Real Estate Wealth Migration to Florida Continues to Increase in 2023
For many years the United States has had a reputation for being the world’s largest wealth market by a considerable margin. According to Henley & Partners’ recently released 2023 USA Wealth Report, the country accounts for 32% of global wealth. It is home to 36% of the world’s millionaires, with an estimated 5.3 million of them and around 770 billionaires. Recent times have seen a significant wealth exodus from the country's North East to the Sunshine State of Florida. Many affluent individuals are turning their second homes into primary residences due to lifestyle and taxation advantages.
This trend is expected to continue throughout 2023, with more individuals relocating for work reasons and not only for retirement. As well as individuals seeking homes, companies are looking for offices to take advantage of the superior tax and security structure and the lifestyle that Florida living offers.
More and more companies are setting up offices in the region, with significant technology, finance, and law firms moving or expanding to South Florida in the past two years, drawn by the lower taxes and warmer weather. Ken Griffith’s Citadel is relocating its headquarters from Chicago to Miami. The region has also attracted the likes of Goldman Sachs Group Inc, Steve Cohen’s Point 72 Asset Management, and Apollo Global Management Inc.
Beachfront areas feature prominently in the top holiday home hotspots list for American centi-millionaires (individuals worth USD 100 million or more). According to the latest statistics in the 2023 USA Wealth Report, Miami is the hottest spot in the US, with 160 centi-millionaires making it their permanent residence. Predictions are that wealth will continue this southerly migration. America’s millionaires are on the move, and Miami stands out as one of the country’s fastest-growing wealth hubs, experiencing millionaire growth of 75% in the decade from 2012 to 2022.
Leading the way in this booming and fast-moving market, the knowledgeable team of experts at Miami Luxury RE LLC offers their clients exceptional personal service and a portfolio incorporating an impressive selection of exclusive luxury properties. As Miami’s premier luxury real estate company, it specializes in luxury pre-construction property and existing luxury real estate in the $2-$100 million price range. Their discerning list of clients includes celebrities, sports stars, and a selection of other high-net-worth individuals.
The highly regarded real estate firm prides itself on its expertise in the intricacies of the ultra-luxury property market in Florida and its commitment to discrete, professional, and individualized service. That is why the experts at Luxury Lifestyle Awards have selected Miami Luxury RE LLC as the winner of an illustrious award in the category of Best Luxury Real Estate Agency in Florida, USA, for 2022. This is the second year in a row that they have been recognized in this way.
To learn more about Miami Luxury RE LLC and the company’s services and expertise, visit www.miamiluxuryrealestates.com.