Taupo, New Zealand

Price: $25 million
Location: Taupo, New Zealand

We might not have included Poronui Station in our list were it not for the estate home that anchors it. After all, it is so much more than a residence. The sporting retreat includes 16,000 acres of land crisscrossed by 25 miles of creeks and has wildlife, a fishing lodge, clays range and seven guest cabins. The activities complex features a gym, sauna, steam and massage area, billiards room, kitchen and equestrian facility. The main house was built in 2000 on a plateau overlooking the Taharua River. With five bedrooms and five baths, it is done in an elegant, rustic style, with hardwood beams, river rocks and slate floors. No need to worry about getting there—Poronui Station is equipped with a private airstrip and helipad. It is listed with John Goddard and Bill Leckie at Colliers International.

Batam, Indonesia

Price: $27.5 million
Location: Batam, Indonesia

This tropical private island has a house on it—which makes it a very pricey home, with a lot of land around it. Sultan's Island is in Indonesia's Riau archipelago, off the coast of the island of Batam and tantalizingly close to Singapore. Totaling 94 acres, the island is ringed with mangroves and small beaches. Listed with Cheyenne Morrison at Coldwell Banker Morrison's Private Islands.

Cape Town, South Africa

Price: $17.9 million
Location: Cape Town, South Africa

Though it's far more than a residence, we couldn't overlook this wine estate in Stellenbosch, South Africa's version of Napa. The second-oldest town in the country, Stellenbosch has oak-lined streets and a mix of restored houses, which lend it a country charm. This estate totals nearly 500 acres and produces 400,000 bottles of wine each year. It features a large thatched manor home built in 1700 and set in extensive gardens. Then there is the game park, swimming pool, wine cellar and tasting room, and additional buildings such as offices, guest cottages and staff quarters. Listed with Patrick O'Shea at Engel & Voelkers.

Windlesham, England

Price: $122.2 million
Location: Windlesham, England

Your blood may not run blue, but with enough green you can still live near—and like—royalty. Updown Court is currently the most expensive residence in the world, costing about $50 million more than the priciest U.S. home. The brand-new property is totally over the top, with 103 rooms, five swimming pools and 24-carat-gold leafing on the study's mosaic floor. There's a squash court, bowling alley, tennis court, 50-seat screening room, heated marble driveway and helipad. All eight of your limousines will fit in the underground garage. Then there are the neighbors, who include the queen (at Windsor Castle) and Elton John. It is listed with Savills and Hamptons International.

Chubut, Argentina

Price: $12 million
Location: Chubut, Argentina

Although this property has a relatively modest home for the priciest in the continent, the estancia comes with plenty of extras. Nearly 59,000 acres of land with hills, canyons and ravines, for one. The property has been partly planted with wheat, barley and other grains. The Tecka River crosses the land, providing ample fishing opportunities. A 5,300-square-foot main house has four bedrooms, four baths and a study, plus a guesthouse, stables and staff houses. All the equipment is included, from trucks and tractors to lawn mowers and tools. For more information, visit www.patagonias.net.

Bridgehampton, N.Y.

Price: $75 million
Location: Bridgehampton, N.Y.

Palatial homes and high property prices are common in New York's favorite high-end resort area. This 25,000-square-foot house is done to the highest standards, but it's the extras that really pump up the price. Three Ponds encompasses 60 acres of rolling waterfront farmland, with a U.S. Golf Association-rated golf course (plus pro shop), 75-foot-long swimming pool, grass tennis court and orangery. The 14 gardens include a crabapple allée; vegetable garden; lily walk; and rose, hydrangea and butterfly gardens. Of course, there are also the three ponds stocked with fish. Three Ponds is listed with Susan Breitenbach at Allen M. Schneider Associates.

London

Price: $6,191 per sq. ft.
What you get for $1.5 million: Small studio apartment
Annual price change: 29%*

A housing boom began in Central London in September, 2005, and continued through 2007, as wealthy buyers flowed in from around the world. The annualized growth for prime real estate is slowing this year and is expected to weaken further. But the super-luxury segment remains incredibly strong. Sales for £10 million-plus homes in Belgravia, Chelsea, Knightsbridge, and Mayfair increased by 190% in the six months ending January, 2008, compared with the same period a year earlier.

* The annual price change compares the fourth quarter of 2007 with the fourth quarter of 2006.

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Monaco

Price: $5,888 per sq. ft.
What you get for $1.5 million: Studio apartment
Annual price change: 25%

It's not just the casinos, beautiful people, and staggering views of the Mediterranean that have made Monaco a popular home for the world's wealthiest buyers. The real appeal is that its residents don't pay income tax.

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St. Jean Cap Ferrat (France)

Price: $5,853 per sq. ft.
What you get for $1.5 million: Small studio apartment
Annual price change: 39%

St. Jean Cap Ferrat on the French Riviera continues to be popular with European aristocracy and the super-rich, such as billionaire Paul Allen, who enjoy the gorgeous beaches and warm weather.

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Courchevel (France)

Price: $4,710 per sq. ft.
What you get for $1.5 million: Studio apartment
Annual price change: 5%

Like to ski and shop? This resort town high in the Savoie region of the French Alps is favored by the Russian elite and is known for expensive hostelries such as the Hotel Le Lana, fashion boutiques, and wild parties.

