Wealthy Individuals Migrating from New York City to Miami: Understanding the Shift Towards South Florida
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South Florida's Rising Power: The New 'Wall Street South'
In a jaw-dropping revelation, top real estate agent, Dina Goldentayer, reveals why South Florida is stealing the limelight from New York City. Goldentayer, ranked as the No. 1 agent nationwide for Douglas Elliman, Paints an exciting picture of Miami and West Palm Beach outshining the Big Apple.
A recent Henley & Partners World's Wealthiest Cities Report for 2025 shows that both West Palm Beach and Miami surpassed New York City as the world's fastest-growing wealth hubs. West Palm saw a staggering 112% increase in millionaire growth over the last decade, while Miami saw a 94% increase. New York, on the other hand, only managed around 40%.
Goldentayer isn't surprised by these numbers. She points to the mass exodus of millionaires from high-tax, politically charged states and their migration towards South Florida. "South Florida markets like West Palm Beach, Miami, Palm Beach, are the perfect homes for these wealthy individuals fleeing the politics and taxes of their former states," Goldentayer said.
But it's not just about escaping high taxes. South Florida offers a unique blend of top-notch schools, arts, entertainment, and a high-quality lifestyle that appeals to the wealthier classes leaving states like California and Illinois. Goldentayer believes that South Florida has the potential to become the next 'Wall Street South.' "It's already happening now," she adds.
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The data breaks down details of the 50 wealthiest cities in the world, measuring economic mobility, investment migration, and wealth management. The U.S. dominated the list, with 11 cities ranking for the greatest number of millionaire residents. Although Miami and West Palm Beach saw their numbers grow exponentially from 2014 to 2024, New York City still ranks in the top spot for the sheer number of millionaires living there (about 384,500). In comparison, Miami has 38,800 millionaires, and West Palm Beach has 11,500.
Despite this, Goldentayer is confident that South Florida could surpass New York City in terms of the number of millionaires, as long as they improve their economic and political environment. "Manhattan is so densely populated, so you certainly can't compare Miami Beach to Manhattan when it comes to [the] number of millionaires. But if you start grouping South Florida as a lump sum of a couple of marketplaces and comparing it to Manhattan, yes, I think we can surpass them as the number of millionaires," Goldentayer said.
In the post-COVID environment, Florida saw a resident boom - about 1,000 people moving to the state every day, according to former Chief Financial Officer Jimmy Patronis. The top agent noted that the Sunshine State continues to attract people because of its politics, zero-income tax, minimal regulations, and attractive lifestyle.
Goldentayer further explained why South Florida appeals to the wealthy: "They often play a racket sport and want to be close to their paddle club. And many are concerned about where their kids would be going to school."
When asked if South Florida could ever become as costly to live in as New York City, Goldentayer was doubtful, claiming that the value and quality of life are worth the price tag. "I wouldn't ever want my marketplace to get to that place," she said. "I would still want our clients to feel like there's value in the Miami marketplace in the same way that a Hermes salesperson says, 'Our product isn't expensive, it's costly,' right? But that implies that you get what you pay for."
- High taxes and political uncertainties in certain states have led to a significant migration of millionaires towards South Florida, with cities like West Palm Beach and Miami increasingly becoming prime destinations.
- The wealthiest individuals are attracted to South Florida’s offering of top-notch schools, arts, entertainment, and a high-quality lifestyle, making it an attractive alternative to cities like California and Illinois.
- The recent surge in millionaire growth in South Florida cities has propelled them to surpass New York City as the world's fastest-growing wealth hubs, according to a Henley & Partners World's Wealthiest Cities Report for 2025.
- Real estate investment in South Florida markets, such as West Palm Beach, Miami, and Palm Beach, presents a lucrative opportunity for those looking to invest in flourishing markets, thanks to the mass migration of wealthy individuals.
- South Florida's political climate, zero-income tax, minimal regulations, and appealing lifestyle have turned the region into a hotbed for finance and investing, particularly in the real estate sector.
- Despite New York City still leading in the sheer number of millionaires, experts like top real estate agent Dina Goldentayer believe that South Florida has the potential to surpass New York City in terms of the number of millionaires, provided it improves its economic and political environment.
