Miami is no longer just setting trends in tourism, music, and fashion; it is now solidifying its position as the epicenter of wealth in the United States, becoming the city with the highest concentration of millionaires in the country, according to a recent international report on global wealth.
The study, conducted by Henley & Partners in collaboration with New World Wealth, confirms that South Florida is undergoing an unprecedented economic transformation, driven by the massive influx of domestic and international wealth.
Historical growth of millionaires in Miami: almost 100% in a decade
Between 2014 and 2024, the population of millionaires in Miami grew by nearly 94%, an increase that placed Miami, Miami Beach, and Coral Gables first nationally in wealth creation.
Currently, these three cities are home to approximately 38,800 residents with at least million in liquid assets, meaning a minimum net worth of million, excluding real estate. This figure places Greater Miami in 32nd place worldwide among cities with the most millionaires.
Wealth transforms Miami’s urban landscape
Beyond the statistics, wealth in Miami is visible in everyday life. Luxury yachts crowd the bay, exclusive real estate developments rise vertically, and high-end consumption redefines the urban identity.
The city has become a magnet for entrepreneurs, investors, tech executives, and financial magnates, establishing itself as one of the leading economic hubs in the Western Hemisphere.
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Why are millionaires moving to Florida?
One of the main factors behind the boom is Florida’s tax appeal, a state that does not levy personal income tax, which is especially attractive to high-net-worth individuals from New York, California, and other high-tax areas.
Added to this is a privileged lifestyle, with a warm climate year-round, international connectivity, legal certainty, and a growing array of cultural, culinary, and luxury offerings.
Miami adds more fortunes worth over 100 million
The figures confirm the trend: over the past decade, Miami recorded the highest growth in millionaires in the United States, at nearly 100%.
Furthermore, the city ranks among the world’s top cities in the number of individuals with net worths exceeding 100 million, as well as in the presence of billionaires, reinforcing its status as a global hub for emerging wealth.
The flip side of the economic boom: housing and the cost of living
However, this rapid growth also poses social and urban challenges. The increase in housing costs, coupled with the general rise in the price of basic services, is causing concern among middle-income residents and essential workers, who face greater difficulty staying in the city.
The debate over how to balance economic development with equitable access in Miami is already part of South Florida’s public and political agenda.
