Miami is now the second-most expensive metro area in the US. These CEOs are fueling its billionaire boom.
Miami was just named the second-most expensive metro area in the US. See some of the biggest companies and CEOs shaping its billionaire migration.
Starbucks' former CEO Howard Schultz and Jeff Bezos have recently relocated to Miami, while figures like Mark Zuckerberg have recently purchased property in the city.Pier Marco Tacca/Getty Images/Alexander Tamargo/Getty Images for America Business Forum/Jeff Bottari/Zuffa LLCMiami was recently ranked as the US metro area with the second-highest cost of living.Tax proposals in California and New York are pushing billionaires to Florida.
Mark Zuckerberg, Larry Page, and Sergey Brin have all recently purchased homes in the city.Move aside, Wall Street: Miami is vying to be the new epicenter of US business, tech, and wealth.And it's getting there.
A recent Bloomberg report found that the cost of living in the Miami metropolitan area has surpassed that of New York City, making it the country's second-most expensive major metro area, behind the San Francisco Bay Area.The Miami metro area, which had long offered a tropical lifestyle with cheaper costs of living than the Big Apple, has seen a sharp rise in its consumer prices since 2019, while homeownership and other costs have helped push up its cost of living, per Bloomberg, which cited the US Bureau of Economic Analysis' latest data.Those rising costs include tuition, goods, and services.
Home-insurance premiums, the most expensive in the country, have also increased amid higher home values and the region's risk of severe weather.Still, finance firms, tech companies, and consumer brands have expanded their presence in the city, from opening new offices to relocating headquarters — and their executives have joined the wave.It comes as California is weighing a proposed billionaire tax, and New York City has adopted a new tax on non-primary residences over $5 million.
Beyond the tax benefits, Miami is attracting wealthy individuals for its lifestyle."You can't beat the lifestyle," Manny Varas, a luxury homebuilder who works with billionaire clients in South Florida, told Business Insider.Varas, who has built and renovated hom
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