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Ultra-wealthy flock to Miami, boosting demand for money managers
The move is tied to tax incentives that have attracted high-net-worth individuals and spurred demand for asset-management firms in the city, according to The New York Times Business.
The New York Times Business reports that Miami has become a magnet for the ultra-wealthy, with tax incentives cited as a key factor behind the influx.
The paper says the growing population of wealthy residents is also creating demand for the financial services firms that manage their money, including those that operate out of the city.
As those money-management businesses seek space in Miami, the report links the relocation of high-net-worth individuals to broader growth pressure for office and related capacity in the area.