Dreaming of your kid becoming a doctor or lawyer to swim in cash? You’re not totally wrong, but don’t expect them to rub shoulders with Australia’s billionaires anytime soon. The Australian Taxation Office’s 2022-23 data spills the tea on who’s earning big—and who’s actually making the Rich List.
Medicine Pays, But Not That Much
Surgeons are the rock stars of the income game, pocketing a cool $472,475 a year on average, making them Australia’s top earners. Anaesthetists aren’t far behind, pulling in $447,193, while financial dealers rake in $355,233.
Internal medicine specialists, tackling complex diagnoses, earn $342,457, and psychiatrists, riding the wave of growing mental health needs, bring home $286,146. Other medical pros like radiologists and pathologists average around $259,802. Medicine’s clearly where the money’s at for steady, high incomes.
Beyond the Hospital: High Earners in Other Fields
Outside healthcare, mining engineers dig up $206,423, just nudging out judges and top lawyers at $206,408. CEOs and managing directors command $194,987, with financial investment managers close behind at $191,986.
Engineering managers ($185,785) and importers/exporters ($180,571) also score big. Barristers pull in $167,390, dentists $165,723, and IT managers, keeping the digital world spinning, earn $163,886. General practitioners, your go-to for a check-up, make $163,232, while management consultants ($162,982), geologists ($162,889), financial advisors ($162,842), and economists ($161,633) round out the high rollers.
The Income Gap is Real
Further down the ladder, building project managers and drilling operators earn around $132,000, electricians make $111,035, and plumbers pull in $86,722. At the bottom? Waiters, averaging just $28,885, often juggling part-time or casual gigs.
Rich List Reality Check
Here’s the kicker: none of these high earners—surgeons, lawyers, or otherwise—cracked the 2025 Rich List of Australia’s 200 wealthiest. Turns out, big salaries don’t equal billionaire status. The real money? It’s in property and family ties.
The Australian Financial Review notes that 44 of the top 200 fortunes come from real estate. Mining’s another goldmine, with eight of 23 moguls inheriting wealth from pioneers like Lang Hancock and Peter Wright. In media and gaming, nearly half the Rich List traces back to just two names: Frank Packer and Keith Murdoch. The “self-made” dream? It’s more like a “born into it” reality for many.
Entrepreneurship: The New Wealth Frontier?
There are exceptions. Tech trailblazers like Melanie Perkins of Canva ($5.8 billion) and Mike Cannon-Brookes of Atlassian ($12.4 billion) built their fortunes from scratch. David Burt, entrepreneurship guru at UNSW’s start-up incubator, told the Australian Financial Review that employees—however skilled—rarely hit the Rich List. His advice? Spark some entrepreneurial fire in your kids.
“Get them running a lemonade stand, raising funds for charity, or working jobs where they talk to people,” Burt says. “Great entrepreneurs know how to pitch a sale or handle real feedback.”
But here’s the catch: if it’s just about getting rich quick, forget it. “Money alone won’t keep you going through the stress, late nights, and uncertainty of building a business,” Burt warns. Passion and grit are non-negotiable.
The Bottom Line
High-paying jobs like surgery or law can set you up nicely, but the billionaire club plays by different rules—think property, inheritance, or a game-changing start-up. So, encourage your kids to dream big, but maybe nudge them toward a bold idea or two alongside that medical degree.
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