How Many Millionaires and Billionaires Live in Miami?

If you've noticed a proliferation of ultra-luxury cars or a wave of headlines about $20 million-plus home sales, it's no coincidence.

Miami's population of uber-wealthy residents is growing.

A report on the world's wealthiest cities, published earlier this month by London-based investment-migration consulting firm Henley & Partners, found that Miami once again made the list of top 50 places in the world for millionaires. According to the annual report, conducted in partnership with data intelligence firm New World Wealth, a whopping 35,300 millionaires, 164 centi-millionaires (individuals with liquid investable wealth of more than $100 million), and 15 billionaires called Miami and Miami Beach home as of last December.

The report also revealed that the Miami area saw a 78 percent increase in millionaire residents over the last decade — as well as that it boasts the same number of billionaires as Dubai, Frankfurt, Taipei, and Dallas.

To create the report, New World Wealth utilized an in-house database that logs the "movements" of more than 150,000 high-net-worth individuals, including company founders and political leaders. The report also used publicly available sources including LinkedIn and property statistics, such as the number of high-value homes in each city, according to Henley & Partners.

While Miami has long been a haven for the mega-rich, the area has seen a remarkable influx of wealthy newcomers in recent years.

In other words, the likelihood of running into someone akin to Bezos at, say, your morning pilates class or local ventanita, has markedly increased.

During the pandemic, Silicon Valley billionaires like PayPal cofounder Peter Thiel and investment gurus such as hedge fund operator Ken Griffin flocked to the Miami area seeking tax breaks and a tropical climate — earning the city the nickname "Little Manhattan." U.S. Census Bureau data showed that Florida had the largest population growth of any state in the 2021-2022 reporting period.

In August 2023, fellow billionaire and Amazon founder Jeff Bezos bought a $68 million estate in Miami’s “billionaire bunker" of Indian Creek Village before snapping up a neighboring mansion in the exclusive island community for $79 million.

And as Miami has continued to attract well-to-do new residents, Indian Creek has experienced "its own version of gentrification" — with billionaires displacing the neighborhood's millionaires, according to a Bloomberg report.

Meanwhile, since 2019, the cost to rent increased more in Miami than nearly any other major metro area, according to Zillow. One study found that the average Miami renter must rake in a six-figure salary to avoid winding up "rent-burdened" (i.e., spending more than 30 percent of personal income on rent).