August 13, 2025 – Kiri Blakeley, Realtor.com
Miami is the secondary-home capital of the world for the uber-rich, according to a new report by research firm Altrata.
While New York has the most ultra high net worth (UHNW) residents with a net worth of $30 million or more and Miami trails in fourth place (33,222 uber-rich residents versus 17,475), the South Florida city comes out tops for where they buy second or third homes.
Miami has 13,211 ultrarich residents as secondary-home owners versus 12,813 for the Big Apple, according to the report.
Why Miami?
Given that the uber-rich can live anywhere, what attracts them to this seaside city in the Sunshine State?
“What draws the ultra-wealthy is that Miami offers a lifestyle you really can’t replicate anywhere else in the U.S.,” real estate agent Julian Johnston of the Corcoran Group in Miami Beach tells Realtor.com®.
“It’s a city where you can have waterfront living, cutting-edge architecture, a thriving arts scene, luxury shopping, and access to some of the world’s best dining all with year-round warm weather,” he says.
He once sold Madonna’s former home on Brickell Avenue for $30 million to a mystery ultrarich buyer who then snapped up the land next door for $50 million so the two plots could be combined into one massive estate.
“These buyers are decisive. They’re not shopping for cheap deals, they’re shopping for exactly what they want and are willing to overpay to acquire it,” says Johnston.
Not to mention birds of a feather flock together. Miami is chock-full of billionaires, including Jeff Bezos, Ken Griffin, Peter Thiel, Carl Icahn, and designer Tom Ford. Many UHNW residents, including Tom Brady and Ivanka Trump, live on Indian Creek, a barrier island in Miami-Dade.
Let’s not forget another important appeal: No state income tax.
“Taxes are definitely part of the conversation,” says Devin Kay of The Exclusive Group at Douglas Elliman in Miami Beach. “But honestly, my clients fall in love with the lifestyle first. Miami has this rare mix of cosmopolitan energy and tropical ease.”
Says South Florida agent Sam DeBianchi LaViola: “The accessibility of Miami is extremely attractive—there’s strong private aviation, a number of mega-yacht marinas, and ease of travel to Europe and Latin America.”
Bryan Sereny of Douglas Elliman in Miami Beach says migration of the uber-wealthy from NYC to Miami started long before the pandemic, beginning in earnest after the Sept. 11, 2001, terrorist attacks.
“I have a clear memory of many new clients from the Northeast finding themselves in Miami as an alternative to international travel,” he says, noting that Miami is similar to the Caribbean but with better infrastructure.
And he says forget second homes—he is usually selling third, fourth, and fifth homes.
Where they’re coming from
Second-home buyers are often hailing from New York, California, and Texas, but Miami also sees plenty of foreign buyers, particularly from the U.K., France, Mexico City, Dubai, Switzerland and Latin America, according to local agents.
Nor do these richies worry much about hurricanes or insurance. They pay cash for their homes and have enough to rebuild if the worst happens—but they also buy places that are built to withstand extreme weather events.
“Cash purchases are common at this level because they are extremely wealthy and don’t want to provide financial documents [to banks],” says Johnston. “They have companies that throw off income so they have cash to spend, but even if they finance, it’s typically with significant down payments.”
What they want
For single-family homes, it’s about waterfront access, privacy, and plenty of space for entertaining—things like resort-style pools, expansive outdoor kitchens, and dockage for yachts, says Johnston.
And one kitchen—no matter how high end—will not cut it for the ultra high net worth Floridian.
“Dual kitchens are essential,” says Nancy Batchelor, founder of The Nancy Batchelor Team with Compass in Miami. “One show kitchen for entertaining that is the centerpiece of the home, and a back working kitchen for catering.”
Interiors must be top of the line and turnkey with smart-home systems and room for art collections.
Condo buyers want full-service living, private elevators, 24/7 staff, wellness facilities, and world-class dining inside the building. And, of course, ocean views are a necessity. So is privacy.
Marina access is also key, so buyers can travel around on their yacht and avoid traffic.
Where they go
According to the experts, the uber-wealthy estate buyers tend to cluster on Indian Creek, Star Island, Sunset Islands, Palm Island, La Gorce, and Coconut Grove, as these neighborhoods are close to the downtown business district and offer up large lot sizes.
For condos, elite buyers cluster into premier neighborhoods such as Gables Estates, Edgewater, Brickell, Miami Beach, Hallandale Beach, North Bay Road, Bal Harbour, Surfside, Sunset Islands, Venetian Islands, and Sunny Isles.
“Every property they choose has that ‘best of the best’ factor with unobstructed water views, impeccable design, and the ability to lock up and leave without a worry,” says Johnston.
Says Kay: “Every property they choose has that ‘instant wow’ with uninterrupted water views, seamless indoor-outdoor living, and design that feels like it belongs in a magazine.”
If a multimillionaire doesn’t choose Miami for a secondary home, chances are good that it will be in one (or more) of the next popular cities (in order): New York; Los Angeles; San Francisco; Naples, FL; Boston; San Jose, CA; Greenwich, CT; Washington, DC; or Chicago.
As for non-U.S. cities, the most popular second-home locations for the UHNW residents are London, Beijing, Hong Kong, Singapore, and Geneva.
Read the original published article here.