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Miami for the Ultra-Wealthy

Miami among top global cities for the ultra-wealthy to work and play

Mar 18, 2015, 12:58pm EDT Updated: Mar 18, 2015, 1:23pm EDT

Reporter- South Florida Business Journal
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Super-wealthy individuals don't have to live in Miami to spend a great deal of time there. So says Knight Frank's annual Wealth Report, which identified Miami as one of the most important cities in the world for the über-rich.

The "importance" of a city may at first seem hard to quantify, but the London-based real estate consultancy defines the relative importance of a city by its business links, economic activity and lifestyle offerings. The world's Top 40 cities are those "where the wealthy congregate, work, invest, are educated and spend their leisure time," the report says.

South Florida is already home to the most billionaires in the state, with 28 of the Sunshine State's 42 billionaires calling the tri-county area home. But when it comes to Miami, that doesn't necessarily mean that the state's super rich all live there, just that they like to work, play and visit the city.

What makes an über-wealthy individual? They're not the average millionaire. To qualify, an individual needs $30 million or more in assets.

London is the most important city in the world for the super rich, followed by New York, Hong Kong, Singapore and Shanghai. Rounding out the Top 10 are Miami, Paris, Dubai, Beijing and Zurich.

That Top 10 will remain consistent through 2025, although there will be some movement within the group. Miami will drop to seventh, and New York will surpass London as the most important city in the world for the ultra-rich, the study projects.

While Miami is a destination for the super rich to work, play and perhaps keep a secondary residence, the über-wealthy are more likely to keep their main residence in cities like London, Tokyo, Singapore and New York.

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