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With widespread (obvious) body modifications on constant display and mega yachts as common a sight as Honda Civics, it can feel nearly impossible for those with average incomes to keep up with the lavish lifestyle of Miami’s most affluent residents. If the luxe lives of Miami’s upper crust feel inescapable, it may be because the city is home to the highest concentration of millionaires in the U.S., according to a recently released wealth management study.
Henley & Partners, a global advisory firm, published its annual study ranking the 50 wealthiest cities in the world by their millionaire and billionaire populations. While Miami ranked No. 32 globally for its total number of millionaires, centi-millionaires (those with a net worth of at least $100 million), and billionaires, but had the highest concentration of ultra-wealthy residents among U.S. cities on the list. The U.S. dominated the list with 11 cities, twice as many as runner-up China, with five.
Researchers combined Miami Beach and Coral Gables in Miami’s data, looking at individuals’ “liquid investable wealth,” including listed company holdings, cash, bonds, and crypto holdings (the study excluded real estate assets). The Miami metro ranked No. 20 globally by the number of centi-millionaires and No. 19 by the number of billionaires. On a national scale, Miami also saw the highest increase of millionaires between 2014 and 2024, with 94 percent growth. Researchers pointed to Florida’s low state taxes as a contributing factor to Miami’s millionaire growth.
According to the analysis, here are the U.S. cities with the highest concentration of millionaires (compared to total population).
U.S. Cities Ranked by Share of Millionaires, Centi-Millionaires, and Billionaires
- Miami – 6.7 percent
- Boston – 6.6 percent
- Seattle – 6.5 percent
- Los Angeles – 5.8 percent
- Dallas – 5.5 percent
- New York City – 4.5 percent
- Chicago – 4.5 percent
- The Bay Area (San Francisco and Silicon Valley) – 4.4 percent
- Washington D.C. – 4.1 percent
- Houston – 3.5 percent
- Austin – 3.2 percent
Of Miami’s 575,000 residents (including those in Coral Gables and Miami Beach), 38,800 are millionaires, and 180 are centi-millionaires. Miami is also home to 17 billionaires, with some of the richest people on the planet like Jeff Bezos calling the 305 home. Other notable billionaires include Citadel CEO Ken Griffin; real estate developer and Miami Dolphins owner Stephen Ross; and Micky Arison, the owner of both Carnival Cruise Lines and the Miami Heat.
