Ever wondered where the world’s richest people are relocating? For years, the answer was a simple one: London. But now, there’s a new global shift happening. A new report shows that the ultra-wealthy are abandoning traditional second-home markets like London and flocking to a city famous for its sunshine, beaches, and vibrant culture: Miami.
The Miami Boom: According to a report from Altrata, Miami now leads the world in ultra-wealthy second-home ownership. Over 13,000 individuals, each with a net worth of $30 million or more, are making the Magic City their vacation hub.
What's the big draw? It’s a combination of financial incentives and lifestyle perks:
- Tax Perks: Florida has no state income tax, making it a huge draw for high-net-worth individuals.
- Lifestyle: Who wouldn't want year-round warm weather, waterfront living, and access to the ocean?
- Global Buyers: This isn't just a local trend. Buyers from all over the world, including Colombians, Russians, and increasingly, Londoners, are investing in these "trophy homes."
Local realtors, like our own Elaine Kauffmann, are seeing a booming international demand despite challenges like rising insurance and HOA costs. To get a competitive edge, many buyers are making cash deals. While luxury condos are still popular, there's a growing trend toward privacy and long-term value in these house purchases.
The Ultimate in Luxury Travel: The city is building an entire ecosystem to cater to this new class of residents. A perfect example is the new ultra-exclusive luxury terminal at Miami International Airport, nicknamed the "Taj Mahal of Miami."
- This facility will be a private, exclusive terminal reopening in Spring 2026.
- It offers five private suites starting at $4,950, and semi-private spaces at $1,295 per person.
- Guests will enjoy private TSA clearance, a chauffeured BMW transfer directly to their aircraft, and other top-tier services.
- This is part of a global expansion for the company, PS, which also has terminals in Los Angeles and Atlanta, with new ones planned for Dallas and Paris.
Miami is no longer just a party destination. It’s a global hub for luxury and wealth, with an unparalleled real estate market and world-class infrastructure to match.
What do you think? Would you prefer a second home in historic London or a modern, luxurious mansion in sunny Miami? Let us know!
