A million dollars doesn't buy what it used to — especially when it comes to luxury real estate.

The Wealth Report, from London-based real estate brokerage Knight Frank, measured the top markets in the world and compared how much prime property $1 million would buy in each.

Monaco still reigns as the most expensive for top-tier property. For $1 million, you can only buy 16 square meters there, about 172 square feet — the size of a respectable walk-in closet.

Hong Kong ranked as the second most expensive market, with $1 million buying about 236 square feet. New York ranked third, nabbing about 270 square feet.