Where are the world's most expensive luxury properties? By Eoghan Macguire, for CNN December 12, 2013 -- Updated 0410 GMT (1210 HKT) Locations for luxury Monaco Hong Kong London Geneva Singapore Moscow New York Sydney Shanghai 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 Editor's note: One Square Meter explores the leading architectural designs, city plans and demand for property investment in emerging markets. Join CNN's John Defterios as he visits some of the world's most dynamic cities for an insight into the fast-paced world of real estate development. From December 17, watch the show on CNN every Tuesday during Global Exchange. (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. Where are the most valuable locations for luxury properties? In Mumbai, the spiritual home of Bollywood stars and starlets, a sparkling new icon is on the rise. November 8, 2013 -- Updated 0217 GMT (1017 HKT) Prices for residential properties in cities across China have risen so much, many fear it is unsustainable. August 6, 2013 -- Updated 0520 GMT (1320 HKT) If the Skyscraper Index maintains its track record, then China should steel itself for economic collapse.