Many of the richest people in the world now own property in one U.S. city: Miami. Among the billionaire homeowners are Meta\u2019s Mark Zuckerberg, Amazon\u2019s Jeff Bezos and Google\u2019s Larry Page.<\/p>\n
Check Out: Jeff Bezos\u2019 Most Extravagant Adventures (and Their Eye-Watering Price Tags)<\/a>\u00a0<\/p>\n Read Next: 8 Subtly Genius Moves All Wealthy People Make With Their Money<\/a>\u00a0<\/p>\n These new Miami residents are part of a larger trend of the ultra-wealthy<\/a> moving there. According to The New York Times<\/a>, not a single home in Miami sold for $50 million in 2020. By 2025, the city led the nation in $50 million-plus home sales, surpassing traditionally elite markets like New York and Los Angeles.<\/p>\n Grant Cardone, a private equity fund manager and real estate investor who relocated to South Florida from Southern California, sees Miami\u2019s rise as part of a larger, long-term shift in where the seriously wealthy want to live.<\/p>\n Here\u2019s why he said Miami is becoming one of the most important destinations for the ultra-wealthy<\/a>.<\/p>\n While Miami is now seen as a playground for the rich and famous, that wasn\u2019t always its reputation.<\/p>\n \u201cThere\u2019s about 30 years of history here \u2014 one is \u2018Miami Vice,’\u201d Cardone, who will be hosting the\u00a010X Real Estate Summit<\/a>\u00a0in Fort Lauderdale, Florida, told GOBankingRates. \u201cThat show costs this town billions of dollars. It put Miami on the map, but it was not good for Miami.\u201d<\/p>\n The show depicted a city overrun with drugs, crime and excess, but it\u2019s been able to shed that image in recent years. Decades of development have repositioned Miami as a refined, global destination for established wealth<\/a>.<\/p>\n \u201cThat\u2019s cleaned up; that\u2019s gone now,\u201d Cardone said. \u201cNobody thinks about Miami as being \u2018Miami Vice\u2019 anymore.\u201d<\/p>\n Many wealthy buyers are \u201cdiscovering\u201d Miami for the first time as a high-end market rather than a party city.<\/p>\n \u201cThey\u2019re seeing the blue water,\u201d Cardone said. \u201cThey\u2019re seeing the warm weather.\u201d<\/p>\n Find Out: 3 Ways Billionaires Like Mark Cuban Protect Wealth in Any Market<\/a>\u00a0<\/p>\n While Miami\u2019s transformation was already underway, COVID-19 accelerated the migration of high-net-worth individuals.<\/p>\n \u201cCOVID gave Miami a big spike,\u201d Cardone said.<\/p>\n As offices went remote and mobility increased, affluent Americans reassessed where they wanted to live \u2014 and where they wanted their capital anchored. Miami appealed to this population because it had fewer regulations, a business-friendly environment and no state income tax.<\/p>\n \u201cIt was like, \u2018Oh! I don\u2019t have regulations, it\u2019s business-friendly, there are no taxes and it\u2019s warm weather,’\u201d Cardone said.<\/p>\n Miami is part of a larger trend of wealthy people moving all along the Florida coast, though Cardone explained that different segments of wealth have gravitated toward different areas.<\/p>\n \u201cThe old, rich people are in Palm Beach,\u201d he said. \u201cThe young rich are in Fort Lauderdale. The super-rich are down in South Miami because they want their yacht down there. This whole coastline is being peppered with different levels of wealth.\u201d<\/p>\n Cardone noted that the wealthy tend to follow other wealthy people: \u201cIf you\u2019re rich, you want to follow the rich, and if you\u2019re super-rich, follow the super-rich.\u201d<\/p>\n In addition to tech billionaires like Zuckerberg, Bezos and Page, Miami is also attracting financial heavyweights<\/a>. Hedge fund manager Nick Maounis also recently relocated to the city, The New York Times reported.<\/p>\n \u201cYou\u2019ve got tech coming in here, banking\u2019s coming in here,\u201d Cardone said. \u201cIt\u2019s cool and hip now. You\u2019re getting the benefits of Los Angeles dumping out, San Francisco\u2019s dumping out, New York, Boston \u2014 and so all the cool people want to go to the cool places.\u201d<\/p>\n As high-cost cities lose residents, Miami is absorbing the cultural and financial upside.<\/p>\n After the \u201cMiami Vice\u201d reputation wore off, Miami became a hot spot for spring break.<\/p>\n \u201cSpring break was a problem down here,\u201d Cardone said. \u201cWell, spring breakers are being replaced with super-rich people.\u201d<\/p>\n High-net-worth individuals with permanent capital are replacing short-term visitors. This shift further stabilizes real estate values and the city\u2019s long-term appeal.<\/p>\n Cardone believes that the ultra-wealthy will continue to move to<\/a> and stay in Miami for decades to come.<\/p>\n \u201cThese cycles don\u2019t last for two or three years \u2014 they last for 30 and 40 years,\u201d he said. \u201cThis is a three- or four-decade cycle.\u201d<\/p>\n In his view, Miami is positioning itself similarly to long-established luxury enclaves abroad.<\/p>\n \u201cSt. Bart\u2019s got hot because some rich people went to St. Bart\u2019s,\u201d he said. \u201cWhen the South of France got hot, that cycle\u2019s been five decades.\u201d<\/p>\n Miami checks every box that today\u2019s ultra-wealthy care about: tax advantages, desirable lifestyle, social status and long-term stability. What began as a pandemic-era shift has solidified into what will likely be a sustained migration of serious wealth.<\/p>\n More From GOBankingRates<\/p>\n This article originally appeared on GOBankingRates.com<\/a>: Why the Ultra-Wealthy Are Flocking To This Florida City in 2026, According to Grant Cardone<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Many of the richest people in the world now own property in one U.S. city: Miami. Among the…\n","protected":false},"author":2,"featured_media":226203,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[28,30,29,101968,8372,40672,123,14704,39304],"class_list":{"0":"post-226202","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-florida","8":"tag-florida","9":"tag-florida-headlines","10":"tag-florida-news","11":"tag-grant-cardone","12":"tag-jeff-bezos","13":"tag-mark-zuckerberg","14":"tag-miami","15":"tag-miami-vice","16":"tag-south-miami"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/226202","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=226202"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/226202\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/226203"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=226202"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=226202"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=226202"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}