A million dollars does not stretch very far in the most expensive cities in the world.
In Monaco – the European enclave known for attracting the rich and famous with its luxurious lifestyle and tax haven status – $1 million fetches just 172 square feet, according to the 2024 wealth report published by Knight Frank.
That is the smallest amount of space $1 million will buy you in the 15 city locations surveyed.
Hong Kong came in second, with 236 square feet, followed by Singapore with 344 square feet. London and Geneva, Switzerland, rounded out the top five with a respective 355 square feet and 365 square feet, according to the report.
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In sixth is New York City, one of just three American cities that made the list of most expensive real estate markets. A million dollars will nab the average buyer about 365 square feet.
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Los Angeles and Miami also made the list. Buyers can get about 409 square feet in Los Angeles with $1 million, and 645 square feet in Miami.
"There is significant variation in prime prices across luxury residential markets, which often surprises buyers," said Kate Everett-Allen, head of international residential and country research at Knight Frank.
The report also showed that it's getting harder to crack into the 1% of wealth in the U.S. and across the rest of the world.
You now need a net worth of at least $5.8 million in order to be part of that small but elite group. That is a notable 12% increase from the $5.1 million needed just one year ago. By comparison, Americans needed a net worth of $4.4 million to receive the coveted 1% status in 2022.
Even though the U.S. economy is the largest in the world, the threshold to enter the top 1% is much steeper in other countries.
The toughest country to join the ranks of the richest is Monaco, where it requires a whopping $12.9 million. That marks a 3.2% increase from the previous year.
Luxembourg and Switzerland also have a higher threshold, with respective requirements of $10.83 million and $8.5 million to be part of the top 1%.
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The U.S. places fourth globally in terms of assets needed to join that ultra-exclusive club. It's followed by Singapore, Sweden, Australia, New Zealand, Ireland and Germany.
The findings come as high inflation and rising interest rates continue to ravage lower- and middle-income Americans.
A recent study published by GoBankingRates found that the power of a six-figure salary is rapidly fading in America, especially in more expensive cities like San Francisco; Arlington, Virginia; and San Jose, California. In fact, a salary of $150,000 is even considered to be "lower middle class" in some of these cities, the study said.
