The Tax Office is looking closer into the tax affairs of rich people who may have bought expensive boats, planes, cars, art and thoroughbred horses.

It has launched a data-matching program where it will contact insurers to identify policy owners of various classes of insured assets that are often associated with wealth.

Sydney's economic growth rate is the country's best. Credit:Janie Barrett

The agency expects to receive 100,000 records on asset classes including including "marine, aviation, enthusiast motor vehicles, fine art and thoroughbred horses".

It will allow the ATO to make more accurate estimate of peoples' wealth to ensure they meet their tax obligations.