A new report reveals the 17 most popular housing markets for the world's richest people, and a notoriously expensive city is missing from the list

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Hong Kong takes the trophy for the highest sales prices.

• London-based real-estate consultancy Knight Frank released a report revealing the world's "ultra-prime residential markets" for 2019.
• The locations are divided into three segments: Cities, ski destinations, and second-home markets.
• US cities New York, Los Angeles, and Miami appear on the list, while notoriously pricey San Francisco is notably absent.

To clinch a spot on Knight Frank's latest list of the world's "ultra-prime" real-estate markets, a city had to have at least three home-sale transactions over $25 million every year since 2015.

Just 17 places made the cut, and the notoriously pricey city of San Francisco wasn't one of them.

Despite it having the highest median home price of any city in the United States, as Curbed LA's Elijah Chiland pointed out, San Francisco simply isn't the site of many multi-million dollar sales. In fact, the most expensive home ever sold rang in at $38 million. The current record sale in Hong Kong is $360 million.

Knight Frank analyzed sales data and concluded that London takes the top spot for the sheer number of transactions above $25 million since August 2015 - 161 total. Hong Kong, meanwhile, takes the trophy for the most expensive of the ultra-prime markets; for purchases above $25 million, the city saw an average sale price of $54 million over three years.

In total, nearly half of the markets were categorized as cities, five represent second-home markets, and four are prime ski destinations (three in the Alps and just one in the US).

Below, check out the world's 17 top-tier real-estate markets.