A Knight Frank report reveals just how much (or how little) space you can buy with $1 million in the world’s most expensive cities.

The global real estate firm’s annual Wealth Report looks at how high net worth (someone with a net worth of over $1 million excluding their primary residence) and ultra-high net worth (over $30 million) people park their money in property.

Monaco most expensive city

Property prices in Monaco are considered among the highest in the world, so it’s no surprise that the study found that people get the least bang for their buck there, where $1 million can fetch about 16 square meters — or 172 square feet — the smallest amount among all the big cities.

Runner-up: Hong Kong

Hong Kong is notorious for its tiny houses. Two-thirds of the city’s 800,000 public apartments are smaller than 430 square feet. But $1 million gets you a little bit more space in than in Monaco: around 237 square feet.

New York and London

In New York, property prices have been rising at a steady rate according to data from Zillow, with home values up 4.9% year-over-year. The average square footage of a New York city apartment is 866 and above based on a 2016 report. So what can you get for $1 million? About 334 square feet.

Across the pond, you’ll get about the same square footage. The property market in London has been struggling, offering very modest increases because of political uncertainty surrounding Brexit. Prices are expected to drop if no deal is reached according to a report by property website Rightmove.

Aarthi is a writer for Yahoo Finance. Follow her on Twitter @aarthiswami.

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