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Old 03-23-2015, 10:22 PM
 
Location: Zurich, Switzerland/ Piedmont, CA
31,598 posts, read 53,344,145 times
Reputation: 14517

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Quote:
Originally Posted by SDPMiami View Post
The ranking is based on a combination of where they live, their portfolio investments and attitude surveys.
Hahaha whatever makes you feel better buddy, but Ive seen this survey in the past and it's not filled out by the super rich, but it's the opinions of their wealth advisors, often their assistants( that might explain Miami)

Quote:
If you want to be a CEO of a corporation based in an particular area, not exactly.

Nice try though, I'm enjoying how hard you're trying
Haha Except you created this incorrectly titled thread meant to misrepresent Miami's "importance" to the global rich.

Simply put, beaches and parties and leased Lamborghinis do not mean much to people who arent vapid.

That impresses tasteless, new money wannabes from the developing world( hey more power to them, to each his own), but San Francisco is quite frankly in another league when it comes to UHNWIs because the Bay Area has more such individuals than anywhere except New York, London and Tokyo

 
Old 03-23-2015, 10:50 PM
 
Location: Dallas
282 posts, read 259,435 times
Reputation: 279
There is a very strange disconnect between what Miami wants to represent and its actual standing. I always hear Miami is this new it place for these important people, an important place for the global elite, yet it can't even crack the top 50 homes for UHNWI. Hell, Miami can't even crack top 10 in terms of mere High Net Worth Individuals.

High Net Worth, Metro Areas

01. New York: 898,800
02. Los Angeles: 330,000
03. Bay Area: 321,700
04. Chicago: 264,300
05. Washington DC: 220,700
06. Boston: 147,700
07. Philadelphia: 135,700
08. Houston: 131,000
09. Dallas-Fort Worth: 113,300
10. Detroit: 108,200
11. Seattle: 87,800

Source: Capgemini

Bizarre.
 
Old 03-23-2015, 11:05 PM
 
Location: Miami Beach, FL/Tokyo, Japan
1,699 posts, read 1,493,323 times
Reputation: 699
Quote:
Originally Posted by 18Montclair View Post
Haha Except you created this incorrectly titled thread meant to misrepresent Miami's "importance" to the global rich.
Straight from how they describe their ranking:

Quote:
Top 40 most important cities to UHNWIs in 2015
Straight from their mouths, not mine. I know you're unhappy. That's your problem not mine.

Quote:
That impresses tasteless, new money wannabes from the developing world
Well, whoever it's impressing, they have money. Here is the thing about San Francisco, you have a tech industry there but no UHNWI from say Moscow or Berlin or London is going to bother with San Francisco. They bother with Miami though, and that's why we get number 6 and you get number 19.
 
Old 03-23-2015, 11:08 PM
 
Location: Miami Beach, FL/Tokyo, Japan
1,699 posts, read 1,493,323 times
Reputation: 699
Quote:
Originally Posted by UAE50 View Post
There is a very strange disconnect between what Miami wants to represent
What do you mean Miami? Knight Frank LLP (who did this study) is a very old, very established consultancy company based out of London, UK. They are a multi-billion dollar industry.

Such a bizarre comment, oh well move on.
 
Old 03-23-2015, 11:13 PM
 
Location: Miami Beach, FL/Tokyo, Japan
1,699 posts, read 1,493,323 times
Reputation: 699
Here is an article on their findings explaining the Miami ranking, you can go here and read it, Knight Frank's Wealth Report: Miami among most important global cities for ultra wealthy - South Florida Business Journal

Here are some brief excerpts so no copy right is violated :

Quote:
The "importance" of a city may at first seem hard to quantify, but the London-based real estate consultancy defines the relative importance of a city by its business links, economic activity and lifestyle offerings. The world's Top 40 cities are those "where the wealthy congregate, work, invest, are educated and spend their leisure time," the report says.
And to Miami specifically:

Quote:
South Florida is already home to the most billionaires in the state, with 28 of the Sunshine State's 42 billionaires calling the tri-county area home. But when it comes to Miami, that doesn't necessarily mean that the state's super rich all live there, just that they like to work, play and visit the city.
Quote:
While Miami is a destination for the super rich to work, play and perhaps keep a secondary residence, the über-wealthy are more likely to keep their main residence in cities like London, Tokyo, Singapore and New York.
Quote:
The study also found that Miami is one of the most expensive cities in the world for prime residential real estate. The city comes in 11th in the world for the most expensive real estate based on apartments based on the amount of luxury space $1 million will buy. In Miami, $1 million buys on average 59 meters, or 635 square feet. The most expensive? Monaco, where $1 million snares 17 square meters of luxury property, or just under 183 square feet.
Quote:
It also turns out that the ultra-rich love to take private jets in or out of Miami, says the study. The Miami-to-New York route had the second most private jet traffic in 2013. West Palm Beach also made the Top 10 list, with New York-to-West Palm Beach the fourth most popular route in 2013.
 
Old 03-23-2015, 11:15 PM
 
1,353 posts, read 1,145,144 times
Reputation: 790
Quote:
Originally Posted by Duke . View Post
I'm quite aware -- Bay Area's wealth is derived from tech and banking.




