Miami ranked world's 29th-richest city and U.S.' 4th-richest (Coral Gables: sales, real estate)

[kevinkagy]

Miami was ranked the world's 29th-richest city and was ranked 4th-richest in the United States after #11 New York, #14 Los Angeles, and #16 Chicago. Only 4 U.S. cities were listed Miami, NYC, LA and Chicago were the only ones. The richest city in the world was Zurich.

City Mayors: World's richest cities in 2008

Miami was also ranked the world's 22nd-richest city by purchasing power and the 3rd-richest city in the United States after #8 Los Angeles, #13 Chicago and before #25 New York. Again, only Miami, LA, Chicago and NYC were listed. The richest city in the world by purchasing power was Zurich.

City Mayors: World's richest cities by purchasing power

[TannerMan]

Probaly metro-area not the actual city.

[MiamiVice1985]

A lot of rich people will definately help luxury auto sales and give real estate agents big commissions in select Miami enclaves. However, a quick drive through Miami (especially MLK Blvd, N.E. 163rd St, Flagler St., N.W. 79th st, 8th st, Bird Road etc.) and you will realize this survey means absolutely nothing. I know the people who made that survey probably have more education than me. However, education does not always = common sense.

[TannerMan]

A drive through New York, LA, or Chicago would entitle the same. If the stats really show Miami is a big spender, I could believe it. With the abundance in malls more than anywhere Ive been to, Aventura, Dadeland, and Dolphin are huge plus the other countless malls out there, Bal Harbour is one of the biggest spenders in the world, and the expensive shopping all over the beach and abundance of retail in the western suburbs would definetly add to that. Im sure Miami probaly has more malls for every person than most other cities.

[MiamiVice1985]

Originally Posted by TannerMan

A drive through New York, LA, or Chicago would entitle the same. If the stats really show Miami is a big spender, I could believe it. With the abundance in malls more than anywhere Ive been to, Aventura, Dadeland, and Dolphin are huge plus the other countless malls out there, Bal Harbour is one of the biggest spenders in the world, and the expensive shopping all over the beach and abundance of retail in the western suburbs would definetly add to that. Im sure Miami probaly has more malls for every person than most other cities.

You are very right. I am from the Chicago suburbs; the Chicagoland "metro" area has 9.5 million people. But I swear there are more malls in dade county alone (2.5 million people) than all of Chicagoland combined. The only reasons that might explain this imbalance are 1) the number of tourists and 2) the ghetto-flash/ latin / extreme spending culture that is encountered in Miami

[tallrick]

From Wikipedia:

"According to the U.S. Census Bureau, in 2004, Miami had the third highest incidence of family incomes below the federal poverty line in the United States, making it the third poorest city in the USA, behind only Detroit, Michigan (ranked #1) and El Paso, Texas (ranked #2.) Miami is also one of the very few cities where its local government went bankrupt, in 2001.[27]"

So who can we believe?

[itlchick]

This is surprising because the census bureau in 2007 said Miami was the poorest city?

Miami #1 In Poverty In The U.S.A.

Must be defining wealth in different ways, I guess. Weird...

[TannerMan]

People, I SERIOUSLY doubt they only counted within the city limits of Miami. Not only because its abundance of poverty, small city limits, but its retail is very minimal. Theres a couple of retail centers being built in and around the urban core and the usual suburban mall, but to get amazing amount of retail you would have to go little north, little west, and pretty down south. Im almost certian this report was done defining Miami as all of the metro area.

On a side note, last I read wasn't Miami ranked 5th? I remember reading it had dropped down, the only time I thought it ranked 1st was in 2003?

[StoneOne]

Originally Posted by tallrick

So who can we believe?

Both!

The Census Bureau counts, as best it can, people who are actually living in the city and the immediate environs.

That survey could include a lot of the absentee types who like to say they live in Miami (e.g. the NY businessman who spends 184 days in Florida each year for tax reasons, the Venezuelans, Europeans, etc. who own property in Miami and claim a Miami residence without actually "living" there).

I say it's on the poorer end of the spectrum, even if you include the Beach, Coral Gables, etc.

[MiamiVice1985]

Agreed. I'm not happy to have a poor city. I love Miami, I think its beautiful! However, there's a 600 POUND GORILLA IN THE ROOM!!!! ILLEGAL IMMIGRANTS!!!!!!! AYYYYYY

They aren't in the statistics because technically they are not here!