Hong Kong retained its position as the world's most expensive residential real estate market despite a 10% decline in housing prices since before the COVID-19 pandemic, according to a Deutsche Bank report released on local time May 14. The report surveyed 69 cities globally and found Hong Kong remains attractive to international investors and high-income individuals when considering purchasing power and overall living conditions. However, the city's quality of life ranking fell to 55th this year from 48th in 2025, with Deutsche Bank citing housing affordability issues, pollution, and long commute times as persistent challenges. Seoul is emerging as a rising competitor in absolute property prices, narrowing the gap with Hong Kong due to growing demand from the tech industry colliding with limited housing supply, the report noted.
Deutsche Bank Ranks Hong Kong as World's Most Expensive Residential Real Estate Market
Deutsche Bank's latest report examined residential property purchase prices across 69 cities worldwide, converting values to US dollars and comparing them against 2016 and the pre-pandemic 2019 baseline, according to the South China Morning Post. The bank also assigned a quality of life index reflecting purchasing power, safety, healthcare services, housing price-to-income ratios, commute times, pollution, and climate.
Co-authors Jim Reid and Galina Pozdnyakova stated that Hong Kong remains a global "magnet" for talent and capital, but noted that "the wealthiest cities are not always the easiest to live in." The report identified housing affordability as a persistent pressure on living standards, along with "extremely high costs" related to pollution and long-distance commuting.
Zurich, Singapore, and Geneva ranked among the top five most expensive real estate markets globally after Hong Kong. Budapest recorded the largest price surge over the past decade, with residential property values jumping 209%.
Warren Buffett Commits to Donate Entire Fortune by December 31, 2034
Warren Buffett announced in a statement that he plans to dispose of all his Berkshire Hathaway shares within eight years, according to CNBC on local time May 14. The value of his Berkshire holdings stands at approximately $140 billion. Buffett stated, "Human lifespan is unpredictable, but in any case, the Berkshire shares I leave behind will all be donated to four foundations by December 31, 2034."
Buffett turns 96 next month. This year's donation totals approximately $6 billion. He is contributing 9 million Berkshire Class B shares—worth about $4.5 billion—to the Susan Thompson Buffett Foundation, named after his first wife. He is also donating 1 million Class B shares each to foundations operated by his three children, totaling just under $500 million per foundation.
CNBC noted that even assuming no share price appreciation, Buffett would need to donate over $17 billion annually to meet the 2034 deadline—more than double last year's donation of approximately $7 billion. While Buffett did not mention whether he would make additional donations this Thanksgiving, CNBC expects further contributions are likely given his new eight-year timeline. Last Thanksgiving, his total donations amounted to $1.3 billion.
Chamath Palihapitiya Warns Companies About AI Token Cost Surge
Billionaire investor Chamath Palihapitiya stated on local time May 14 that companies encouraging employees to use artificial intelligence may face unexpected operational cost shocks as AI usage bills accumulate, according to Business Insider. He explained, "Currently, CEOs and CFOs have no idea how much 'tokenmaxxing' is happening inside their organizations. Companies across the United States may fail to meet earnings expectations."
Tokenmaxxing is Silicon Valley slang for using as many AI tokens as possible, based on the logic that more AI usage enables faster processing of more work. Tokens are the data units processed by AI models and typically serve as the billing basis for customers.
Palihapitiya stated, "AI usage bills can no longer be ignored, and corporate leaders are adjusting policies." Uber disclosed in April that it had exhausted its entire annual "Claude Code" budget. Instagram mentioned it had terminated "stupid features" that were burning through tokens.
United Airlines Introduces Paid Middle-Seat-Empty Product on A321XLR
United Airlines is launching a new service allowing passengers to pay extra for aisle and window seats with an empty middle seat between them, according to CNBC on local time May 14. The product will be available on some Airbus A321XLR long-haul aircraft seats, with the empty middle seat featuring a shared tray table for both adjacent passengers. These seats will be located in the premium economy section with extra legroom.
United Airlines plans to begin selling this product late this year but has not disclosed the additional fee. This seating configuration is commonly used by European airlines for short-haul business class. United is considering expanding the arrangement to other aircraft types beyond the A321XLR.
The service is part of airlines' strategy to encourage additional passenger spending through various ancillary offerings. Delta Air Lines recently joined United in introducing basic fare products for long-haul business class and premium economy. The cheapest long-haul business class tickets now exclude some previously included benefits such as Delta One lounge access and seat selection.
The airline industry is expanding profitability by segmenting cabins and converting services previously included in base fares into optional paid add-ons.
