According to the latest Wealth Report from real estate consulting firm Knight Frank, Monaco has the most expensive luxury real estate in the world, with $1 million buying just 15 square meters (161 square feet) of prime property — about the size of California's smallest legal apartment.

In Cape Town, on the other hand, $1 million will buy more than 14 times that much space.

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

At the high end of the spectrum, luxury real estate in Monaco costs as much as $6,800 per square foot. In Cape Town, it's as low as $470 per square foot. See the full range of prices in the table below.

Now check out how much square footage $1 million buys in cities around the U.S.