Lakshmi Mittal's home street world's second most expensive area

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 USD 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 sq mt in Pollock s Path, The Peak is USD 120,000, followed by Kensington Palace Gardens, London (USD 107,000). Kensington Palace Gardens is also known as London's "Billionaire's Row", where properties change hands for as much as (USD 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 USD 86,000; Blvd du General de Gaulle Cap Ferrat, France was ranked fourth (average price per sq mt of USD 79,000) and Patterson Hill Singapore ranked fifth (USD 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 USD 169 billion, which equates to an average of USD 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: USD 42,500), followed by Chemin de Ruth, Geneva (USD 37,000); Romazzino Hill, Sardinia (USD 32,900); Ostozhenka, Moscow, Russia (USD 29,000); Fifth Avenue, New York, US (USD 28,000) and Avenue Montaigne, Paris, France (USD 26,000).