London: NRI steel baron Lakshmi Mittal’s London residential address, Kensington Palace Gardens, is the second most expensive street in the world, where the average price per square metre is a whopping $107,000.
According to the data from Knight Frank, published by Billionaire, a sister company of Wealth-X – the world’s leading ultra-high net worth intelligence firm – Kensington Palace Gardens in London is the second most expensive street in the World after Pollock’s Path, The Peak in Hong Kong.
The average price per square metre in Pollock’s Path, The Peak is $120,000, followed by Kensington Palace Gardens, London ($107,000).
Kensington Palace Gardens is also known as London’s “Billionaire’s Row”, where properties change hands for as much as ($195 million).
This private, tree-lined avenue is home to the French, Russian and Japanese embassies among others, and some of the world’s most famous billionaires.
“Indian-born steel tycoon Lakshmi Mittal owns number 9a and 18-19. And, if he ever needs to borrow a cup of sugar, his oligarch-next-door at number 17, Roman Abramovich, will surely oblige,” the report said.
Avenue Princesse Grace, Monaco was ranked third where average price per sq mt is $86,000; Blvd du General de Gaulle Cap Ferrat, France was ranked fourth (average price per sq mt of $79,000) and Patterson Hill Singapore ranked fifth ($42,500).
According to the recently released Wealth-X and UBS Billionaire Census 2013, the total real-estate holdings of the world’s billionaires is estimated at $169 billion, which equates to an average of $78 million per billionaire.
Billionaires own an average of four homes, many of which are based in trophy cities such as London, New York and Paris.
The top 10 most-expensive streets on the planet include Paterson Hill, Singapore (average price per sq mt: $42,500), followed by Chemin de Ruth, Geneva ($37,000); Romazzino Hill, Sardinia ($32,900); Ostozhenka, Moscow, Russia ($29,000); Fifth Avenue, New York, US ($ 28,000) and Avenue Montaigne, Paris, France ($26,000).