According to the latest "World’s Wealthiest Cities Report 2025" by Henley & Partners and New World Wealth, Miami has emerged as the leading hub for millionaires in the United States, boasting over 38,800 residents with assets exceeding one million dollars.
The report highlights a staggering growth of nearly 94% in the affluent population within Greater Miami—comprising Miami, Miami Beach, and Coral Gables—between 2014 and 2024, marking one of the most rapid increases nationwide.
This dramatic rise has propelled the area to rank 32nd globally among cities with the most accumulated wealth.
The city's economic boom is visibly reshaping its urban landscape: luxury yachts dotting the bay, exclusive residential towers rising, and high-end consumption redefining Miami's identity.
Miami has turned into a magnet for entrepreneurs, investors, tech executives, and both national and international billionaires.
A major driver of this trend is Florida's appealing tax climate, as the state levies no personal income tax, encouraging wealth migration from cities like New York, San Francisco, and Los Angeles.
Adding to this allure are the year-round warm weather, international connectivity, and expanding cultural and culinary offerings.
The study also notes that Miami is among the global cities with the highest number of individuals possessing fortunes over $100 million, alongside a growing billionaire presence.
Nevertheless, this rapid wealth expansion poses significant challenges for certain sectors.
The rising cost of living—particularly in housing—and the escalating prices of basic services are causing concern among middle-income residents and essential workers, who find it increasingly difficult to sustain their life in the city.
The conversation on how to balance economic dynamism with equitable access to housing and urban living is now a central issue on the public and political agenda in South Florida.
Miami's Economic Growth and Its Challenges
What factors have contributed to Miami's increase in millionaires?
Several factors have contributed to Miami's rise in millionaires, including Florida's favorable tax policies, warm climate, international connectivity, and expanding cultural and gastronomic scene.
What challenges does Miami face due to this wealth increase?
The rapid increase in wealth has led to challenges such as a higher cost of living, particularly in housing, and increased prices for basic services, affecting middle-income residents and essential workers.
How is Miami's urban landscape changing?
Miami's urban landscape is being transformed by the presence of luxury yachts, exclusive residential towers, and high-end consumption that are redefining the city's identity.