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Miami has established itself as the city with the highest concentration of millionaires in the United States, recording over 38,800 residents with wealth exceeding one million dollars, according to the latest "World’s Wealthiest Cities Report 2025," produced by Henley & Partners and New World Wealth.
The report reveals that between 2014 and 2024 the number of millionaires in the Greater Miami area —which includes Miami, Miami Beach, and Coral Gables— grew by nearly 94%, making it one of the fastest increases in the country.
This leap places the region at 32nd position globally among cities with the highest accumulated wealth.
The economic boom has visibly transformed the urban landscape: luxury yachts in the bay, exclusive residential towers, and high-level consumption that redefine the identity of the city.
It indicates that Miami has become a magnet for entrepreneurs, investors, tech executives, and large national and international fortunes.
One of the key factors behind this phenomenon is the tax appeal of Florida, a state that does not impose personal income tax, which has fueled the migration of capital from cities like New York, San Francisco, and Los Angeles.
This is complemented by the warm climate year-round, international connectivity, and an expanding cultural and gastronomic offering.
The study also highlights that Miami ranks among the cities in the world with the highest number of individuals whose fortunes exceed 100 million dollars, as well as a growing presence of billionaires.
Nonetheless, the rapid growth of wealth poses significant challenges for certain sectors.
The rising cost of living —especially in housing— and the increasing costs of basic services are causing concern among middle-income residents and essential workers, who are increasingly pressured to stay in the city.
The debate on how to balance economic dynamism with equitable access to housing and urban living has already taken center stage in the public and political agenda of South Florida.
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