Miami becomes America’s New ‘Dubai’ – a haven for billionaires:870 crore penthouses 1,000 feet high towers

Car lifts, swimming pool backyards on the 80th floor, towers adorned with gold-marble, and helipads. This is not a science-fiction movie set, but the new face of Miami city in America. Once recognized for its beaches and nightlife, Miami has today become a ‘playground’ for billionaires and luxury developers from around the world. For the first time in history, Miami has surpassed giants like New York and Los Angeles to become America’s second most expensive metropolis. Recently, the 950-foot tall ‘Cipriani Residences’ claimed the title of Miami’s tallest building, but this reign is only for a few months. By the end of this year, the 1,049-foot tall ‘Waldorf Astoria’ will overtake it to become the city’s first ‘supertall’ (taller than 984 feet). In this race to touch Miami’s skies, global luxury brands like Dolce Gabbana, Bentley, and Lamborghini have also entered the fray. According to real estate experts, after the COVID-19 pandemic, America’s wealthy elite turned to Florida state with its low taxes and liberal laws. After Ken Griffin, head of Citadel Group, shifted headquarters from Chicago, stalwarts like Mark Zuckerberg, Peter Thiel, and Larry Page established their bases here. From football star Lionel Messi to Tony Robbins, they have purchased penthouses worth millions of dollars here. Between 2010 and 2022, the number of millionaires in Florida quadrupled. This is why Miami is now being called ‘Wall Street South’ in the financial world. However, Swiss investment bank UBS has placed Miami at the top of the ‘real estate bubble’ list worldwide. All that glitters is not gold On this sudden change in Miami, University of Miami Architecture Professor Jean-Franois Lejeune says, ‘This is not the city’s development, but a display of CEO power.’ While there are private gardens on the 90th floor for billionaires, the income inequality gap is widening for ordinary residents. According to a 2024 study by Miami University, dozens of luxury high-rise buildings built in coastal areas from Miami Beach to Gold Beach are sinking up to 3 inches every year. America’s most expensive cities San Francisco is America’s most expensive city Miami – Second place, overtaking New York New York – Slipped to third place