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New York City has been unveiled as home to the most billionaires, which has helped the city's luxury housing prices rise, according to Barron's.
There are 85 billionaires who make New York City their main residence, including former mayor Michael Bloomberg and David Koch. Their presence in the city has helped push luxury property prices up 15% over the last five years to $3,220 per square foot. But New York is actually still considered a discount compared to Hong Kong and Tokyo, where luxury homes cost nearly twice as much.
US - Dollars - Foot - Luxury - Property
In US dollars, it cost $8,370 per square foot for luxury property in Hong Kong, which is home to 79 billionaires and the most expensive real estate in the world. Luxury housing prices have soared 51% over the last five years in Hong Kong.
Sophie Chick, head of Savills World Research said:
Coincidence - Cities
“It is no coincidence that many of the cities...
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