How much living space can you buy for $1 million worldwide

Monaco is the most expensive market for premium real estate, with values exceeding $5,800 per square foot. The annual wealth report published by Knight Frank looked at the luxury real estate market around the world. In addition to Monaco, Hong Kong, Singapore, London, Geneva and New York also ranked high on the list of the most expensive markets for premium real estate.

In Monaco, you'll need nearly $12.9 million to be in the top 1%, and the cost per square foot of premium real estate exceeds $5,800. A new 2024 Wealth Report by real estate brokers Knight Frank has identified Monaco as the most expensive market for premium residential real estate, with 172 square feet costing $1 million, or 16 square meters. Knight Frank defines premium real estate as "the most desirable and expensive property in a given location, typically ranked in the top 5% of the market by value."

Knight Frank collected data for 100 luxury real estate markets and compiled the Premium Residence Index, or PIRI 100. 80 of these markets showed price growth or stability. Luxury real estate prices as a whole increased by an average of 3.1% in 2023, with particularly notable increases in Manila and Dubai.

In Hong Kong, 237 square feet of premium real estate is worth $1 million, which means each square foot costs $4,219.

Singapore, London, Geneva and New York are roughly in the middle of the list in terms of the number of square feet of premium real estate for $1 million, followed by Los Angeles and Paris. Thirteen of the cities Knight Frank studied have below 1,000 square feet per $1 million.

Analyzing secondary housing locations, Aspen ranks first with 215 square feet of premium properties for $1 million, or 20 square feet. The median home value in Aspen is nearly $3.3 million, according to Zillow estimates.

Also on the list of leaders of secondary housing are Verbier in Switzerland with 301 square feet of premium real estate for $1 million and Saint-Tropez in France with 344 square feet. Many of the most expensive cities are in Spain, France, Italy and the Caribbean.

The report showed that Americans need a fortune of $5.8 million to be in the top 1% of wealth. This threshold is significantly higher than last year and is driven by the strength of the country's economy. The number of super-rich individuals with a net worth of at least $30 million in North America grew by 7.2%.

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