I visited the costliest neighborhood on this planet’s costliest metropolis — a billionaire enclave the place the place Alibaba founder Jack Ma could have purchased a $191 million mansion

Hong Kong was named the least reasonably priced metropolis on this planet to stay in for the ninth yr in a row.  Hong Kong's costliest neighborhood is The Peak. The Peak is a beautiful, secluded neighborhood that overlooks Hong Kong and is dwelling to bankers, expatriates, enterprise magnates, celebrities, and millionaires and billionaires. Jack Ma, the Chinese language billionaire who based Alibaba, is alleged to have bought a $191 million mansion within the neighborhood in 2015, but it surely has by no means been confirmed. Each metropolis has that neighborhood — an tackle that signifies wealth. New York Metropolis has Fifth Avenue, London has Kensington, and Miami has South Seashore. Hong Kong has The Peak — brief for Victoria Peak — a neighborhood that has been synonymous with wealth, luxurious, and exclusivity because the colonial period. Because the least reasonably priced metropolis on this planet for 9 years working, Hong Kong takes the cake relating to luxurious actual property. Hong Kong is dwelling to extra super-rich people than any metropolis on this planet and, as Enterprise Insider's Katie Warren reported, property costs have continued to climb, significantly within the luxurious market. At varied occasions over the previous decade, Pollock's Path, Barker Highway, and Severn Highway — all streets on The Peak — have claimed the title of the world's costliest avenue. The neighborhood is dwelling to a mixture of bankers, expatriates, enterprise magnates, celebrities, and, extra just lately, Chinese language millionaires and billionaires on the lookout for a spot to take a position or trip away from air pollution in cities on the mainland.  It is the type of neighborhood that persistently breaks data for the costliest actual property on this planet. In 2015, it was rumored that Jack Ma, the Chinese language billionaire who based Alibaba, bought a $191 million mansion there, but it surely has by no means been confirmed. Final yr, an unidentified purchaser broke the document for the costliest actual property in Asia, buying a 9,217-square-foot villa on The Peak for about $180 million, making it about $19,400 per sq. foot. I visited the ritzy neighborhood final March to see why it continues to deal with among the most coveted addresses on this planet. It didn't disappoint. SEE ALSO: Jeff Bezos has handed Invoice Gates to develop into the richest individual in historical past — this is the secretive waterfront city the place each billionaires stay The Peak is the neighborhood surrounding Victoria Peak, the best level on Hong Kong Island, with an elevation of 1,811 toes. I took a taxi to get to Victoria Peak Lookout, a significant vacationer vacation spot. Most vacationers trip the Peak Tram up. The Peak Galleria, a mega mall (learn: vacationer entice) on the prime of the tramway is full with souvenirs and a Madame Tussauds. The Peak has been the town's most unique neighborhood for greater than 100 years. Till 1947, solely the British and Europeans have been allowed to stay there — a coverage that infuriated Hong Kong's Chinese language residents. Earlier than the tramway, residents have been carried up the mountain on sedan chairs carried by migrant laborers. Supply: Frommer's, CNN Journey See the remainder of the story at Enterprise Insider