In Monaco, $1 million now buys just 16 square metres of prime property — the smallest area among the 100 markets Knight Frank tracks. The firm's 2026 Wealth Report uses a common metric to show how far $1 million stretches worldwide: roughly 22.5 sq m in Hong Kong and about 33.9 sq m in New York, after prime prices rose 3.2% in 2025.
How far $1 million stretches
- Monaco: ~16 sq m (about 172 sq ft) for $1 million, down from roughly 17 sq m in 2020.
- Hong Kong: ~22.5 sq m (about 242 sq ft).
- New York: ~33.9 sq m (about 365 sq ft).
London, Singapore and Geneva are priced even higher per square metre than New York, so $1 million buys less space there. The Wealth Report converted prices across 100 prime markets into a common metric so buyers can compare how far a set sum will go in different global hubs.
Small differences in price per metre add up. In high‑friction markets, a tight supply of prestige properties means wealthy buyers pay a premium just to secure a pied‑à‑terre or family home. In lower‑barrier markets, the same $1 million can buy substantially more room or better amenities.
Winners and fast movers in 2025
Prime prices rose 3.2% across the 100 markets tracked in 2025, edging ahead of mainstream housing price growth of 2.9% that year.
- Tokyo: an extraordinary 58% jump in prime values in 2025.
- Dubai: 25% rise in 2025 and almost 200% growth over the past five years.
- Other notable gains: Manila, Seoul and Prague benefited from local demand, rising liquidity and, in some cases, foreign buyers seeking value or favourable tax and residency rules.
The pattern was not uniform: some traditional prestige cities logged slower growth or soft patches as tax and regulatory pressure made permanent residence less attractive for the ultra wealthy.
Why the ultra wealthy are more mobile
Knight Frank says rising taxes and growing regulatory pressure are speeding the mobility of the ultra wealthy. That mobility means these buyers are buying homes in more places and spending shorter periods in each.
Liam Bailey, global head of research at Knight Frank, said markets that combine low supply with tax or lifestyle appeal tend to perform best. "Every market that wants to succeed in attracting UHNW capital over the next decade needs to be positioned at an attractive point on the tax curve," Bailey said. "Capital is already moving away from high‑friction environments toward jurisdictions that actively court wealth."
Buyers are weighing tax bills and regulatory ease alongside lifestyle factors. Cities offering limited supply of top‑tier homes plus a favourable tax environment are drawing more global capital.
Where buyers are looking next
Knight Frank flagged future hotspots including Mumbai, Brisbane, Miami and Hong Kong, each with different attractions:
- Mumbai: growing domestic wealth and a shortage of genuinely prime product.
- Miami and Dubai: favourable tax treatment, lifestyle amenities and business‑friendly environments.
- Brisbane: constrained luxury supply and rising appeal among domestic and international buyers.
These selections underline what buyers prize now: lifestyle, connectivity and a tax bill they can live with.
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"Every market that wants to succeed in attracting UHNW capital over the next decade needs to be positioned at an attractive point on the tax curve," said Liam Bailey, global head of research at Knight Frank.
This article was created with AI assistance.
