AI Generated Image
The Ultra-Rich Are Moving to Miami, and Want Their Money Managers There, Too
The New York Times • • business
Key Points:
- Billionaire investors like Peter Thiel and Mohamed Mansour are driving demand for family office office space in Miami, with record-breaking leases in upscale neighborhoods such as Brickell and Coconut Grove.
- The migration of high-net-worth individuals to Miami since the Covid-19 pandemic has spurred growth in family offices, specialized firms managing individual wealth and private affairs.
- Globally, single-family offices have grown by about 30% since 2019, reaching over 8,000 in 2024, with projections to exceed 10,000 by 2030, fueled by increasing wealth concentration.
- The total wealth managed by family offices rose from around $3 trillion in 2019 to over $5 trillion in 2024, leading to greater demand for financial, tax, and accounting services.
- In Miami, family offices represent a significant portion of new leasing activity, with more than 120 offices already established and median assets under management of $350 million.
