To most people, New York City has become an otherworldly real estate market. It's the town where a skyrise condo just sold for more than $50 million—and it was only that cheap because it was raw space.
But to the global rich, New York is a bargain.
A new report shows that on a per-square-foot basis, New York is half price compared to some other favorite cities of the rich.
The Knight Frank Wealth Report shows that the tiny, tony principality of Monaco remains the most world's expensive real estate market. The report found that $1 million will only get you 15 square meters of space, or about 160 square feet. So you could buy a $1 million bedroom—and presumably share a bathroom and kitchen with other property-poor millionaires.