Knight Frank has just released its 11th annual Wealth Report, which provides statistics, analysis and predictions to the world’s High Net Worth (HNW) and Ultra High Net Worth (UHNW) individuals.
As part of the report Knight Frank looks at how many square metres (sq m) $US1 million ($AU1.3 million) buys across the world.
Monaco, Hong Kong, New York and London, topped the list of most expensive real estate, with Monaco continuing its reign at the top for the sixth consecutive year.
The gap between this tier and the rest of the pack is significant, regularly exceeding 12 sq m or, in monetary terms, US$10,000 per sq m.
Despite both cities recording strong price growth, there is a 51 sq m differential between the two top Australian cities, Sydney (59) and Melbourne (110), which makes the southern capital nearly half the cost of Sydney.
Here’s a look at the graph from the report.