Monaco, New York, London and more: List of world's most luxurious places to live

Monaco has been named the most expensive city globally for property prices, according to the latest report from New World Wealth by Henley & Partners. With over 40 per cent of its population being millionaires, the cost of prime real estate in Monaco averages around $38,800 (£31,200) per square metre.

The city-state’s combination of factors such as political stability, tax advantages and luxury lifestyle continues to attract the global elite. Located along the French Riviera, Monaco offers high-end shopping, Michelin-starred dining and a marina filled with super yachts, despite covering just 2 km per square metre land area.

That is not it, with only around 37,000 residents living in the city, it is also among the smallest countries in the world. Yet, it boasts a disproportionately high concentration of wealth, making it a preferred home for billionaires and millionaires alike who seek security and exclusivity.

Following Monaco, New York City ranks second with average premium property prices at $27,500 (£22,100) per square metre. Hong Kong is closely trailing at the third position at $26,300 per square metre of property, while London secures the fourth spot with $24,000 per square metre.

Saint-Jean-Cap-Ferrat in France ranks fifth, with property prices averaging $21,200 per square metre. Paris follows at sixth place with $20,400 per square metre, while Sydney claims the seventh spot at $19,500 per square metre.

According to the list, European cities dominate the top ten list this year. However, France leads with six cities and towns, Switzerland and Italy have two each, and the United Kingdom features one. The United States holds four entries, led by New York, while Singapore and Tokyo represent Asia.

Singapore ranks 11th globally with average property prices of $16,700 per square metre. Tokyo follows at 16th, with prime real estate averaging $14,700 per square metre, showing Asia’s growing presence in the premium property market.