In an article published by Realtor.com, Miami was pointed out as the world capital of second homes for billionaires and multimillionaires. The survey, conducted by consulting firm Altrata, shows that the Florida city has surpassed destinations such as New York, London, and Hong Kong when it comes to attracting the ultra-wealthy in search of vacation homes or ultra-luxury real estate investments.
According to the report, Miami accounts for 13,211 ultra-rich who own properties in the city as second or third residences, surpassing New York’s 12,813—even though the “Big Apple” continues to be the city with the largest number of permanent residents with fortunes above $30 million.
Why Miami is the favorite destination for multimillionaires
According to the Realtor.com article, Miami brings together a combination of factors that make it unique for the ultra-rich seeking second (or third and fourth) residences in the United States. The lifestyle offered by the city goes far beyond sun and sea:
- Waterfront residences in exclusive neighborhoods, often with direct access for yachts
- Bold architecture and ultra-high-end projects, such as Brickell penthouses listed for more than $30 million
- A vibrant cultural scene that includes art, music, and international events
- World-class gastronomy and nightlife, comparable to major global capitals
- Pleasant tropical climate year-round
Miami offers private airport infrastructure that facilitates access via private jets, mega-yacht marinas, and a strategic location that easily connects Europe and Latin America.
Another decisive advantage is the absence of state income tax in Florida, a fiscal benefit that, combined with real estate appreciation and Miami’s international status, leads many investors to choose the city over traditional destinations like New York or Los Angeles.
Another highlighted point is the so-called “community effect”: billionaires attract billionaires. Names like Jeff Bezos, Ken Griffin, Peter Thiel, Carl Icahn, and Tom Ford already own properties in Miami. Celebrities such as Tom Brady and Ivanka Trump have also chosen Indian Creek, known as the “billionaire bunker.” It is no surprise that many of these buyers are not just acquiring a second home, but also a third, fourth, or even fifth residence in the city.
What the ultra-rich are looking for
According to the article, mansion buyers seek direct access to water, privacy, and large spaces for leisure and entertaining. Resort-style pools, dual kitchens (one for show and another for catering services), smart-home systems, and space for art collections are among the most common requirements.
In the case of luxury condominiums, the preference is for buildings with full services, including private elevators, in-house restaurants, wellness centers, 24-hour security, and, naturally, unobstructed ocean views.
The favorite neighborhoods of billionaires
The report also highlights the most coveted addresses among high-net-worth buyers. For ultra-exclusive mansions, areas like Indian Creek, Star Island, Palm Island, Sunset Islands, Coconut Grove, and La Gorce stand out. When it comes to ultra-luxury condominiums, neighborhoods such as Brickell, Bal Harbour, Sunny Isles Beach, and Miami Beach remain among the top choices.
But the spotlight is increasingly shifting to Hallandale Beach, which is emerging as a preferred destination for millionaires and international investors. Located right next to Sunny Isles Beach, and sharing virtually the same stretch of coastline, Hallandale benefits directly from the prestige and appreciation of its established neighbor. The real estate boom that began in Sunny Isles is now extending into Hallandale, where new developments combine luxury, convenience, and strong appreciation potential.
A clear example of this transformation is Seven Park Residences, a new project that offers sophisticated design, resort-style amenities, and the rare flexibility of short-term rentals, including Airbnb. This development reflects the evolution of Hallandale and represents a unique opportunity for those seeking both lifestyle and investment in one of South Florida’s most promising markets.
The future of Miami as a global luxury capital
The article also emphasizes that the migratory flow of billionaires and multimillionaires to Miami is not a recent trend. It began to gain strength after the September 11, 2001, attacks, when many residents of the U.S. Northeast began to see the city as a safe alternative, close to a Caribbean lifestyle but with better infrastructure.
Today, this preference has consolidated. And, as highlighted by Realtor.com, for many of the ultra-wealthy it is not just about a second home, but also a third, fourth, or fifth residence in Miami.
Although cities like New York, Los Angeles, San Francisco, and Boston remain on the list of the most sought-after places for second homes in the U.S., Miami remained in the lead in 2025.
On the international stage, destinations that compete with the Florida city are London, Beijing, Hong Kong, Singapore, and Geneva—all also listed in the Altrata survey.
Want to have a second home in Miami?
Miami’s rise as the main destination for the world’s multimillionaires reinforces the importance of having specialists who deeply understand this exclusive market. AMG International Realty operates precisely in this segment, offering access to the most coveted real estate opportunities in Miami and across Florida. Whether to acquire a second residence, invest in high-end properties, or explore income opportunities through the luxury market, AMG is the ideal partner to guide each step with security, discretion, and global expertise.