Los Angeles and Hong Kong have topped a list of locations where the super rich would prefer to buy property. They have spent around $6.6 billion in Hong Kong property that is worth $25 million, while LA has also been a big part of their go-to destinations for sales.

Curbed reported that LA has been a picture of contrasts. While others have struggled to stay afloat amidst rising prices on basic necessities, there were the privileged, who shopped around for prime LA real estate. It wasn't surprising, as the real estate firm Knight Frank included LA in a list of "ultra-prime" residential destinations where homes were regularly priced at around eight-figure amounts.

Knight Frank regularly publishes these lists and, by their estimates, a market is designated an "ultra-prime" market if it has at least three households which sold for $25 million over the past three years. In that period, $25 million increasingly became normalized, whereas it would already have been big money before. The market does not include Malibu, which was designated as a separate "ultra-prime" market all on its own.

Another region that Knight Frank hailed an "ultra-prime" market, Hong Kong topped even LA as a popular destination for the super wealthy. In August 2018 alone, according to Quartz, the Chinese territory registered 47 sales under the "ultra-prime" umbrella. The estimates for the sales amounted up to $2.5 billion. New York and London, two other such markets, were good for $1.5 billion each, in contrast.

Hong Kong has always been the top destination where the most expensive homes were snapped up. Other destinations on the list included Singapore and Sydney. Hong Kong, however, topped the sales in a 12-month period ending in August 2018, where it was tabulated to have been good for $53 million.

Despite any situation-London being caught in the middle of 'Brexit'-these super-rich destinations have managed to stay on the list. Liam Bailey of Knight Frank said that the reason for this is the rich never truly rested, steadily creating private wealth in the past decade. This has resulted for the few preferred destinations to become "ultra-prime" markets, where the wealthy have come to stay.

It's not surprising how the list is fluid. New York was on top last year, only to be overtaken by Hong Kong. It's not far-fetched to think that Los Angeles may soon become the market of choice for the 1 percent.