Miami Is the World’s Second-Home Capital for the Ultra-Rich
If it feels like Miami’s skyline keeps adding more glassy aeries and waterfront compounds, you’re not imagining it. Fresh data shows the Magic City now hosts more ultra-rich second-home owners than any other city on earth. The headline stat: about 13,200 ultra-high-net-worth (UHNW, $30M+) individuals own a secondary residence in Miami—putting it ahead of New York on this specific measure. AltrataBusiness Insider
The numbers that matter
#1 globally for UHNW second homes. Altrata’s 2025 Residential Real Estate report names Miami the top city worldwide for ultra-wealthy second-home owners. Altrata
13,211 vs. 12,813. That’s Miami’s UHNW second-home count compared to New York’s, per recent coverage of the Altrata findings. Business Insider
A second-home city at its core. Roughly three-quarters of Miami’s UHNW property owners are second-homers—the highest share among top cities. The Real Deal
Outside the U.S., London leads. Among non-U.S. hubs, London has the largest UHNW second-home community; 59% of London’s UHNW owners are second-homers. Business Insider
The wealthy own homes in multiples. On average, UHNW individuals now hold about three homes, underscoring how pivotal “optional” residences have become. Mansion Global
Why Miami?
Strategy, security, lifestyle—and taxes. Altrata notes the ultra-wealthy are prioritizing global mobility, legal reliability, and risk management in their property portfolios, not just vacation vibes. Miami delivers that, plus deep connectivity and a cosmopolitan lifestyle. Altrata
Tax efficiency helps. Florida’s lack of a state personal income tax remains a durable draw for top earners reshaping their domiciles. Tax Foundation
Brand-name neighborhoods and blue-chip product. From Indian Creek’s “Billionaire Bunker” to trophy condos on the bay, marquee assets keep landing here—often as part of multi-property “compounds” that signal privacy and permanence. Business Insider
Market impact you can feel
Prime values have surged. Over the last five years, Miami’s prime prices climbed ~84%, one of the strongest performances tracked by Knight Frank’s global index—evidence that elite demand isn’t just headline noise; it’s repricing the top end. Knight Frank
The middle gets squeezed. WSJ reporting shows million-dollar listings have multiplied while entry-level options fade—an outcome of sustained high-end demand colliding with tight supply. The Wall Street Journal
How Miami beats the pack on second homes
Lifestyle + Liquidity. A year-round, resort-grade lifestyle with deep, liquid prime markets makes it easy to deploy—and later reallocate—capital. Knight Frank
Tax & Residency Flexibility. No state income tax marries well with multi-home living strategies, family offices, and estate planning. Tax Foundation
Global Connectivity. Miami’s role as a hemispheric gateway stitches together U.S., Latin American, European, and Middle Eastern networks—exactly where UHNW families want optionality. (Altrata highlights mobility and legal reliability as core to second-home choices.) Altrata
Where they’re buying (and why it matters)
Ultra-prime waterfront (Indian Creek, Miami Beach, Coconut Grove, Coral Gables’ Gables Estates): scarcity, privacy, and brand-name cachet. Business Insider
Sky-high penthouses across Brickell, Edgewater, and Miami Beach: lock-and-leave convenience with amenity stacks that rival resort living—ideal for second-home usage patterns. (Context: sustained prime outperformance.) Knight Frank
The takeaway
In 2025, Miami isn’t just a sunshine escape—it’s the world’s dominant base for UHNW second homes, outpacing every other city on the planet by count and concentration. That position reflects a durable shift in how the global elite use real estate: as a mobility tool, a risk-management anchor, and a lifestyle investment. As long as Miami keeps delivering legal stability, international connectivity, year-round recreation, and tax efficiency, expect the second-home wave at the top of the market to keep rolling. AltrataBusiness InsiderTax Foundation
