Miami ranks No. 1 for super-rich second homeowners

For ultra-high-net-worth buyers, one city tops them all when it comes to buying a second home: Miami.

The Magic City is the No. 1 spot — on the planet — for the super-rich to purchase second homes, according to a report from Altrata, a data provider for the wealth industry.

More than 13,200 ultra-high-net-worth people, or those with a net worth of more than $30 million, have second properties in Miami. That’s about three-fourths of Miami’s ultra-high-net-worth population — the greatest share of the top 20 cities.

The ultra-wealthy have long been drawn to Florida’s beaches, tax system and warm weather, and this trend grew during the pandemic, according to the report. Miami’s population of millionaires grew by 94 percent from 2014 to 2024, the fifth-fastest growth rate among the top cities in the world. 

Miami has about 17,500 ultra-high-net-worth individuals who own either first or second properties in the city, which ranks fourth globally. The city with the most super wealthy homeowners is New York, which has more than 33,200 owners in that category. In second place is Los Angeles, and in third place, Hong Kong. Fifteen out of the top 20 cities are in the U.S.

The Big Apple ranks second for having the most second homes among the ultra-rich, with more than 12,800. But two smaller U.S. cities with high numbers of second homeowners are among this cohort: Naples, Florida and Greenwich, Connecticut.

Naples, though not in the top 20 cities with the most ultra-high-net-worth homeowners, has the greatest share of these individuals — 95 percent — who own second properties in this southwest, beachfront Floridian city. Greenwich, which is close to Manhattan and also offers low tax rates, also has an elevated share of second homeowners among the super rich.

Here are the top U.S. cities for ultra-high-net-worth buyers to purchase second homes.