A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.

A million dollars isn’t what it used to be — especially in luxury real estate.

According to the new Knight Frank Wealth Report, $1 million buys you only 16 square meters (or about 172 square feet) in Monaco, the world’s most expensive luxury market as measured per meter. That’s down from 17 square meters (182 square feet) in 2020.

In Hong Kong, which ranks second, $1 million gets you 22.5 square meters, or about 242 square feet. New York looks downright affordable next to London, Singapore and Geneva, with $1 million getting you 33.9 square meters, or 365 square feet.

Luxury real estate in most major markets around the world continues to become more expensive, as the wealthy grow wealthier and more mobile. Last year, prices for prime real estate in 100 markets tracked by Knight Frank increased by 3.2%, outpacing the growth of mainstream global housing prices at 2.9%.

The Middle East led global luxury growth last year, with prices in Dubai, United Arab Emirates, up 25% in 2025 and nearly 200% over the past five years, according to the report. Tokyo was the big standout in 2025, with prices surging 58%, the report said. Manila, Philippines, Seoul, South Korea, and Prague also had strong price growth.

For future growth, Knight Frank says Mumbai, India, Brisbane, Australia, Miami and Hong Kong are all future hot spots for luxury real estate. The report said the ultra wealthy are more mobile than ever, buying homes around the world and flitting from city to city more frequently.

“Rising tax and growing regulatory pressures are accelerating the global mobility of wealth,” the report said. “As a result, established hubs such as London are shifting towards a ‘dip-in, dip-out’ model: places to spend time for business, culture and connectivity rather than permanent residence.”

Liam Bailey, global head of research at Knight Frank, said the luxury markets with the strongest outlook have low supply combined with a strong lifestyle and tax appeal. Miami, Milan and Dubai, for instance, have attractive tax environments. New York and London draw the wealthy for their lifestyle offerings and business concentration. Yet both cities are becoming less attractive for tax reasons.

“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.”