Luxury & Culture Behind Miami’s Growth as a Destination for the Wealthy

 

The City of Miami continues to emerge as a top global destination for the über-wealthy. According to Knight Frank’s annual Wealth Report (2015), Miami is ranked 6th globally, 2nd in the U.S. and will remain among the world’s top 10 most important cities to Ultra High Net Worth Individuals for the next decade. The wealth report credits the influx of wealth to Miami’s cultural diversity and strong emphasis on quality of life.

Recent articles in the South Florida Business Journal and The Real Deal focused on the latest migration of wealth to Miami. With the inflow of high-wealth individuals comes the demand for luxurious accommodations (both residential and hospitality) and lavish commodities.

That said, it comes as no surprise to see Miami’s skyline speckled with cranes developing mixed-use urban projects, such as Brickell City Center, Miami Worldcenter, and luxury condominiums, the self-proclaimed “Mansions-In-The Sky” – Mansions at Aqualina, and the Porsche Design Tower, which will be one of the world’s first condominiums where elevators take residents directly to their private apartments while sitting in their cars.

Read the entire article at the National Law Review.