Miami, the playground for the world’s rich and elite, has become synonymous with all sorts of luxury that you can possibly imagine. Things like multimillion dollar homes, yachts, exotic cars, designer apparel, over-the-top resorts, high-end watches and fancy jewelry are all too common in the city. Miami has always been a consumer oriented flashy city that is now attracting some serious wealth from across the world. If you don’t flinch before spending millions of dollars or splashing the cash for exotic purchases, Miami is the perfect place to be. Miami has truly emerged as the American Riviera, a destination where people really want to be. And among those being drawn to this exotic city include global financiers, royal families, business tycoons and real estate investors. Art Basel plays a huge role in attracting high-net worth individuals from across the world. People who visited the city realized that it is extremely different. They always start off with three days of fun-filled adventures and they discover that there is an amazing art scene as well. And when they get over the art scene, they realize that it’s the US. The ideal way to describe Miami would be to say that it is one of the most exotic cities in a first world country.
The world’s rich and famous can also splash their cash with complete ease while in Miami. Apart from pricey condos and villas, there are things like beautiful yachts, exotic cars, international luxury brands, designer goods and exorbitantly expensive wines and champagne to choose from. For example, Krug, a champagne brand that starts at $180 per bottle ranks Miami as the 9th best market in the world and the second most important market in the US. The fact that the sales have grown 10 – 20 percent each year for the past four years also speaks volumes of the kind of people that this city attracts.
The city ranks among the top 5 cities in almost every conversation about the best cities in the world. All you need to do is look along the South Florida coast to see the presence of the rich and famous. Scores of condos that are priced over $1 million are being developed as we speak. Miami ticks off all check boxes and this makes it so exotic. From sports and arts to culture and lifestyle, this city really has it all.
Another thing that makes Miami so unique is that it is a city which is constantly reinventing itself. Every time you visit Miami, it seems as if the city has entirely transformed. People long to become a part of this transformation and a part of an elite group who are willing to discover unique and exhilarating experiences at every step. Miami is a destination where a number of people have their second homes. It is full of first class restaurants and first class hotels and people really want to be here. To add to the entire experience, the rich can also spend their money in a vast array of luxury shopping destinations, international luxury brands and designer boutiques.
The Adventura Mall is already adding more luxury brands to its exclusive roster in the form of stores like Fendi, Philipp Plein, Emilio Pucci and Tiffany & Co. The Design District of Miami is also transforming into one of the best luxury shopping destinations in the world with the presence of stores like Prada, Bulgari, Celine, Louis Vuitton, Lanvin, Hermes, Prada and Berluti. A number of other brands like Valentino, Givenchy, Cartier and Versace are also scheduled to open in the year 2015. And by 2016, the city shall boast of two more luxury shopping centers – the Miami Worldcenter and the Brickell City Centre.
Breguet, a luxury watch brand that offers watches which cost as much as $1 million, has only four boutiques in the US, one of which is located in Miami. Ferragamo has its flagship store in Bal Harbour Shops, Miami and it counts the city store as one of its top boutiques in the US. According to Phillip White, the president and CEO of Sotheby’s International Realty Affiliates LLC, Miami is the most international city in the US, particularly from a real estate point of view. The city also ranked among the top 10 international luxury markets in Christie’s International Real Estate Report 2014.
If this isn’t enough to convince you, Miami has also ranked as a major trendsetter in the world of luxury and fashion. You can find more luxury and fashion in Miami than most other places in the US. And most of this is driven by the international nature of Miami’s clientele.