Miami fifth top city for the world’s ultrarich

Miami is the fifth most important real estate market for the world’s wealthiest people, according to Douglas Elliman and Knight Frank’s Wealth Report.

Miami, which has been on and off the annual list for years, ranked fifth behind London, New York, Los Angeles and Hong Kong, based on the number of deals of $10 million or more in 2022.

The Magic City saw 146 sales of $10 million-plus homes, and 23 deals of $25 million or more, last year. They included billionaire hedge fund manager Ken Griffin’s $106.9 million purchase of Adrienne Arsht’s former bayfront, as well as Griffin’s $45 million purchase of a Coral Gables mansion.

Miami wasn’t the only city in South Florida to make the cut. Broward County and Palm Beach County, combined, ranked seventh with 117 deals of $10 million or more, and 18 of $25 million or more in 2022. The majority of the top 10 residential sales last year were in Palm Beach County, according to The Real Deal’s ranking.

Miami also ranked fifth in terms of price growth, up 22 percent, year-over-year. Of the 100 markets that Knight Frank tracked, 85 saw no growth or some growth in pricing last year. Dubai experienced the largest gains in pricing for the second year in a row, up 44 percent, followed by Aspen, Riyadh and Tokyo.

Last year, the top 10 global markets notched about 1,400 sales of $10 million or more, down 33 percent compared to the previous year, but up 49 percent compared to 2019.

The report noted the slowdown that began in the second half of 2022, largely due to the rise in interest rates, which is expected to continue throughout this year. Still, 44 percent of all deals worldwide that closed last year occurred in the latter half of the year.

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