Many of the richest people in the world now own property in one U.S. city: Miami. Among the billionaire homeowners are Meta’s Mark Zuckerberg, Amazon’s Jeff Bezos and Google’s Larry Page.
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These new Miami residents are part of a larger trend of the ultra-wealthy moving there. According to The New York Times, 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.
Grant Cardone, a private equity fund manager and real estate investor who relocated to South Florida from Southern California, sees Miami’s rise as part of a larger, long-term shift in where the seriously wealthy want to live.
Here’s why he said Miami is becoming one of the most important destinations for the ultra-wealthy.
Miami Rebranded From Party City to Global Wealth Hub
While Miami is now seen as a playground for the rich and famous, that wasn’t always its reputation.
“There’s about 30 years of history here — one is ‘Miami Vice,'” Cardone, who will be hosting the 10X Real Estate Summit in Fort Lauderdale, Florida, told GOBankingRates. “That show costs this town billions of dollars. It put Miami on the map, but it was not good for Miami.”
The show depicted a city overrun with drugs, crime and excess, but it’s been able to shed that image in recent years. Decades of development have repositioned Miami as a refined, global destination for established wealth.
“That’s cleaned up; that’s gone now,” Cardone said. “Nobody thinks about Miami as being ‘Miami Vice’ anymore.”
Many wealthy buyers are “discovering” Miami for the first time as a high-end market rather than a party city.
“They’re seeing the blue water,” Cardone said. “They’re seeing the warm weather.”
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The Pandemic Pushed the Wealthy Toward Low-Tax, Pro-Business Cities
While Miami’s transformation was already underway, COVID-19 accelerated the migration of high-net-worth individuals.
“COVID gave Miami a big spike,” Cardone said.
As offices went remote and mobility increased, affluent Americans reassessed where they wanted to live — 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.
“It was like, ‘Oh! I don’t have regulations, it’s business-friendly, there are no taxes and it’s warm weather,'” Cardone said.
Different Levels of Wealth Have Been Settling Across South Florida
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.
“The old, rich people are in Palm Beach,” he said. “The 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.”
Cardone noted that the wealthy tend to follow other wealthy people: “If you’re rich, you want to follow the rich, and if you’re super-rich, follow the super-rich.”
Tech Billionaires and Financial Power Players Are Fueling Miami’s Rise
In addition to tech billionaires like Zuckerberg, Bezos and Page, Miami is also attracting financial heavyweights. Hedge fund manager Nick Maounis also recently relocated to the city, The New York Times reported.
“You’ve got tech coming in here, banking’s coming in here,” Cardone said. “It’s cool and hip now. You’re getting the benefits of Los Angeles dumping out, San Francisco’s dumping out, New York, Boston — and so all the cool people want to go to the cool places.”
As high-cost cities lose residents, Miami is absorbing the cultural and financial upside.
Party Tourism Is Being Replaced by Ultra-Wealthy Residents
After the “Miami Vice” reputation wore off, Miami became a hot spot for spring break.
“Spring break was a problem down here,” Cardone said. “Well, spring breakers are being replaced with super-rich people.”
High-net-worth individuals with permanent capital are replacing short-term visitors. This shift further stabilizes real estate values and the city’s long-term appeal.
Miami Is a Hub for a Multi-Decade Wealth Cycle, Not a Fad
Cardone believes that the ultra-wealthy will continue to move to and stay in Miami for decades to come.
“These cycles don’t last for two or three years — they last for 30 and 40 years,” he said. “This is a three- or four-decade cycle.”
In his view, Miami is positioning itself similarly to long-established luxury enclaves abroad.
“St. Bart’s got hot because some rich people went to St. Bart’s,” he said. “When the South of France got hot, that cycle’s been five decades.”
Miami checks every box that today’s 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.
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This article originally appeared on GOBankingRates.com: Why the Ultra-Wealthy Are Flocking To This Florida City in 2026, According to Grant Cardone
