Here's what a million dollars buys in housing markets around the world

The price of luxury real estate is rising faster in the United States than it is anywhere else on earth, according to the latest World Wealth Report from real estate firm Knight Frank.

Prices rose by almost 13% across US cities last year, compared with just 2.5% across Europe, the report said. And worldwide, growth was even flatter, with global luxury property prices rising by just over 2% in 2014.

New York saw the highest jump, with luxury residential real estate prices rising 18.8% year over year. In 2013, Knight Frank found that $1 million could buy 40.2 square meters of property in Manhattan; a year later, that figure has shrunk to 34 square meters.

Monaco still has the most expensive luxury real estate overall, followed by Hong Kong and London.

The chart below, via Knight Frank, gives a great visualization of what $1 million buys in various luxury housing markets around the globe.

While Monaco may be a magnet for wealth real estate buyers, The super-rich (defined in Knight Frank's report as those with $30 million or more in net assets) say that London, New York, and Hong Kong are the most important cities when it comes to doing business.