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.
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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.