Miami has lost its allure among the super-rich, a new study reveals.
After ranking as the sixth most important city for the ultra-wealthy in 2015, Miami has fallen off the list of the top 10 cities in the latest Knight Frank Wealth Report released in London.
Last year, Miami followed London, New York, Singapore and Shanghai in Knight Frank’s Global Survey, which looks at the most important cities globally in terms of where the world’s wealthy live, invest, educate their children, grown their businesses and spend their leisure time. Paris, Dubai, Beijing and Zurich followed Miami.
This year, London again tops the list for the ultra-wealthy, followed by New York, Singapore, Hong Kong, Dubai, Shanghai, Paris, Sydney, Beijing and Geneva.
Yet, Miami ranked 14th among global cities in terms of annual property price changes from the fourth quarter of 2014 to the fourth quarter of 2015. Prices rose 6.4 percent in Miami, according to the report, surpassing Los Angeles (4.7 percent), Boston (3.8 percent), Washington, D.C. (2.9 percent) and even New York, (2.4 percent).
The only U.S. city ahead of Miami was San Francisco with a 10.9 percent increase in price.
Vancouver led the list with a whopping 24.5 percent price change, Sydney (14.8 percent), Shanghai (14.1 percent), Istanbul (13 percent) and Munich (12 percent).