I don't believe it. Wealthy Asian kids traditionally prefer exciting, happening, glamorous cities like Los Angeles then New York. Europeans by and large go with New York, Miami and Los Angeles. Latin Americans are a Miami thing.




No one disputed San Francisco's current strong economy. Ever. But it's just not a place your average super-rich person thinks or cares about. Great economy tho.





Miami Beach has far more super luxury home sales than San Francisco:

Home sales of this magnitude are generally boosted by the international set. They generally don't care about San Francisco. Above list seems to strangely confirm to the findings from that Knight Frank survey in question re: most important cities to the super-rich!



Yes, San Francisco has a strong economy but it's not a place that appeals to most UHNWI people. It's not London, New York or Miami. Nice place to take advantage of the tech bubble, but it's just not too appealing to your average UHNWI with very high standards. You know very well that San Francisco has never been a place that appealed to such people so just go with it. Even Elon Musk lives in Los Angeles, even though Tesla (and his other offices) are based in Palo Alto. Why would anyone as fun, rich and part of that 'set' want to spend most of their time in the dull and drab San Francisco/Bay Area?




Summary: San Francisco is currently in a tech bubble, the local wealth is still producing wealth, yet globally, rich people still don't care about it. Sort of like Moscow. Tons of super-rich but no interest in the city outside of Russia.

I knew that already.
I kind of agree with you and follow your point, which has definite elements of truth to it. But I don't fully agree.

Do you have a link for that chart on homes sold > $10M? Not that it's all that important of a stat, but to your point, a certain person is going to be dropping $10M on a home, and this person is going to be super rich (the point of this thread).

NYC and LA have long been bastions of $10M+ residences

Probably and candidly followed by South FL, including Palm Beach.

For consistency, the Bay Area is really not that far behind. There are 3 metro counties that have $100M listing or sales histories (and San Francisco is actually not one of them). That being said, a 5,400 sf apartment in San Francisco just sold last week for $30M (to a local, non-tech buyer, not a foreigner). I'm pretty sure that is just not a possibility anywhere in South FL (that's $5,500 per square feet, which I believe has only been seen elsewhere in New York City). Belvedere Island in Marin County has about 2,000 residents and an average home price of over $8M (according to a 2012 article I found...sure it's higher now). There's also San Mateo County and all of its communities that put anything in FL to shame (Atherton, Hillsborough, Woodland Hills, Menlo Park, Palo Alto, etc etc). Lots of tech money, but also lots of foreign money, too, including Russian gazillionaires who choose SF both for the weather, amenities, and direct connections, but also because they can keep in touch with the tech scene and invest in it, with a sort of boots on the ground insight from being a partial or full time resident. As opposed to a Sunny Isles, where all they're stuck with is a high rise condo, a beach (which they can get in the Bay Area, even though it's not tropical), and a mall (there's better shopping in the Bay Area, though it's not as plentiful and wide spread).
 
Old 03-23-2015, 11:20 PM
 
Location: Toronto
12,581 posts, read 10,522,064 times
Reputation: 3721
Quote:
Originally Posted by craziaskowboi View Post
i'm not even sure why we care about this, considering the closest any of us will ever come to meeting these people is serving them food.
lol!!
 
Old 03-23-2015, 11:28 PM
 
Location: Zurich, Switzerland/ Piedmont, CA
31,598 posts, read 53,344,145 times
Reputation: 14517
Quote:
Originally Posted by SDPMiami View Post
Straight from how they describe their ranking:



Straight from their mouths, not mine. I know you're unhappy. That's your problem not mine.



Well, whoever it's impressing, they have money. Here is the thing about San Francisco, you have a tech industry there but no UHNWI from say Moscow or Berlin or London is going to bother with San Francisco. They bother with Miami though, and that's why we get number 6 and you get number 19.
Haha no need to be so sensitive.

Wealth advisors and their assistants l-o-v-e Miami and I dont blame them for selecting an awesome vacation spot as where they think is important to their clients, because like I said: this survey is not based on the answers of UHNWIs but their advisors( and their advisors' secretaries, and only those who responded)

Whereas Wealth-X removes all doubt by listing the number of individuals worth $30 Million+....hmmm strangely NO MIAMI.

lol

Also, Miami is missing from this one too:

Top Five Cities for International Real Estate Investment, 2015
1 New York
2 London
3 San Francisco
4 Tokyo
5 Madrid

AFIRE
 
Old 03-23-2015, 11:29 PM
 
Location: Miami Beach, FL/Tokyo, Japan
1,699 posts, read 1,493,323 times
Reputation: 699
Quote:
Originally Posted by 18Montclair View Post
Haha no need to be so sensitive.
I'm not the one crying and trying to pull whatever study you can to discredit this finding

Does being 19 hurt?
 
Old 03-23-2015, 11:34 PM
 
Location: Zurich, Switzerland/ Piedmont, CA
31,598 posts, read 53,344,145 times
Reputation: 14517
I mean really. After all these other stats one cant help but accuse the ranking of absolute shallowness.

Residents worth $30 Million+, 2014
Dubai 495

This is quite pathetic for a city thats supposed to be among the top 10 'Most Important Cities to the Rich" when Mexico City has 5 times more and Osaka has 6 times more.

LOL
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