Billionaires Are Flocking to Miami: Why the World’s Wealthiest Are Trading London for Luxury in the Sunshine State
The world’s ultra-wealthy are making a decisive move—away from London’s prestigious addresses and toward the glittering shores of Miami. A new report reveals that America’s Magic City has become the top destination for ultra-high-net-worth individuals (UHNWIs) seeking luxury second homes.
According to data from Altrata’s Residential Real Estate 2025 report, Miami now boasts 13,211 UHNW second-home owners, making it the most sought-after second-home destination not only in the United States but globally. These elite buyers—each with a net worth exceeding $30 million—own an average of three residences, and more of them than ever are planting their flags in South Florida.
Why Miami?
Experts point to a potent combination of factors: Florida’s favorable tax structure, year-round sunshine, and coastal lifestyle make Miami a compelling alternative to more traditional luxury markets like London.
"Miami Beach has historically seen 70 to 75 percent of its homes purchased as second or third residences by buyers from across the U.S. and the globe," the report notes. And that trend is only accelerating.
International interest remains robust, with Colombians, Brazilians, Russians, and Canadians leading the pack of foreign investors drawn to Miami’s vibrant lifestyle and real estate offerings.
“Miami strikes a perfect balance between lifestyle and investment opportunity,”. “Today’s buyers want privacy, world-class amenities, and architectural distinction—and Miami delivers that in spades.”
Branded residences, in particular, are rising in popularity among UHNWIs, thanks to their high design standards, white-glove services, and strong resale potential.
The London Exodus
A separate mid-year 2025 survey by Beauchamp Estates underscores the shift, showing that more than 70% of wealthy sellers in London are offloading their properties in the UK capital in favour of lifestyle-driven markets like Miami.
"London buyers currently represent around 3 to 5 percent of international clients in Miami’s luxury segment,". “We’ve seen increased interest from those reallocating funds out of the UK and diversifying their portfolios here.”
Rising Costs, All-Cash Deals
Despite Miami’s appeal, rising costs—from insurance premiums to condo association fees—have added new financial pressure to buyers.
Still, that hasn’t slowed demand. Real estate advisor shared that cash buyers are increasingly stepping in to bypass financing burdens entirely. “My most recent transaction was an all-cash deal,” he said, “which reflects just how strong this segment of the market remains.”
Conclusion:
Miami is no longer just a sun-soaked escape—it’s a global hub for luxury real estate and a new epicentre for the world’s wealthiest. As billionaires swap London townhouses for sleek, waterfront towers in South Florida, one thing is clear: the trophy home has a new address.
Source: https://www.dailymail.co.uk/real-estate/article-14955951/american-hotspot-billionaires-buying-trophy-homes-miami.html
