Check out the Citi Private Bank 2012 Wealth Report, A Global Perspective on Prime Property and Wealth. The report highlights that Miami is perceived as a global player in the eyes of High Net-Worth Individuals (HNWI) from Latin America. Our neighbors to the south now view Miami as the second most important city following New York City. Here is what the report had to say:
Miami, where prime property values rose 19% last year, is a good example of a location that experienceddouble-digit growth in 2011 on the back of HNWI capital flight, favourable exchange rates and value for money after a sharp fall in prices during the credit crunch. According to our Global Cities Survey (see p14), Miami is now viewed as one of the world’s most important cities by Latin American HNWIs. New York has experienced a similar process to that seen in Miami, with an influx of overseas money pushing prices ever higher.”