An epicenter in the making, Miami attracts a wealthy clientele thanks to its spectacular growth and the growing presence of ultra-rich South Americans. The Miami Design District, with its 80 prestigious brand boutiques, symbolizes this luxurious transformation in the heart of the Floridian metropolis. Despite fluctuations in the US luxury market, the city remains a destination where luxury spending continues to flourish.
Since the launch of the Miami Art Basel contemporary art fair in 2002 and the emergence of “new economy” companies, Miami has undergone a spectacular transformation.
With over 150 real estate projects underway, the Florida city of 2.5 million has become a playground for the ultra-rich. Even the downtown area has undergone a metamorphosis, welcoming a new generation of white-collar workers, more oriented towards the tech sector.
Over the past ten years, the number of tourists to Miami has doubled, reaching over 23 million visitors after the health crisis. Dubbed the “Gateway to the Americas”, Miami has become a magnet for the ultra-rich from South America, Brazil, Colombia and Venezuela, who either live here or own a second home. Obstacles such as insecurity, fragile currencies and import taxes in their home countries have made Miami their preferred destination.
Second only to Dubai, Miami is the destination of choice for the wealthy. LVMH, the world leader in luxury goods, has over 1,000 stores in the United States, including 100 in Florida. Céline opened a flagship store in Miami in December, and Bulgari will open its eleventh hotel in South Beach in 2026. Over the next five years, LVMH plans to open around 100 new stores in the U.S., with Miami set to host a dozen more.
While 2023 was a mixed year for luxury goods in the U.S., “the positive signs at the end of the year are very encouraging”, stresses Anish Melwani, head of LVMH US. Miami remains one of the cities where luxury spending shows no signs of slowing, despite the sector’s entry into a normalization cycle.
Boom for the ultra-rich in Miami
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Featured photo : ©Barnes Miami