Tyrannosaurus Fossil Gus Sells for $50.1 Million at Sotheby's Auction
A Tyrannosaurus fossil named "Gus" sold for $50.1 million at a Sotheby's auction in New York on local time May 14, setting a new record for dinosaur fossil sales, according to CNBC. The final price far exceeded the initial estimate of $20 million to $30 million. Seven bidders competed for approximately 10 minutes before the final price was determined.
The sale surpassed the previous record set in 2024 when billionaire hedge fund manager Ken Griffin purchased a Stegosaurus fossil called "Apex" for $44.6 million. Gus was discovered in South Dakota and dates back approximately 67 million years. A total of 183 fossil bones were identified, representing about 61% completeness by bone count. However, approximately 80% of the total skeletal mass is preserved, making it one of the most complete Tyrannosaurus specimens ever found.
The specimen measures approximately 38 feet in length and 12.5 feet in height, with a skull length of 54 inches. Ribs and abdominal ribs show evidence of healed fractures, and parts of the skull contain marks believed to be bite wounds from another individual.
Cassandra Hatton, Sotheby's Senior Vice President of Science and Natural History, described Gus as "a special specimen not only for its excellent preservation but also for the very high level of work from excavation to documentation, restoration, and management."
Dinosaur fossils are gaining attention as alternative investment assets beyond art. Growing demand from ultra-high-net-worth individuals attracted by rarity and long-term value preservation potential has made fossils one of the fastest-growing collectibles categories at auction. In 2020, Christie's sold a Tyrannosaurus fossil named "Stan" for $31.8 million, setting the record at that time.
Paleontologists express concern that increased private trading may convert fossils with high research value into privately held collections with limited academic access. They also note insufficient institutional mechanisms to verify authenticity or supervise transactions.
Zipline Hires Tesla and Waymo Veterans for US Market Expansion
South San Francisco drone startup Zipline hired executives from Tesla, Waymo, and Uber to expand its drone delivery service in the United States and overseas markets, according to CNBC on local time May 14. Zipline appointed Sendil Palaniyandi, former Tesla Vice President of Finance, as its new Chief Financial Officer this month. Palaniyandi worked at Tesla for approximately 17 years and emphasized Zipline's potential to reduce traffic congestion and air pollution from traditional air and ground delivery methods while enabling rapid delivery in areas where roads are damaged by severe weather or disasters, potentially saving human and animal lives.
Zipline also hired Kevin Boesen as Chief Legal Officer. Boesen served as Chief Legal Officer at Alphabet's self-driving car unit Waymo for seven years. Allen Penn, who previously served as Uber Eats Vice President and contributed to building food delivery and international ride-hailing operations, joined as Head of Commercialization and Markets.
Zipline has completed over 2.5 million commercial deliveries using fully electric autonomous drones since its founding 12 years ago. The drones can carry up to 8 pounds of goods and have delivered items ranging from vaccines and blood to pizza. According to Zipline, 1 million deliveries occurred in the past 12 months, with approximately 70% of daily deliveries taking place in the United States.
CEO Keenan Wyrobek stated the company's Africa operations are also growing, with development contracts and expansion proceeding with US State Department support. He said, "We expect US operations alone to grow 15 times this year. By 2027, we plan to expand into dozens of major cities across the United States and several new large-scale overseas markets."
FAQ
What did Deutsche Bank's report reveal about Hong Kong's real estate market?
Deutsche Bank's report released on local time May 14 found that Hong Kong retained its position as the world's most expensive residential real estate market despite a 10% decline in housing prices since before the COVID-19 pandemic. The report surveyed 69 cities globally and ranked Hong Kong 55th in quality of life this year, down from 48th in 2025, citing housing affordability issues, pollution, and long commute times as persistent challenges.
When will Warren Buffett complete his full donation plan?
Warren Buffett stated in a statement on local time May 14 that all Berkshire Hathaway shares he leaves behind will be donated to four foundations by December 31, 2034. His current holdings are valued at approximately $140 billion. This year's donation totals approximately $6 billion, with $4.5 billion going to the Susan Thompson Buffett Foundation and just under $500 million to each of his three children's foundations.
How much did the Tyrannosaurus fossil Gus sell for at auction?
The Tyrannosaurus fossil named Gus sold for $50.1 million at a Sotheby's auction in New York on local time May 14, setting a new record for dinosaur fossil sales. The final price exceeded the initial estimate of $20 million to $30 million and surpassed the previous record of $44.6 million set in 2024 when Ken Griffin purchased a Stegosaurus fossil called Apex. Gus was discovered in South Dakota and is approximately 67 million years old with 61% bone count completeness and 80% skeletal mass preservation.
