Miami now ranks as 12th top city for super-rich: Knight Frank

Miami /
Mar.March 08, 2016 03:45 PM

Miami hasn’t lost all its allure among the super-rich. It has resurfaced in the No. 12 slot, Knight Frank told The Real Deal on Tuesday.

After ranking as the sixth most important city for the ultra-wealthy in 2015, Miami had fallen off the list of the top 10 cities in the latest Knight Frank Wealth Report released in London last week. Only the top 10 were included in the report.

But Liam Bailey, global head of research for Knight Frank, asked his researchers to look further, and told TRD that they found that Tokyo comes in at No. 11 and Miami at No. 12 in 2016.

Miami’s fall is the result of weakened currencies in Latin American countries, he said. “The critical issue is currency and the demand from Latin America,” he sad. “I suspect it is a blip.”

He added via email: “Bear in mind [that] at [No.] 12 Miami comes out second in the U.S.”

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. Knight Frank defines the ultra high net worth individuals as those with more than $30 million.

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.

Knight Frank and Douglas Elliman presented the latest Wealth Report at 1 Hotel & Homes on Tuesday morning. The Miami event followed similar presentations in New York and London last week. In all, Knight Frank will be hosting events in 36 cities this year, up from 22 last year.

Real estate is the “most comfortable asset class,” for investing, Douglas Elliman Chairman Howard Lorber, told audience member during a panel discussion. Terra Group President David Martin, also a panelist, cited Miami Beach and Coconut Grove as among the top neighborhood markets in the Miami area for investors.

The FinCEN rule that requires title insurance companies to disclose the names of foreign buyers who pay $1 million and up for homes in Miami-Dade County, which went into effect on March 1, has not had any effect on the market, Lorber said during the panel. “It’s been a big nothing…. I think the whole thing is nonsensical.”


Related Articles

arrow_forward_ios
Arno De Vos ( Arno De Vos, Getty)
Arno De Vos leaves Douglas Elliman for Cervera
Arno De Vos leaves Douglas Elliman for Cervera
Julie Jones (Getty)
Florida Luxurious Properties sues ex-partner Julie Jones over Elliman jump
Florida Luxurious Properties sues ex-partner Julie Jones over Elliman jump
South Florida resi sales plunge in Q1, prices climb in Q2
South Florida resi sales plunge, prices climb in second quarter
South Florida resi sales plunge, prices climb in second quarter
Douglas Elliman CEO Jay Parker with a rendering of Clara Bay Harbor and Chetrit Group’s project in the Miami River district (right) (Clara Homes, Douglas Elliman)
Elliman’s new development rental arm expands into South Florida
Elliman’s new development rental arm expands into South Florida
Julie Jones (Florida Luxurious Properties)
Top Broward broker Julie Jones joins Douglas Elliman
Top Broward broker Julie Jones joins Douglas Elliman
Buyer Armen Avanessians and 157 Peruvian Avenue (Goldman Sachs, Realtor.com, iStock)
Former Goldman Sachs exec drops $12M on Palm Beach home
Former Goldman Sachs exec drops $12M on Palm Beach home
Tal and Oren Alexander (The Alexander Team, iStock, Douglas Elliman)
Douglas Elliman’s top brokers Oren and Tal Alexander leave to launch Official with Side
Douglas Elliman’s top brokers Oren and Tal Alexander leave to launch Official with Side
355 Ocean Boulevard and Ryan Serhant (Photos by SERHANT/Mike Ruiz, Illustration by The Real Deal)
Ryan Serhant plans South Florida expansion, launches $100M Golden Beach listing
Ryan Serhant plans South Florida expansion, launches $100M Golden Beach listing
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...