What it's like living in Hong Kong as a billionaire, where the ultra-rich live in high-security mansions and spend $16 billion a year betting on horse racing

Katie WarrenJan 1, 2019, 20:40 IST

A view of Victoria Harbour from Victoria Peak in Hong Kong.Shutterstock/Subodh Agnihotri

Hong Kong has the highest concentration of super-rich people in the world.
Approximately 93 billionaires live in the city.
It's also been ranked the world's most expensive city for housing for the past eight years in a row.
The billionaires of Hong Kong live in mansions in secluded neighborhoods like the Peak, bet big money on horse races, and dine at some of the city's 82 Michelin-starred restaurants.

Hong Kong is a city full of millionaires and billionaires.

The city now has the highest concentration of super-rich people in the world, surpassing New York City, Tokyo, and Paris. One in seven residents is a millionaire, and the city is home to approximately 93 billionaires.

Hong Kong is also the most expensive city in the world for housing. The Annual Demographia International Housing Affordability Survey has ranked Hong Kong the least affordable city for housing in the world for eight years in a row.

While many Hong Kong residents struggle to pay astronomical prices for "nano apartments" or "coffin homes," the city's ultra-rich residents live in multimillion dollar mansions in ritzy neighborhoods like Deep Water Bay or the Peak, drive Porsches, and eat at one of the city's 82 Michelin-starred restaurants.

Here's what life is like for a billionaire in Hong Kong.

See What it's like living in Hong Kong as a billionaire, where the ultra-rich live in high-security mansions and spend $16 billion a year betting on horse racing >>

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What it's like living in Hong Kong as a billionaire, where the ultra-rich live in high-security mansions and spend $16 billion a year betting on horse racing

Hong Kong is a city full of super-rich people.

The dense metropolis of nearly 7.4 million people is a major port city and manufacturing and financial center.

It has the highest concentration of ultra-wealthy individuals in the world, surpassing New York City, Tokyo, and Paris.

One in every seven residents of the city is a millionaire, and at least 10,000 people are worth at least $30 million.

An estimated 93 billionaires live in the city.

One of these is Li Ka-shing, Hong Kong's richest resident, worth $29.3 billion. Ka-shing, who has been one of Asia's most influential businesspeople, stepped down as chairman of his company, CK Hutchison Holdings, in May 2018 at age 89.

Alibaba Group founder Jack Ma, worth $36.7 billion, is based in mainland China but is rumored to have bought a $191 million mansion in Hong Kong's most expensive neighborhood in 2015.

Hong Kong has some of the most expensive real estate in the world.

The Annual Demographia International Housing Affordability Survey has ranked it the least affordable city for housing in the world for eight years in a row.

The average price for a home in Hong Kong was $1.28 million in the first quarter of 2018.

While some Hong Kong residents pay up to $500,000 for tiny "nano apartments" and others live in "coffin homes," life looks very different for a billionaire in the city.

The city's wealthiest inhabitants live in luxurious apartment buildings ...

... or secluded mansions in ritzy neighborhoods such as the Peak, the area that surrounds Victoria Peak, the highest point on Hong Kong Island.

The lookout at Victoria Peak is a major tourist destination.

But the lucky few who actually live on the Peak experience a very different Hong Kong from everyone else.

At an elevation of 1,811 feet, the Peak is nestled in greenery, overlooking the city and the harbor.

It's said to be much cooler than the densely populated streets of the city.

Security is tight in the neighborhood, and most homes are tucked away behind gated entrances.

The Peak has long been Hong Kong's most exclusive neighborhood. Until 1947, only British and Europeans were allowed to live there.

Some of Hong Kong's most extravagant and expensive homes can be found in the Peak. In March 2018, a buyer paid $178.4 million, or $19,400 per square foot, for a mansion in the Peak, making it the most expensive residential sale in all of Asia.

But another home in the neighborhood could shatter that record if it sells for its asking price of $446 million.

The colonial-style home, built in 1991, is surprisingly modest, with 4 bedrooms and 4.5 bathrooms.

