A new study confirms what you’d learn from a night on South Beach: Miami is a playground for the world’s richest people.
Only five cities are considered more important to “ultra-high-net-worth individuals” — those with net worth of $30 million or more — according to rankings compiled by Knight Frank, a London-based real estate consultancy.
The top five cities in the world for mega-millionaires are London, New York, Hong Kong, Singapore and Shanghai.
But the report predicts that by 2025 Miami will fall to seventh on the list, after being overtaken by Beijing.
It also found that prime residential property prices in Miami rose by 9.8 percent last year, the 17th-highest rate in the world. New York led the pack with annual price growth of 18.8 percent.
Knight Frank conducted the study using a variety of data and surveys to track where the ultra-rich live, work and spend their leisure time and money.
A separate report that came out recently found that Miami has the fourth-biggest gap between rich and poor in the U.S.