Related videos:
Miami is no longer just a beach city: it is the new epicenter of wealth in the United States. This is confirmed by the World’s Wealthiest Cities Report 2025, prepared by Henley & Partners in collaboration with New World Wealth, which ranks Miami as the city with the most millionaires in the country, with over 38,800 residents who possess at least one million dollars in liquid assets.
The figure is even more striking when considering the growth: between 2014 and 2024, the number of millionaires in Miami, Miami Beach, and Coral Gables increased by 94%, the highest percentage growth among all cities in the U.S. This meteoric rise is no coincidence. It is the result of a unique combination of tax policies, favorable climate, openness to foreign capital, expansion of luxury, and an aggressive urban transformation.
The five key reasons for the millionaire boom in Miami
Zero state taxes: the main attraction for great fortunes
Florida does not impose a state income tax, which translates to millions in savings for those with high incomes. In comparison, states like California and New York have rates exceeding 10%. This tax difference has led to an exodus of millionaires and businesses from those cities to Miami.
“The tax savings act as a magnet for the owners of large global capitals,” the report states.
It's not just individuals who are relocating: hedge funds, banks, tech startups, and investment firms have opened offices in South Florida, attracting executives, entrepreneurs, and international capital.
2. A constantly growing luxury lifestyle
Miami offers an ideal environment for those seeking to live to high standards: private yachts in the bay, elite restaurants, oceanfront residential towers, sports cars on every corner, and exclusive clubs.
Although this luxury makes the city more expensive for the average citizen, for millionaires it represents a lifestyle that aligns with their income.
“The restaurants keep their tables full despite increasingly prohibitive menu prices,” warns the report.
“The competition for real estate properties and exclusive services raises the standard of living to global standards.”
3. Accelerated urban growth: skyscrapers and premium projects
The massive influx of private capital has transformed the urban landscape. High-end skyscrapers and luxury developments are rising throughout downtown and Brickell, reinforcing Miami's international status as a financial and technological hub.
The circulation of liquid money —unrestricted available capital— activates sectors such as construction, design, architecture, and high-end personal services, consolidating a wealth ecosystem that is difficult to replicate.
4. Climate, connectivity, and international attraction
Unlike other cities with a strong millionaire presence, such as Chicago or Boston, Miami combines tax advantages with a tropical climate year-round. Furthermore, its air connectivity with Latin America and Europe makes it particularly attractive to foreign fortunes looking to invest in the U.S. without giving up a sunny, cosmopolitan lifestyle.
“Miami has become a magnet for entrepreneurs, investors, tech executives, and large national and international fortunes,” the study notes.
5. Domino effect: "the rich call to the rich"
As more millionaires arrive in Miami, they attract others. The presence of high-net-worth individuals creates a favorable environment for increased investments, more luxury consumption, and more networking opportunities. This "club effect" is essential for establishing Miami as the city with the highest concentration of millionaires in the country.
"The rich call to the rich," summarizes the report as it explains the migration of CEOs and entrepreneurs to South Florida.
A new economic map... for everyone?
This million-dollar boom has also brought consequences. The cost of living has skyrocketed, especially in housing, basic services, and entertainment. Middle- and low-income residents are being progressively displaced from the urban center and traditional neighborhoods.
The debate on how to ensure that the city does not become an exclusive enclave is already on the agenda of lawmakers and urban planners.
"The success of this capital attraction strategy poses the challenge of maintaining equitable access to urban life," experts warn.
Conclusion: the capital of fiscal luxury
Miami has become the city with the highest number of millionaires in the U.S., not only because of its climate or beaches, but due to an economic and fiscal policy designed to attract wealth. Its explosive growth is not an accident, but rather the result of a deliberate formula of competitive advantages.
The immediate future seems clear: as long as the tropical tax haven remains, the wave of millionaires will continue. However, it remains to be seen whether the city can balance its new global status with the need to be a livable place for those who are not part of the 1%.
Filed under: