Why Millionaires Are Choosing Miami — And What It Means for the City’s Future
Over the past decade, Miami has transformed into one of the most desirable destinations for the ultra-wealthy. According to a new report by Henley & Partners and New World Wealth, the number of millionaires in the Miami metro area has surged by 94% since 2014 — now nearing 39,000 residents with seven-figure fortunes. Only the Bay Area has seen a faster growth rate.
What’s fueling this migration? For many, the appeal lies in Florida’s lifestyle and financial advantages: zero state income tax, no estate or capital gains taxes, year-round sunshine, and more affordable luxury real estate — at least compared to other global cities. Add to that a flexible, post-pandemic work culture and Florida’s more relaxed approach to COVID-19 restrictions, and you have the perfect storm for a wealth migration boom.
Between 2021 and 2022 alone, Florida welcomed more than $62 billion in net income, with nearly $9 billion flowing directly into Miami-Dade, Palm Beach, and Broward counties. New York, New Jersey, California, and Illinois were the biggest sources of these high-net-worth transplants — with New York alone contributing over $9.5 billion during that time.
But this extraordinary influx isn’t without consequence.
As the skyline rises and luxury towers continue to sell out, many long-time South Florida residents are feeling the pressure. Condo prices have more than doubled in the last ten years, and homeownership has become unattainable for the vast majority of locals. Experts estimate that 94% of Miami-Dade’s population can no longer afford to purchase a home in the area. Meanwhile, Miami-Dade County faces a deficit of over 90,000 affordable housing units for households earning under $75,000 annually.
Investors and seasonal residents are playing a key role in this shift, driving prices higher and inventory lower — often purchasing real estate as an asset, not a residence. While the city thrives in luxury development, the gap between affluence and affordability is growing.
So, what’s next for South Florida?
The demand from high-net-worth buyers is not slowing down — not yet. But sustainability will depend on Miami’s ability to balance luxury with livability, investment with inclusion. The future of this city will be shaped not only by those arriving — but also by those struggling to stay.
Source: MiamiHerald.com
