Miami, FL has emerged as one of the world’s premier destinations for ultra-high-net-worth individuals seeking second or third homes. While New York continues to have a larger population of UHNW residents overall, Miami now leads in second-home ownership among the ultra-rich. The city’s appeal is driven by its year-round warm weather, unmatched waterfront lifestyle, world-class luxury real estate, and Florida’s highly attractive no-state-income-tax benefits.
Beyond the financial advantages, Miami offers a sophisticated cultural ecosystem— including a globally recognized arts scene, luxury shopping districts, fine-dining restaurants, and exclusive amenities found in branded residences and trophy waterfront properties. These factors continue to position Miami as a top choice for affluent buyers seeking a high-quality lifestyle, investment stability, and a strategic luxury home base.
Key Findings & Trends
According to Altrata’s Residential Real Estate 2025 report, Miami has 13,211 ultra-wealthy individuals (net worth ≥ US $30 million) who own second or third homes in the city—surpassing New York City’s 12,813. Miami now ranks #1 globally for UHNW second-home ownership, meaning more ultra-rich buyers hold secondary residences here than in any other global luxury hub.
The global population of individuals worth $30 million or more is projected to grow by over 33% in the next five years, signaling continued strength in the luxury and second-home segments.
Lifestyle and structural drivers continue to fuel this trend: Florida’s no-state-income-tax advantage, Miami’s beachfront lifestyle, international connectivity to Latin America and Europe, and the city’s expanding portfolio of high-end amenities.
Increasingly, UHNWIs aren’t just buying second homes—they’re treating Miami as a third-home or tertiary residence, integrating it into a global footprint. Altrata notes that the average ultra-wealthy individual now owns approximately three homes worldwide.
Miami’s appeal to the ultra-rich is anchored in its unique blend of waterfront living, cutting-edge architecture, a dynamic arts and culture scene, luxury shopping, and world-class dining, all set against year-round warm weather.
Florida’s lack of state income tax remains a major draw, complemented by Miami’s escalating roster of trophy properties, such as a recent $33.9 million penthouse in Brickell.
Accessibility also plays a key role: Miami offers unmatched private aviation infrastructure, mega-yacht marinas, and direct international access, positioning it as a strategic base for globally mobile UHNW families.
The migration of the ultra-affluent from cities like New York began well before the pandemic, with many buyers now purchasing third, fourth, or even fifth homes in Miami.
Today’s second-home buyers gravitate toward properties offering waterfront access, privacy, advanced smart-home technology, and dual kitchens for entertaining—a reflection of the elevated lifestyle Miami has become known for.
Whether you’re looking to buy, sell, invest, or simply stay informed, our team is always here to help — Feel free to reach out anytime.
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