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Hong Kong

Price: $4,507 per sq. ft.
What you get for $1.5 million: Studio apartment
Annual price change: 21%

Hong Kong's real estate market has been driven by China's strong economic growth. Despite limited space, real estate demand on the island has started to slow, and prices are softening as the effects of the U.S. credit squeeze spread.

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Manhattan

Price: $4,320 per sq. ft.
What you get for $1.5 million: Studio apartment
Annual price change: 25%

At the high end, Manhattan continues to boom even as the credit crunch deepens. In fact, in the first quarter of 2008 average prices were up 19% and the price per square foot was up 16%, according to the Corcoran Group. There are several reasons: First, the city has been shielded from the subprime crisis, largely because its co-ops and condos are well out of reach of most buyers with poor credit and shaky finances. Second, it remains a popular destination for movers and shakers in the financial, entertainment, and media world. Last, because of the weak dollar it is more affordable than ever for wealthy foreigners looking for a Manhattan pied-à-terre.

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Cortina d'Ampezzo (Italy)

Price: $3,028 per sq. ft.What you get for $1.5 million: 1 bedroomAnnual price change: 22%The Northern Italian resort town is a popular second-home destination for ski buffs and Milan's business elite. Prices for prime European vacation homes have benefited from the growth of the world's population of high-net-worth individuals.

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Portofino (Italy)

Price: $2,692 per sq. ft.What you get for $1.5 million: 1 bedroomAnnual price change: 14%Although there's no beach, the harbor of this resort village on the Italian Riviera is packed with yachts owned by the world's rich and famous. The village is about 20 miles from the Genoa airport.

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Singapore

Price: $2,423 per sq. ft.What you get for $1.5 million: 1 bedroomAnnual price change: 31%The city's high-end real estate has benefited from an influx of foreign buyers and has been particularly strong close to the Orchard Road shopping area and on the island resort of Sentosa.

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Tokyo

Price: $2,334 per sq. ft.What you get for $1.5 million: 1 bedroomAnnual price change: N/ADespite traditionally astronomical prices and cramped living conditions for all but the very wealthiest, Tokyo's market is beginning to slow as a result of the credit crunch and a heavy supply of new condos that have recently come on the market.

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Verbier (Switzerland)*

Price: $2,325 per sq. ft.What you get for $1.5 million: 1 bedroomAnnual price change: 6%Prices for vacation homes in this resort in the Alps have been pushed up by skiing enthusiasts, particularly from Britain. A one-year moratorium, which banned foreign property purchases, was lifted last year.

*New developments

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Moscow

Price: $2,235 per sq. ft.What you get for $1.5 million: 2 bedroomsAnnual price change: 35%The Moscow real estate boom, which was driven by Russia's rapidly growing economy, is starting to slow. But prices for high-end property continue to reach new heights. Indeed, many of Russia's tycoons made their money in real estate.

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St. Tropez (France)

Price: $2,106 per sq. ft.What you get for $1.5 million: 2 bedroomsAnnual price change: 5%Some of the world's wealthiest citizens relax on their yachts in glamorous St. Tropez. Johnny Depp, Joan Collins, and Elton John have homes here.

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St. Petersburg

Price: $1,937 per sq. ft.What you get for $1.5 million: 2 bedroomsAnnual price change: 38%As in Moscow, real estate prices in St. Petersburg have shot up, as the number of wealthy Russians expands and the demand for luxury housing grows.

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Sydney

Price: $1,926 per sq. ft.What you get for $1.5 million: 2 bedroomsAnnual price change: 9%Australia's mining millionaires helped push up prices in Sydney, but the market is starting to cool as interest rates rise. The slowdown comes after sharp home price growth in the second half of 2007.

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Paris

Price: $1,872 per sq. ft.What you get for $1.5 million: 2 bedroomsAnnual price change: 10%Housing prices here have remained stable, in part because the market was not fueled by speculation or the loose lending practices seen in some areas of the U.S.

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Rome

Price: $1,758 per sq. ft.What you get for $1.5 million: 2 bedroomsAnnual price change: N/AThe market, which had a strong runup that began in the late 1990s, is now slowing. Prices have benefited from an influx of foreign buyers.

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Gstaad (Switzerland)

Price: $1,622 per sq. ft.What you get for $1.5 million: 2 bedroomsAnnual price change: 0%This ski resort in the German-speaking area of southwestern Switzerland is still a playground of the privileged, but many of the old families that started such local institutions as the Eagle Club are being driven out by newer arrivals, most notably from Russia.

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Venice

Price: $1,541 per sq. ft.What you get for $1.5 million: 3 bedroomsAnnual price change: 7%Venice is one of the most romantic cities in the world. But despite perennial concerns about rising waters and deteriorating infrastructure—not to mention the summer tourist hordes—its beauty and the sheer lack of space on the island keep real estate prices at a premium.

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Valais (Switzerland)

Price: $1,373 per sq. ft.What you get for $1.5 million: 3 bedroomsAnnual price change: 6%The Valais occupies the valley of the River Rhône, is partially covered by glaciers, and is famous for its vineyards, which produce some of the world's finest wines.

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