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Miami leads the global ranking of cities preferred by billionaires, with over 13,200 ultra-wealthy individuals selecting the city for second homes.
A total of 13,211 individuals with fortunes exceeding 30 million dollars own a secondary residence in Miami, more than in any other place in the world, according to a study by the firm Altrata.
In second place is New York with 12,813, followed by Los Angeles with 8,640 and San Francisco with 6,477, and in fifth place is Naples, Florida, with 4,213.
Including both primary and secondary residences of the super-rich, Miami ranks fourth, with 17,457 billionaires, behind New York (32,222), Los Angeles (19,781), and Hong Kong (19,439).
Following Miami, the cities ranked are London (15,695), San Francisco (14,341), Chicago (9,463), and Singapore (9,061).
"The most exciting reflection is the fact that for the first time, Miami tops the list in terms of the number of secondary homeowners, and the reasons for this are many, including a stable environment and good economic opportunities," commented Maeen Shaban, director of research and analysis at Altrata, to the EFE agency.
The study took into account eighty global cities around the world, where it identified the primary residences of the ultra-rich, in which they reside for most of the year, and the secondary residences, where they spend at least one or two seasons during that period.
The ultra-wealthy in Miami largely define themselves as “wealthy entrepreneurs from other parts of the United States and an expansion of a Latin American diaspora that was already substantial.”
The Latin American factor is such that they account for 86% of foreign buyers of new homes in South Florida, a figure linked to migration fleeing leftist governments in their home countries.
According to the study, Miami is the largest international real estate market in the U.S., as 49% of new condominium buyers are foreign, Efe specifies.
But the reason it leads in secondary homes but not in primary homes for the ultra-rich is related to its distance from key sectors such as finance and technology, they conclude.
Frequently asked questions about the rise of Miami as a destination for second homes for billionaires
Why is Miami the preferred city for billionaires for second homes?
Miami leads the global ranking of cities favored by billionaires for second homes due to its stable environment, good economic opportunities, and tax appeal. Additionally, 49% of buyers of new condominiums are foreign, reflecting its strong international real estate market.
What is the impact of the millionaire boom on the historic residents of Miami?
The rise of billionaires in Miami has caused a surge in housing prices, which has driven thousands of residents to leave the city. This phenomenon has particularly impacted Cubans and other immigrants who have lived in the city for decades and are now facing challenges in maintaining their standard of living.
How does the migration of millionaires affect Florida's economy?
The migration of millionaires to Florida has increased local wealth and its appeal as a center of economic power. However, this has resulted in an urban transformation with more luxury developments, often inaccessible to local residents, leading to a growing economic inequality.
What role does the Latin American community play in the Miami real estate market?
Latin Americans represent 86% of foreign buyers of new homes in South Florida. This strong influx is linked to the migration of individuals fleeing leftist governments in their home countries, seeking economic stability and better opportunities in Miami.
What challenges do local residents in Miami face due to the rising cost of living?
Local residents of Miami face challenges in accessing affordable housing due to rising property prices and rents. Economic pressure has led many to relocate to more accessible areas, while the shortage of affordable housing remains a significant challenge for the population of Miami-Dade.
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