Where Hong Kong Billionaires Live: 5 Addresses Above $100 Million

In May 2025, a mansion on The Peak in Hong Kong sold for HK$1.1 billion - approximately $141 million. The buyer was never disclosed. The transaction became the second largest in the history of Asian residential real estate. Hong Kong remains the city where elite property per square meter costs more than in Monaco, London, or New York.

Packed into an area smaller than many mid-sized cities, Hong Kong is home to 129 dollar billionaires according to the Hurun Global Rich List 2025. One in three of them owns property at one of five legendary addresses. These streets define the map of ultra-wealth in Asia.

Hong Kong is not simply an expensive city. It is a place where land is literally more valuable than gold: the government controls land release, creating an artificial supply constraint. The result is pricing that leaves even seasoned investors speechless.

Quick Answer

• The Peak (Tai Ping Shan) is the number-one district. Average pricing sits at HK$120,000-150,000 per sq ft (approximately $1.4-1.7 million per sq m)
• The Kwok family (Sun Hung Kai Properties) controls several plots on Pollock's Path, where a single estate is valued at $500 million or more
• Li Ka-shing, founder of CK Hutchison, has lived in his Deep Water Bay Road mansion since the 1960s
• Repulse Bay and Shouson Hill are two additional ultra-wealth enclaves with direct views over the South China Sea
• Hong Kong ranks first globally for the density of ultra-high-net-worth residents (Knight Frank Wealth Report 2025)
• The average entry price into Hong Kong's elite segment is $30-50 million - roughly 3 to 5 times the threshold for comparable luxury in Phuket or Bali

Scenarios and Options

The Peak - Top of the Food Chain

The Peak is more than a hill above the city skyline. It is a symbol of status with roots going back to Hong Kong's British colonial administration. In the 19th century, only Europeans were permitted to reside here. The rules have since changed, but the exclusivity has not.

Pollock's Path and Barker Road are the two most prestigious addresses on The Peak. Villas belonging to the Kwok family, heirs to the Sun Hung Kai Properties empire (market capitalisation above $25 billion), anchor this stretch. In 2011, a plot on Mount Nicholson Road sold for HK$6.18 billion ($790 million) - a record that shook the market for years.

One defining feature of The Peak: there are no high-rise towers here. Only standalone residences and low-rise complexes of four to six units. A parking space in this neighbourhood commands $1-2 million.

Deep Water Bay - Li Ka-shing's Private Harbour

Li Ka-shing, Hong Kong's wealthiest individual with a fortune of $37 billion (Forbes 2025), has lived on Deep Water Bay Road since the 1960s. His three-storey mansion is understated by modern billionaire standards, but the land beneath it is estimated by the market to be worth over $1 billion.

Deep Water Bay occupies a peninsula on the southern side of Hong Kong Island. It offers a private beach, a golf club, and absolute seclusion. Li Ka-shing's neighbours include families whose names never appear in Forbes rankings, yet whose assets run into ten figures.

Repulse Bay - The Showcase for New Capital

Repulse Bay attracts newer wealth. Fintech billionaires and heirs to mainland Chinese conglomerates favour this address. The Repulse Bay complex - a former colonial-era hotel - offers apartments starting from HK$200 million ($25 million).

Unlike The Peak, Repulse Bay includes premium apartments alongside standalone villas. The entry point is marginally lower, but the address carries the same prestige.

Shouson Hill - Fortress of Old Money

Shouson Hill sits between Deep Water Bay and Repulse Bay. Historically, it has been the preferred address of families with roots in textile and shipping industries. Plots are vast, perimeter walls are high, and security cameras are everywhere.

Estimated property values range from $50 million to $200 million. Transactions are extremely rare: estates are passed down within families across generations rather than reaching the open market.

Kowloon Tong and Kadoorie Hill - Mainland Prestige

On the Kowloon side, Kadoorie Hill stands out. The neighbourhood is named after the Kadoorie family, owners of The Peninsula Hotels and CLP Holdings. Mansions here are surrounded by lush greenery - a genuine rarity in concrete-dominated Hong Kong.

