Knight Frank's 2024 report on prime residential real estate unveils Monaco as the costliest city, requiring $1 million for a mere 172 square feet.

Surprisingly absent are renowned tax havens like the Cayman Islands and opulent cities like Nice.

• In Aspen, you get 215 square feet, with an average home value of $3.3 million

•  Moving to Verbier, Switzerland, $1 million gets you 301 square feet of prime property

• St. Tropez in France offers 344 square feet per $1 million

• In mid-range cities like Los Angeles and Paris, you can secure low-400s square footage for $1 million

•  Cities like Singapore, London, Geneva, and New York provide mid-300s square feet per $1 million

• At the top end, Monaco offers a mere 172 square feet, and Hong Kong provides 237 square feet for $1 million

Knight Frank has just released its 2024 report on the costliest cities for homes. Monaco leads the list, with 172 sq ft per $1 million. 

Monaco, in the French Riviera, is a top tax haven known for Formula One races.

In Hong Kong, $1 million buys 237 sq ft of prime property, costing $4,219 per sq ft. Hong Kong is known for its tall buildings and busy markets. 

The city's real estate is expensive because it's a global financial hub.

Singapore offers prime property at around 300 sq ft per $1 million. 

It's famous for its mix of cultures and modern buildings. The Marina Bay Sands resort is one of its biggest attractions.

London's prime property is similar to Singapore's. 

The city is rich in history and has famous landmarks like Buckingham Palace. It's a mix of old and new.

Geneva, by Lake Geneva, also offers prime property at about 300 sq ft per $1 million.

The city is known for international organizations like the United Nations. It's beautiful and diplomatic.

New York's prime property is similar to London's and Geneva's. The city is famous for Times Square and Central Park. It's lively and diverse.

Los Angeles and Paris both have prime property in the low 400s in terms of sq ft per $1 million. 

Los Angeles is known for Hollywood and its beaches. Paris is romantic and has historic buildings.

The report identifies thirteen cities with less than 1,000 sq ft per $1 million in prime property.

Each city has its own attractions and reasons for high prices.

Second Home Cities

Looking at second-home destinations, Aspen stands out with 215 sq ft of prime property per $1 million. It's famous for skiing and the Aspen Music Festival.

It's a popular choice for second homes.

Verbier in Switzerland offers 301 sq ft of prime property per $1 million.

It's known for skiing and charming chalets. It's a beautiful alpine retreat.

St. Tropez, France, offers 344 sq ft of prime property per $1 million. 

It's famous for luxury yachts and beautiful beaches. It's a glamorous getaway.

In terms of wealth, Americans need $5.8 million to be in the top 1%. This is up from last year due to the strong economy. 

North America saw a 7.2% increase in individuals with at least $30 million in net worth.

Missing Cities With Great Potential

In Knight Frank's report globally renowned tax havens and luxurious cities are notably absent.

The report, has surprising exclusions that play crucial roles in wealth management and high-end living.

Cayman Island - 1,107.6 square feet

Cayman Islands, a prominent offshore financial hub, is missing from the report.

Boasting no direct taxes on income, capital gains, or corporate profits, it remains a magnet for investors and high-net-worth individuals seeking tax efficiency.  

$1 million gets you 1,107.6 square feet of home in the Cayman Islands.

Channel Islands - 2,382 square feet

The picturesque Channel Islands, including Jersey, Guernsey, and the Isle of Man, are also overlooked. 

These jurisdictions, cherished for their low taxes and robust financial infrastructure, offer a variety of wealth management services. 

$1 Million gets you 1485 square feet of living space in the Channel Islands.

Dubai - 1485 square feet

Dubai and Abu Dhabi in the United Arab Emirates (UAE) are tax-friendly hubs for businesses and investors. There is no income tax in Dubai.

$1 Million gets you 1485 square feet in Dubai.

Nice and Cannes – 193 square feet

Monaco's neighbors, Nice and Cannes, are not featured.

These French Riviera cities, renowned for their Mediterranean glamour, attract the wealthy seeking lavish residences. 

$1 Million gets you 193 square feet in Nice and Cannes.

Bermuda – 2702 square feet

Bermuda, known for its pink sandy beaches and tax advantages, is not mentioned. 

It's a favored destination for international businesses and high-net-worth individuals. $1 Million gets you 2702 square feet in Bermuda.

Dublin -  2,207 square feet

Dublin, Ireland, with its favorable corporate tax rate and growing economy, is missing from Knight Frank's list. 

It's an appealing destination for businesses and individuals. $1 Million gets you 2702 square feet in Dublin.

Cyprus – 3849 square feet

Cyprus, offering favorable tax conditions and a Mediterranean lifestyle, is not included.

Its strategic location makes it enticing for financial advantages and an idyllic living experience.

$1 Million gets you 3849 square feet in Cyprus.

Belize – 9433 square feet

Belize, often considered a hidden gem, is not part of the report. 

The Central American paradise offers privacy and tax advantages, with no capital gains tax, inheritance tax, or tax on worldwide income.

$1 Million gets you 9433 square feet in Belize.