Miami Millionaires Increase By 75% Over Past Decade

Miami’s allure for the ultrawealthy has surged, witnessing a staggering 75% spike in millionaires over the past decade. This trend highlights a remarkable influx of billionaires relocating to Florida, significantly impacting local dynamics. The influx has led to notable challenges, such as heightened competition for dining reservations, signaling Miami’s transformation into a hotspot for the elite.

The city’s prominence is evident in the 2023 Wealth Report, which showcases Miami as one of the top destinations for millionaires and billionaires, recording a 75% growth in the millionaire population and a significant increase in centi-millionaires. Garcia attributed this surge partially to favorable tax environments, with Florida’s lack of state income tax, estate tax, and capital gains tax making it a desirable wealth preservation haven.

The recent move of high-profile figures like Jeff Bezos from tax-heavy states underscores this attraction, with Bezos poised to save substantial amounts in taxes due to Florida’s tax-friendly policies. The state’s appeal extends beyond taxes, encompassing favorable climate, housing options, and cultural amenities, making it a holistic choice for the affluent.

Furthermore, the rise of remote work has catalyzed population growth, attracting not only individuals but also businesses. Florida witnessed an 86% surge in corporate headquarters establishment, outpacing all other states, with cities like Jacksonville, Tampa, and Miami emerging as top contenders for businesses, solidifying Florida’s status as a burgeoning business hub.

In essence, Miami’s magnetic pull for the ultrawealthy stems from a blend of tax advantages, lifestyle benefits, and business opportunities, positioning it as a premier destination for the elite seeking to thrive and preserve their wealth.

Source: fortune.com