Since 2020, buyers from mainland China have been acquiring properties here at an accelerating pace. According to Centaline Property, 40% of transactions above HK$100 million in Kowloon Tong over the past three years were completed by buyers from Shenzhen and Guangzhou.

Main Risks and Mistakes

1. The illusion of openness. Hong Kong's luxury market appears accessible, but foreign buyers pay an additional 15% Buyer's Stamp Duty. For non-residents, the total acquisition tax burden can reach 30% of the purchase price.

2. Geopolitical exposure. Following the enactment of the National Security Law in 2020, a significant portion of capital migrated from Hong Kong to Singapore, Dubai, and Thailand. Prime prices softened by 10-15% during 2022 and 2023. Recovery has been gradual.

3. Leasehold, not freehold. Most land in Hong Kong is government-owned. Buyers acquire a leasehold interest lasting between 50 and 999 years. This is a fundamental structural difference from freehold ownership systems common elsewhere.

4. Opaque deal structures. Major transactions are typically executed through intermediate holding companies. The beneficial owner is often concealed behind multiple layers of corporate entities.

5. The comparison trap. Many international investors benchmark Hong Kong against Phuket or Bali. These markets are not comparable. The budget for a single Repulse Bay apartment ($25 million) could instead fund a portfolio of 8 to 12 premium villas in Thailand generating rental yields of 6-8% per year.

FAQ

Can a foreigner buy property in Hong Kong? Yes, there are no nationality restrictions. However, non-residents pay an additional 15% Buyer's Stamp Duty, which substantially increases the overall acquisition cost.

Why is The Peak considered the most expensive district in Asia? The combination of historical prestige, tightly controlled supply (new development is strictly limited), panoramic views over Victoria Harbour, and absolute privacy. There are effectively no new buildable plots available on The Peak.

How many billionaires live in Hong Kong? According to the Hurun Global Rich List 2025, Hong Kong has 129 dollar billionaires - the third highest concentration in the world after New York and Beijing.

What rental yields does Hong Kong elite property generate? Very low. Gross rental yields in the luxury segment average just 1.5-2.5% per year - among the lowest globally. Buyers are motivated by long-term capital appreciation rather than income.

Why are wealthy Hong Kong residents relocating to Thailand? Tax advantages, lower cost of living, climate, and lifestyle. According to the Thailand Board of Investment, applications for Long-Term Resident (LTR) visas from Hong Kong residents grew by 35% during 2024 and 2025. Phuket is increasingly chosen as a second base.

Is it true that a parking space on The Peak costs a million dollars? Yes. In 2021, a parking space at Mount Nicholson sold for HK$10.2 million ($1.3 million) - a world record at the time.

How do Hong Kong and Singapore prices compare? Hong Kong remains more expensive. Average luxury pricing in Hong Kong runs at $5,000-6,000 per sq ft, versus $3,000-4,500 in Singapore. The gap has been narrowing since 2022.

Which dynasties control the largest real estate assets in Hong Kong? The Kwok family (Sun Hung Kai Properties), Li Ka-shing (CK Hutchison), the Lee Shau Kee family (Henderson Land), the Kadoorie clan (CLP Holdings, Peninsula Hotels), and the Cheng family (New World Development).

Hong Kong represents the museum of ultra-wealth in Asia. It is beautiful and commanding, but it delivers rental yields below inflation and demands entry capital of at least $25 million, with acquisition taxes for foreign buyers reaching 30%.

Thailand offers a different set of numbers entirely. Premium villas in Phuket with net yields of 5-8% per year are accessible from $300,000 to $1,000,000. Hong Kong billionaires have recognised this: capital flows from the SAR into Thai real estate have grown for three consecutive years. If Asian prosperity inspires you but Hong Kong price tags do not, Phuket deserves serious analysis.

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