(CNN) -- 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.
Monaco ranks first as most expensive per square meter . Ranking taken from Knight Frank Wealth Report 2013 . Three Asian cities make the top ten for most expensive luxury properties .