Miami Surpasses New York as the Leading Global Market for Ultra-Luxury Second Homes, According to Altrata Report
Miami has established itself as the global leader in the ultra-luxury second home market, surpassing New York for the first time, according to Residential Real Estate 2025, a report by Altrata sponsored by REALM. The report notes that there are 13,211 individuals who own such properties in the city of Miami, compared to 12,813 in the Big Apple.
The UHNWI (ultra-high-net-worth individuals—those with net assets exceeding $30 million) segment has increasingly chosen the Florida city as a preferred destination, overtaking historic financial hubs such as New York, London, and Dubai.
“Miami has seen a strong influx of ultra-wealthy residents since the pandemic. The most prominent groups have been wealthy entrepreneurs from other parts of the United States and the expansion of an already sizable Latin American diaspora,” Altrata states in the report.
“The city has long been a popular destination for affluent buyers seeking an additional residence, attracted by Florida’s favorable tax regime, warm climate, and coastal location. Second homes account for just over three-quarters of the UHNW residential footprint in Miami—the highest proportion among the top 20 cities,” the report adds.
“We live in a world where wealth is no longer confined by borders,” said Julie Faupel, founder and CEO of REALM, a global luxury real estate membership platform. “Today’s wealthy are more mobile, more diversified, and have a stronger global presence than ever before,” she added.
Despite Miami’s rise, New York still tops the list of the world’s 20 leading cities by overall residential footprint, with over 33,200 UHNW individuals, followed by Los Angeles and Hong Kong, each with residential footprints nearing 20,000. Miami ranks fourth on that list, ahead of London, with nearly 18,000 UHNW residents.
“The luxury real estate market in New York has slowed in recent years, constrained by rising interest rates, limited inventory, and intense global competition in the second-home segment (including from other U.S. cities). Nonetheless, New York remains a powerful magnet for the wealthy, offering a blend of luxury consumption, vibrant culture, high-quality education, and prestigious lifestyle, with Manhattan at the epicenter of the luxury property market,” the report also notes.
Los Angeles and San Francisco rank third and fourth respectively in terms of UHNW individuals with second homes, each with more than twice the number found in the next most popular city, Boston. In both California cities, UHNW presence is fairly evenly split between primary and secondary residences.
Naples and Greenwich stand out as smaller urban centers that are highly sought-after for second homes. The seaside resort town of Naples, in southwest Florida, is an outlier with the highest proportion of UHNW second-home ownership, representing 95% of its ultra-wealthy residential footprint. Greenwich, meanwhile, has a high proportion of second-home ownership similar to Miami, attracting affluent buyers with its proximity and access to Manhattan, coastal location, low tax rates, and expansive luxury properties.
