Miami is experiencing one of the fastest millionaire booms in the country—second only to the Bay Area—according to a new report that shows the city’s millionaire population jumped by 94% between 2014 and 2024, reaching nearly 39,000 residents.
The dramatic spike in wealth stems from a combination of factors: a favorable tax structure, remote work flexibility post-COVID, and South Florida’s warm climate and luxury lifestyle. For many high-net-worth individuals, the lack of state income tax, estate tax, and capital gains tax in Florida was a significant draw. Experts say the shift accelerated during and after the pandemic as affluent individuals relocated from higher-tax states seeking financial advantages and better living conditions.
But while Miami becomes a magnet for the rich, many locals are being left behind. The county reportedly lost over 130,000 residents to migration between 2020 and 2023, with 35,000 of them in their 20s—an alarming trend that’s draining the local workforce.
Miami-Dade County also faces a severe shortage of affordable housing, with an estimated 90,000 units needed for households earning under $75,000 per year. Meanwhile, investors and seasonal visitors continue to purchase luxury condos and homes, further driving up prices and reducing availability for working families.
As the city grapples with a dual identity—luxury hub for the wealthy and affordability crisis for everyone else—experts warn that unless more is done to support long-term residents, Miami’s growth may come at the cost of its original communities.
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