While most of the U.S. continues to endure sluggish or retreating housing prices and foreclosures still remain a persistent blight on the economic landscape, ultra high net worth individuals continue to fork over huge sums to garner real estate in most of the world's most exclusive enclaves.

While London and New York remain white-hot in terms of luxury home demand and prices, other international hot spots including Mumbia, Shanghai and Sao Paolo are closing the gap, according to "The Wealth Report: A Global Perspective Of Property and Wealth 2011" from Citi Private Bank and Knight Frank.

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