus, chief executive of Wealth-X.

Sydney, which is home to around a third of Australia's 2,740 UHNW individuals, currently tops the list. Melbourne follows with 705, then come Brisbane with 305, Perth with 335 and Canberra with 135.  

“Sydney, with its reputation as the country’s vibrant financial capital and famous icons like the Sydney Harbour Bridge and Opera House will continue to draw the UHNW,” said Adrian Jenkinson, vice president and head of the company’s Sydney office.

Canberra, where 1.6 per cent of Australia’s total population reside – is home to 5 per cent of the country’s ultra-wealthy individuals - a remarkably high proportion.

Much of Australia’s wealth creation stems from its mining sector, as well as China’s and India’s hunger for commodities. Yet the country’s Private Banking Council recently reported that just $120 billion of its $600 billion pool of HNW wealth was managed by wealth experts.

In response to this finding, William Hamilton, general manager of wealth services at NAB Private Wealth, said that the wealth management industry - the largest in the Pacific - is still in development. “Five years ago, I would say it was an immature market, but now it is maturing and it is a growth market,” he said.