The 2015 Knight Frank Wealth Report ranked Miami one of the top global cities as the #6 in its annual Global Cities Survey. The Survey monitors the cities that rank highest with UHNWIs across the globe. UHNWI is an acronym for Ultra High Net Worth Individuals, defined as people with net worth greater than $30 million.
Considering the current competition: London (#1), New York (#2), Hong Kong (#3), Singapore (#4), Shanghai (#5), Paris (#7), Dubai (#8), Beijing (#9) and Zurich (#10), Miami’s rank at #6 is a great showing. Projecting 10 years into the future, Miami is projected to maintain its stature, but drop only one notch to #7, as Beijing gains prominence.
Currently, Miami has only 229 UHNWIs, but that trend is expected to change as, in some circles, Miami is becoming known as the Singapore of the USA, with low taxes and a growing international financial sector. Also, the number of second homes, especially in coastal Miami is very high and attracts UHNWIs from not only the USA, but also Europe, South America and, increasingly, Asia. Miami is one of the top cities for livability and its economy has improved so much that S&P gave a big boost to Miami’s credit ratings to A+ from BBB. All of this plays a part in why to invest in Miami.