In the rich man's world of diversified asset portfolios and international investment opportunities, luxury property in the right market equals hot property.
But where do speculating millionaires and billionaires get the most bang for their buck? Is it in the suave sophistication of New York City, the ornate splendor of London's townhouses or the ultramodern apartments of central Shanghai?
We've compiled the following list using data gleaned from the Knight Frank Wealth Report 2013 to show the most valuable locations for luxury properties.

The picturesque principality on the Mediterranean isn't known as the playground for the rich and famous for nothing. $1 million buys just 16 square meters of luxury property on average in Monaco. That's more expensive than anywhere else on earth according to Knight Frank. To put these measurements in perspective, 16 square meters equals roughly one sixteenth the area of a tennis court.

A bustling Asian metropolis where space is tight, Hong Kong closely follows Monaco in the house price stakes. $1 million buys 19 square meters of luxury property here on average, making the special administrative region of China the most pricey city in Asia.

London's high-profile mayor, Boris Johnson, has done his best to encourage the world's super-rich to take up residence in London. Money has poured into the British capital in recent years with one square meter of luxury property now costing between $41,900 and $46,300 on average. That equates to 23 square meters for every million dollars spent.

Low taxes, beautiful views and an abundance of high-class living space, Geneva ranks fourth in Knight Frank's most valuable cities list. One square meter of property classified as luxury costs between $29,300 and $32,400 (32 sm for every $1 million)

While it may not attract the super-rich in the same numbers as its nearby rival, London, the French capital of Paris still averages 38 square meters of luxury property for every $1 million.

Just like Paris, Singapore averages 38 square meters for every $1 million spent on luxury property.

Once the capital of the communist USSR, Moscow is today one of the priciest cities in the world (and not just for property). On average $1 million here buys just 43 square meters of luxury living space.

It may be home to the big money of Wall Street, but New York lags behind the world's other financial capitals when it comes to the cost of luxury property. That doesn't make things cheap though. The average price of a high-class pad in the Big Apple comes in at between $21,800 and $24,100 per square meter. That equates to 44 square meter for every million spent.

A stylish Aussie city with a famous skyline that includes the world-famous Sydney Opera House and Harbour Bridge. Like New York, luxury property comes in at an average of 44 square meter for every $1 million.

There maybe fears of property bubbles and growing class divides, but the country's nouveau riche don't seem to care about splashing the cash in China. Especially in Shanghai where luxury property prices are higher than any other major Chinese city, growing by 10.8% in 2012 alone. One square meter here costs between $19,600 and $21,700) (roughly 48 square meters for every $1 million).