South Florida is emerging as a leader in attracting millionaires, outpacing New York City, according to recent data and top real estate experts. The Henley & Partners World’s Wealthiest Cities Report for 2025 indicates that West Palm Beach and Miami have exceeded New York City as the fastest-growing wealth centers. Over the past decade, West Palm Beach experienced a 112% increase in millionaires, while Miami saw a 94% rise. New York City, in contrast, saw an increase of about 40%.
Dina Goldentayer, Douglas Elliman’s top nationwide agent, noted that many multimillionaires are relocating from states with higher taxes and policies they find unfavorable, choosing South Florida markets like West Palm Beach, Miami, and Palm Beach. She suggests that South Florida may soon become what she terms “Wall Street South.”
Despite the growth in Miami and West Palm Beach, New York City remains the city with the highest number of millionaires, totaling approximately 384,500. In comparison, Miami has about 38,800 millionaires, and West Palm Beach has 11,500. Goldentayer believes that if South Florida is viewed collectively, it could surpass Manhattan in terms of millionaire population.
The post-COVID environment has accelerated Florida’s population increase, with around 1,000 people moving to the state daily, as reported by former Chief Financial Officer Jimmy Patronis. The state’s political climate and absence of income tax remain attractive factors.
Goldentayer pointed out that wealth migrants prefer South Florida due to safety concerns, especially those moving from areas like California and Illinois. The region offers various lifestyle benefits, including arts, entertainment, and quality schools.
The demographic of millionaires moving to South Florida typically includes individuals aged 35 to 50, often driving luxury vehicles like Range Rovers, with families of two to four children. Many are also interested in proximity to sports facilities and prestigious schools.
Goldentayer expressed doubt that South Florida would reach New York City’s high living costs, emphasizing that the value and quality of life in Miami are worth any expense. She highlighted the perception that, much like high-quality products, the cost reflects the value received by residents.
This shift continues to position South Florida as a pivotal area for economic growth and affluent living, outshining traditional wealth centers like New York City.