One reason property prices are so high on the Peak is that homes there very rarely come onto the market, Koh Keng-shing, CEO of Landscope Christie's, a luxury real estate consultancy, told the South China Morning Post.

Other wealthy Hong Kongers can be found living in Deep Water Bay, which Forbes called the world's wealthiest neighborhood in 2015.

The neighborhood is a "green oasis" where most homes have unobstructed sea views, according to real estate firm Savills.

According to Forbes, 19 of the city's richest residents — including billionaire Li Ka-shing — lived there as of 2015 and have a combined net worth of $123 billion.

Christie's International Real Estate has four current listings in Deep Water Bay, including this four-bedroom mansion at 37 Island Road for $230.3 million.

But Hong Kong's elite don't just sit around in their mansions all day. You might find them shopping at one of Hong Kong's luxury shopping destinations.

The Landmark is a high-end shopping center in Central, Hong Kong's financial district, that includes Michelin-starred restaurants, Louis Vuitton's Asia flagship store, and shops such as Harvey Nichols and Tiffany.

Then there's Canton Road, a major luxury shopping thoroughfare comparable to Fifth Avenue in New York City.

The street is lined with upscale boutiques, from Gucci and Marc Jacobs to Chanel and Dior.

When it comes to luxury goods and jewelry, Hong Kong is the second priciest Asian city after Shanghai, according to Bank Julius Baer & Co.'s annual Wealth Report Asia, which tracks the spending habits of Asia's rich.

Hong Kong's richest people still have to eat. Many of the city's business people, property magnates, politicians, and celebrities, choose to dine at a Cantonese restaurant nicknamed "the cafeteria for the wealthy" because of its rich and famous clientele.

Fook Lam Moon is one of the most famous restaurants in Hong Kong, known for its impeccable food and service. A set dinner for 12 people can cost up to $4,000.

You might also run into a billionaire at one of Hong Kong's 82 Michelin-starred restaurants, such as Sushi Shikon, where a dinner of six appetizers, 10 sushi pieces, a soup, and dessert costs $450 ...

... or Caprice, a French restaurant in the Four Seasons Hong Kong, also triple starred, which Michelin calls "one of the most glamorous and elegant restaurants in Hong Kong" with "impressive views of the harbor."

In a compact city with an efficient public transportation system, "cars are the ultimate reflection of indulgence in Hong Kong," according to the South China Morning Post. Hong Kong's wealthiest treat themselves to luxury vehicles such as Porsches, Lamborghinis, and Ferraris.

"Clients in Hong Kong pursue personalized lifestyle, creating a truly bespoke car that represents their unique style, tastes and ambitions," Elaine Fong, Ferrari's Hong Kong marketing and public relations manager, told the Post.

When it comes to nightlife, you might find some of the city's wealthiest individuals having a drink at the swanky lobby bar of the five-star InterContinental Hotel.

It offers sweeping views of Victoria Harbor.

A regular cocktail will cost you about $25, but Hong Kong's uber-rich may instead be buying the $850 Dom Pérignon Rosé or a $58 glass of Singleton 21-year-old whisky.

A select group of wealthy Hong Kongers hang out at one of the most exclusive members-only clubs, the Aberdeen Marina Club.

The prestigious invitation-only club offers yacht maintenance services and facilities including badminton courts, bowling and swimming pools, and several restaurants ...

... as well as health and fitness programs.

It also appears to be a popular wedding venue, according to Instagram.

Some of Hong Kong's high rollers pass their time betting big money on horse races at the Happy Valley Racecourse.

According to Bloomberg, "horse racing is something like a religion in Hong Kong, whose citizens bet more than anyone else on Earth."

During the 2017-2018 season alone, Hong Kong horse racing garnered $15.8 billion in bets.

Seeing as "Asia is expected to experience the strongest growth" in the world among the ultra-wealthy in the next four years ...

... Hong Kong seems likely to remain a haven for the crazy rich for the foreseeable future.