This is how little $1 million will buy you in floor space in London, New York, and other prime cities

London is in the middle of an horrendous housing shortage which means prices are soaring due to the lack of supply to meet demand. Over in the US, New York City is also experiencing a surge in property prices.

So $1 million (£710,000) would probably go a long way for the average person when buying a property.

However, according to luxury estate agents Knight Frank and high net worth individual research firm Wealth-X's new "Wealth Report," for the world's richest people - this is just chump change when it comes to buying in the world's most desirable cities.

Every year, Knight Frank and Wealth-X release a massive report on everything the world's richest spend their money on, where they go, and where they live. Embedded within the report is a section on prime properties and spending trends for the world's wealthiest.

And according to this chart, $1 million (£710,000) buys them hardly any floor space in some of the most popular cities for the ultra rich:

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