It’s no secret that Miami has become a magnet for millionaires over the past 10 years, outperforming every other major U.S. metro except California’s San Francisco Bay Area—but this influx of wealth has come at a steep cost to the Florida city’s working-class residents.
Miami-Dade County saw a net loss of close to 135,000 residents, according to research by Florida International University’s Metropolitan Center. Roughly half of those people relocated to other parts of Florida or the U.S. from 2023 to 2024—a level of outmigration not seen in 20 years.
And of those who left, a “significant number” were aged 20 to 29—a group that makes up the backbone of the workforce, according to the Florida Chamber Foundation’s latest migration report, which looked at demographic shifts across the state in 2023…