Miami’s rise from financial backwater to wealth powerhouse

Not long ago, Miami was known as a place middle-class Americans went to retire. Today, it is a burgeoning financial hub full of high net-worth families, private equity firms and hedge funds – and it is busy pulling in capital and private wealth at a record rate.

If asked to identify a place that defines financial services in the US, Miami probably wouldn’t be the first city to spring to mind – and fairly so. In consultancy Z/Yen’s ranking of the world’s premier financial hubs, published September 2023, Miami placed 24th. Six other North American cities were graded ahead of it, from top-of-the-table New York to Boston in 17th place.

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But in so many different ways – cultural, political, financial, and as a hotbed of sports and music entertainment – Miami is a city on the rise.

As recently as the turn of the century, this sprawling urban stretch of south Florida still seemed highly provincial.

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