A recent report published by Helen & Partners revealed that Miami is the number one city in the world where cent-millionaires, individuals with over $100 million in assets, wish to have a second residence. This “Magic City” also stands out as one of the fastest-growing wealth centers in the United States. Between 2012 and 2022, the population of millionaires in the region increased by 75%.
The report indicates that millionaires in the United States are opting to move domestically, with cities in Florida attracting wealthy residents from places like Chicago, Los Angeles, New York, and California.
What makes Miami so attractive to millionaires? One of the main reasons is its favorable tax environment. The state of Florida does not impose a state income tax, resulting in significant tax savings, especially for billionaires.
In addition to its favorable tax environment, Florida has worked to create a less bureaucratic corporate environment, leading to the migration of a large number of financial and technological institutions. This trend has led to Miami being known as “The Wall Street South” and “The New Silicon Valley”.
In addition to the fiscal aspect, Miami has always been a desired destination for Americans due to its year-round climate, beautiful beaches, outdoor lifestyle, and vibrant nightlife. With the growing popularity of remote work, more people from various classes and sectors are considering the possibility of living in Miami.
The real estate market in Miami offers high potential for appreciation due to the growing demand and the imbalance between supply and demand. This makes it one of the best times in history for investors interested in real estate in the region.
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