The Rich

Miami Is the Sixth Most Important City to the World's Ridiculously Wealthy

Ultra-high-net-worth individuals aren’t just rich. They’re running the world. They aren’t just the 1 percent; they’re the 0.002 percent. To qualify, a person must have a net worth of at least $30 million in assets.

As it turns out, Miami is not the full-time home base to tons of these individuals when compared to other major world cities, but with other factors taken into account, Miami is the sixth most important city in the world to these Richie Riches.

Knight Frank, a London-based global real-estate consultancy, released it annual wealth report. Much ink has been spilled already on the cities with the highest concentration of ultra-high-net-worth individuals (UHNWIs). Turns out they’re more likely to keep their main addresses in London, followed by Tokyo, Singapore, New York, and Hong Kong. Miami doesn’t make the top 20 list for either home to the most UHNWIs or for the highest percentage of UHNWIs among its population.

That’s not much of a surprise. When compared to places like Hong Kong, New York, and London, Miami has a relatively small population.

However, Miami does make the list for most “important” to UHNWIs, coming it at number six. Here’s the full top ten:
  1.  London
  2.  New York 
  3.  Hong Kong 
  4.  Singapore 
  5.  Shanghai 
  6.  Miami
  7.  Paris
  8.  Dubai
  9.  Beijing 
  10.  Zurich
Miami is also predicted to be seventh in 2025, which means it will hold relatively steady.

So what does “important" mean? 

“In short, these are the cities where the wealthy congregate, work, invest, are educated and spend their leisure time,” the report reads.

Wealth population counts were taken into account, but so was an attitude survey taken among the ultra-rich about individuals cities' importance to their business links, economic activity, and lifestyle.

The report notes the importance of wealthy Latin Americans investing in Miami, which isn’t exactly news, but also notes Miami is “already firmly on the radar of the wealthy Chinese investors, as the prices of apartments there are up to 25% lower than in Shanghai.”

And, of course, wealthy people love to travel to Miami. The report found that Miami-to-New York is the second-busiest private jet route in the world. The Maiquetía, Venezuela,-to-Miami route is the second-fastest growing route. 

Follow Miami New Times on Facebook.
KEEP MIAMI NEW TIMES FREE... Since we started Miami New Times, it has been defined as the free, independent voice of Miami, and we'd like to keep it that way. With local media under siege, it's more important than ever for us to rally support behind funding our local journalism. You can help by participating in our "I Support" program, allowing us to keep offering readers access to our incisive coverage of local news, food and culture with no paywalls.
Kyle Munzenrieder