San Francisco may have more super-rich people than Los Angeles now, but super-rich people own more houses down in LA, because why not? Los Angeles has the fourth most personal residences in the world owned by those of the “ultra high net worth” persuasion, aka people with more than $30 million in net assets, aka the first up against the wall; it follows only New York, London, and Hong Kong, and just beats San Francisco, according to the 2015 Global Luxury Residential Real Estate Report just out from Sotheby’s and Wealth-X.
There are 211,275 megarichies on Earth; 79 percent of them own at least two residences; on average, they own 2.7 residences (for themselves, not counting rental properties, etc.). The gang in Los Angeles has a median net worth of $105 million and their top hobby is “art & film.” If they’re not Americans, they’re most likely to be from—not China, not Saudi Arabia—the United Kingdom.
· The Global Luxury Residential Real Estate Report 2015 [Sotheby’s]
· Los Angeles is No Longer the Filthy Rich Capital of California [Curbed LA]