Picture this: a city where the ultra-wealthy flock to buy not just second homes, but third, fourth, and even fifth properties with cash, unconcerned by hurricanes or taxes.
According to Realtor.com, Miami has surged past New York to become the world’s leading destination for secondary homes among ultra-high net worth (UHNW) individuals—those with a net worth of $30 million or more—thanks to its unmatched lifestyle, tax benefits, and luxury real estate, according to a recent Altrata report.
The trend isn’t new; it began after the tragic events of September 11, 2001, when many UHNW individuals from the Northeast sought Miami as a domestic alternative to international travel.
While New York boasts the highest number of UHNW residents at 33,222, Miami, with 17,475, has clinched the top spot for secondary-home ownership with 13,211 ultrarich owners compared to New York’s 12,813.
This shift highlights Miami’s unique appeal, often likened to the Caribbean but with superior infrastructure, drawing buyers from New York, California, Texas, and international hubs like the U.K., France, and Dubai.
Why Miami? It’s not just the numbers—it’s the lifestyle, with waterfront living, year-round warm weather, cutting-edge design, and a vibrant arts and dining scene.
“What draws the ultra-wealthy is that Miami offers a lifestyle you really can’t replicate anywhere else,” says Julian Johnston, a real estate agent at the Corcoran Group in Miami Beach.
Florida’s lack of state income tax sweetens the deal, making it a haven for those skeptical of government overreach and high tax burdens elsewhere.
Billionaires like Jeff Bezos, Ken Griffin, and Peter Thiel call Miami home, often residing in exclusive enclaves like Indian Creek, alongside celebrities such as Tom Brady and Ivanka Trump.
UHNWs aren’t hunting for bargains—they want perfection, often paying cash for homes in neighborhoods like Star Island, Coconut Grove, and Bal Harbour, prioritizing proximity to downtown and large lots.
Desired features scream opulence: waterfront access, resort-style pools, yacht dockage, dual kitchens for entertaining, and smart-home systems to house priceless art collections.
“These buyers are decisive,” notes Johnston. “They’re shopping for exactly what they want and are willing to overpay.”
For condo buyers, it’s all about full-service living—private elevators, 24/7 staff, wellness facilities, and ocean views in areas like Brickell and Sunny Isles.
For those eyeing wealth-building opportunities, Miami’s real estate market offers a glimpse into where the ultrarich park their capital—consider luxury property funds or REITs focused on high-end markets as a way to ride this wave without needing $30 million in the bank.