From 2014 to 2024, Miami's millionaire count surged by 94%, reaching nearly 39,000, driven by an influx of wealthy individuals escaping high-tax states and seeking Florida's favorable conditions. The migration intensified during the COVID-19 pandemic as remote work, warm weather, and lax restrictions attracted high earners. However, this wealth boom has skyrocketed housing prices, resulting in lower-income residents being priced out of the market. Notably, between 2021 and 2022, out-of-state migrants contributed net gains of $36 billion to Florida's economy, with significant departures from New York and New Jersey contributing to this trend.
Millionaires are flocking to Miami faster than any other major metropolitan area in the country, save the Bay Area, a new report reveals.
The findings underscore the massive influx of wealth to Florida during and immediately after the COVID-19 pandemic, with high earners from other parts of the country drawn to Florida's favorable tax policies, warm weather, relatively cheap real estate and lax pandemic restrictions.
Over the same time period, housing prices have spiked, posing a risk to the health of Miami-Dade's workforce.
More than $62 billion flowed into Florida between 2021 and 2022, while $26 billion left, meaning out-of-staters moving to Florida netted the Sunshine State $36 billion that year.
Collection
[
|
...
]