PHOTO: Monaco 

The Wealth Report 2019, released this week by Knight Frank, reveals how much US$1 million can buy in prime cities around the world.

The aim of the report is to approximate values for luxury properties globally, the study compares how many square metres of luxury internal floor space can be purchased with US$1 million as at 31 December 2018.

Monaco remains the most expensive city in the world, with US$1 million buying 16 sqm of accommodation – the equivalent of a bedroom in a luxury home.

Hong Kong came in second, with US$1 million buying 22 sqm, while New York and London tied third at 31 sqm.

According to the Wealth Report, US$1 million will buy you 52 square metres in Sydney and 97 square metres in Melbourne.